Purpose



– This paper aims to examine the use of project management practices in small high‐technology firms and to identify what contributes to project success




Design/methodology/approach



– The results presented in this paper are based on a survey of Irish high‐technology small‐to medium‐sized enterprises (SMEs) A questionnaire was distributed to over 200 organisations via e‐mail and a response rate of 20 per cent was achieved




Findings



– Results suggest that the existence of a project manager and the use of project planning significantly contribute to project success Control for projects resides primarily with owner‐managers and achieving quality standards is a significant success criterion Additionally, having clear goals/objectives and top management support are identified as the most important success factors in the firms surveyed




Research limitations/implications



– This paper presents the findings of an initial investigation into the management of projects within SMEs The study has been limited by the number of respondents and also by the use of a survey as a research instrument Further research to develop a deeper understanding of how projects are managed in SMEs and how project success can be improved would require a more varied research methodology




Practical implications



– Findings suggest that project management tools and techniques are being used to a limited extent by high‐technology SMEs Analysis suggests that the employment of a project manager and the implementation of project planning techniques are likely to contribute to the overall success of projects SMEs also strongly believe that past experiences are a vital factor in implementing effective management procedures and determining future success




Originality/value



– While most research into the use of project management has concentrated on practices within large firms, there has been a lack of investigation into project management in small firms as addressed by this paper

Greed and Corporate Failure – The Lessons from Recent Disasters

.............................................................................................................................. ii Dedication .......................................................................................................................... iv Acknowledgments............................................................................................................... v Table of

/pdf/multinational-enterprise-parent-foreign-subsidiary-8atjmumruk.pdf

Multinational Enterprise Parent-Foreign Subsidiary Governance

Purpose: For the stability of the organizational environment, corporate governance has become an indispensable condition. By adopting corporate governance codes, companies seek to compete differently in the market, valuing transparency as a guiding principle of relationships established in the various business segments. This article aims to compare the characteristics of corporate governance codes adopted by Latin American countries, including Brazil, Mexico, Argentina, Colombia, Chile, and Peru, through the set of practices recommended by the UN. Originality/value: The article studies the adoption of corporate governance codes adopted by Latin American countries, including Brazil, Mexico, Argentina, Colombia, Chile, and Peru. Design/methodology/approach: This is a qualitative and quantitative descriptive study. The data were analyzed in-depth using content analysis techniques and complemented by hierarchical cluster analysis, with the Ward method, using the Jaccard and the Russell and Rao methods. Findings: It was found that the corporate governance codes issued by Brazil, Colombia and Argentina converge with the UN guide. While the corporate governance code issued by Peru partially converges. The observed convergence suggests a concern with the demands of international investors. Finally, it was found that the corporate governance codes issued by Chile and Mexico have low convergence with the UN guide. This represents the lowest level of convergence between the countries investigated, indicating a greater concern with the local context than with international standards.

/pdf/codes-of-corporate-governance-of-latin-american-countries-3br9a77v3i.pdf

Codes of corporate governance of latin american countries: analysis of un practices

While the corporate governance literature generally focuses on the parent legal entity, many organisations are now multinational enterprises (MNEs) with subsidiaries that are most often legal entities in their host countries. Despite the strengthening of corporate governance regimes internationally, the boards of these subsidiaries are in many instances perfunctory. This paper examines the question of whether developments in corporate governance theory and practice can add value for the local subsidiaries of MNEs. 
This paper provides a theoretical basis for evaluating governance models in MNEs. The paper commences with a review of the key concepts from the MNE and conglomerates literature with respect to core MNE strategies. The paper then discusses what the "governance roles" are that must be performed in MNE subsidiaries. We propose four governance frameworks for subsidiary corporations. These frameworks are: (1) Direct Control; (2) Dual Reporting; (3) Advisory Board; (4) Local Board. We consider the strengths and weaknesses of each model in relation to international strategy theory. We conclude with recommendations for the conditions under which the various models may be appropriate and practical guidelines for the utilisation of corporate governance theory to improve MNE performance.

Corporate governance options for the local subsidiaries of multinational enterprises

english) It has often been conceptually and empirically shown that corporate governance impacts firm finance and the development of the country’s financial markets. Consequently it has been suggested to improve corporate governance in order to support not only stock markets development but also economic development. This idea though has two major shortcomings: (i) an unclear definition of “good” corporate governance and (ii) insufficient knowledge of how corporate governance develops and changes. While the first question can probably never be answered due to differing interests of various stakeholders, this study aims at answering the second question conceptually and empirically. In a first step the concept of the corporate governance environment is developed, which explicates how corporate governance is embedded in legal and sublegal standards as well as in behaviors and norms of the society. In a second step a conceptual framework of a changing corporate governance environment is developed by employing new institutional economics and institutional theory. As can be shown conceptually, international factor flows including foreign investments influence the development of the corporate governance environment – the very variable corporate governance is often trying to affect, which leads to a reverse causality. This finding is tested empirically with a novel dataset compiled from the IMD World Competitiveness Center, the World Bank, PRS Group, UNSTATS and EUROSTATS including data from 1991-2005. The empirical part employs econometrical analyzes to study the influence of foreign direct investments from developed countries on the evolution of corporate governance environments in developing countries. It can be found that under certain circumstances an improvement can be registered accordingly with the source country’s CGE, supporting the developed conceptual framework. The findings of this study on the one hand help the academic debate on corporate governance, and on the other they advance the economic and political discussion whether foreign investors influence various institutions relevant for doing business. Hence, the results of this research can help policy makers and advisors as well as other institutions interested in economic development – both in developing and developed economies to better understand institutional evolution and with that the effects of globalization. Abstract (deutsch) In der Wissenschaft konnte schon mehrmals konzeptionell und empirisch nachgewiesen warden, dass Corporate Governance einen Einfluss auf Unternehmensfinanzierung oder auch die Entwicklung von Finanzmärkten hat. Demnach wurde des öfteren vorgeschlagen Corporate Governance in einem Land oder einer Firma zu verbessern um nicht nur die Entwicklung von Aktienmärkten zu fördern, sondern auch die allgemeine ökonomische Entwicklung. Dieser Gedanke hat jedoch zwei wesentliche Schwächen: (i) ein unklares Verständnis über „gute“ Corporate Governance und (ii) unzureichendes Wissen über die Entwicklung und Veränderung der Corporate Governance. Während die erste Frage wahrscheinlich niemals abschliessend beantwortet werden kann, unter anderem wegen unterschiedlichen Interessen der verschiedenen Stakeholder der Corporate Governance, versucht diese Studie die zweite Thematik konzeptionell und empirisch zu bearbeiten. In einem ersten Schritt wird hierfür die Corporate Governance Environmnent entwickelt, welche beschreibt wie Corporate Governance sowohl in legalen und sub-legalen Standards als auch Normen und Verhaltensweisen der Gesellschaft eingebettet ist. In einem zweiten Schritt wird ein konzeptioneller Rahmen einer sich verändernden Corporate Governance Environment geschaffen, indem relevante Theorien untersucht werden (z.B. Neue Institutionenökonomie, Institutionentheorie). Konzeptionell kann gezeigt werden, dass internationale Faktorenflüsse wie Auslandsdirektinvestitionen auf die Entwicklung der Corporate Governance einwirken. Somit wird eine umgekehrte Kausalität festgestellt, da konventionell Investitionen von der Corporate Governance beeinflusst werden. Diese konzeptionelle Erkenntnis wird im Folgenden mit einem neuartigen Datensatz kompiliert aus Quellen wie dem IMD World Competitiveness Center, der Weltbank, der PRS Gruppe, UNSTATS und EUROSTATS über den Zeitraum von 1991 bis 2005 getestet. Die Empirie untersucht mit Hilfe ökonometrischer Analysen die Auswirkungen von Auslandsdirektinvestitionen aus entwickelten Ländern auf die Evolution der Corporate Governance Environment in Entwicklungsund Schwellenländern. Bei den Untersuchungen kann gezeigt werden, dass unter bestimmten Umständen eine Verbesserung der Corporate Governance Environment in Übereinstimmung mit der Corproate Governance Environment des Quellenlandes der Investitionen eintritt und somit das entwickelte konzeptionelle Modell in Teilen bestätigt werden kann. Die Ergebnisse der Studie erweitern einerseits die akademische Diskussion um Corporate Governance und andererseits fördern sie die politische und ökonomische Diskussion über den Einfluss von Auslandsdirektinvestitionen auf die heimischen Institutionen. Das Resultatdeutsch) In der Wissenschaft konnte schon mehrmals konzeptionell und empirisch nachgewiesen warden, dass Corporate Governance einen Einfluss auf Unternehmensfinanzierung oder auch die Entwicklung von Finanzmärkten hat. Demnach wurde des öfteren vorgeschlagen Corporate Governance in einem Land oder einer Firma zu verbessern um nicht nur die Entwicklung von Aktienmärkten zu fördern, sondern auch die allgemeine ökonomische Entwicklung. Dieser Gedanke hat jedoch zwei wesentliche Schwächen: (i) ein unklares Verständnis über „gute“ Corporate Governance und (ii) unzureichendes Wissen über die Entwicklung und Veränderung der Corporate Governance. Während die erste Frage wahrscheinlich niemals abschliessend beantwortet werden kann, unter anderem wegen unterschiedlichen Interessen der verschiedenen Stakeholder der Corporate Governance, versucht diese Studie die zweite Thematik konzeptionell und empirisch zu bearbeiten. In einem ersten Schritt wird hierfür die Corporate Governance Environmnent entwickelt, welche beschreibt wie Corporate Governance sowohl in legalen und sub-legalen Standards als auch Normen und Verhaltensweisen der Gesellschaft eingebettet ist. In einem zweiten Schritt wird ein konzeptioneller Rahmen einer sich verändernden Corporate Governance Environment geschaffen, indem relevante Theorien untersucht werden (z.B. Neue Institutionenökonomie, Institutionentheorie). Konzeptionell kann gezeigt werden, dass internationale Faktorenflüsse wie Auslandsdirektinvestitionen auf die Entwicklung der Corporate Governance einwirken. Somit wird eine umgekehrte Kausalität festgestellt, da konventionell Investitionen von der Corporate Governance beeinflusst werden. Diese konzeptionelle Erkenntnis wird im Folgenden mit einem neuartigen Datensatz kompiliert aus Quellen wie dem IMD World Competitiveness Center, der Weltbank, der PRS Gruppe, UNSTATS und EUROSTATS über den Zeitraum von 1991 bis 2005 getestet. Die Empirie untersucht mit Hilfe ökonometrischer Analysen die Auswirkungen von Auslandsdirektinvestitionen aus entwickelten Ländern auf die Evolution der Corporate Governance Environment in Entwicklungsund Schwellenländern. Bei den Untersuchungen kann gezeigt werden, dass unter bestimmten Umständen eine Verbesserung der Corporate Governance Environment in Übereinstimmung mit der Corproate Governance Environment des Quellenlandes der Investitionen eintritt und somit das entwickelte konzeptionelle Modell in Teilen bestätigt werden kann. Die Ergebnisse der Studie erweitern einerseits die akademische Diskussion um Corporate Governance und andererseits fördern sie die politische und ökonomische Diskussion über den Einfluss von Auslandsdirektinvestitionen auf die heimischen Institutionen. Das Resultat dieser Untersuchung kann somit Entscheidungsträgern und Beratern von Institutionen sowohl in Industrieländern als auch in Entwicklungsländern, welche an ökonomischer Entwicklung arbeiten, helfen, die institutionelle Evolution und auch die Effekte der Globalisierung besser zu verstehen. Acknowledgements This dissertation would not have been possible without the support of a number of people, who have stimulated me intellectually and backed me personally throughout the whole period and whom I would like to thank. First and foremost I want to thank my supervisor, Prof. Ulrich Steger. He has not only given me guidance, encouragement and trust from the very first day as a PhD student, but he also shared his personal experiences and introduced me to the real world of business academia. I am also very grateful to my secondary supervisor Prof. Jonas Schreyögg, who not only read the final product, but who also gave sound advice on various occasions and especially during the econometric studies. I would also like to thank the IMD-team in Lausanne, where part of the dissertation was written, for providing me such a fantastic learning and working environment. Too many people at IMD have contributed to this positive experience to mention all. Yet, I would like to especially thank Augusto Rupérez Micola, Karsten Jonsen, Willem Smit, Jochen Brellochs, Albert André Diversé and Prof. Arturo Bris for countless insightful discussions. Another large part of the dissertation was written in Berlin, where the team of the department for strategic management of the TU Berlin and especially Alexander Schwandt as well as Ingmar Geiger provided me shelter and academic spirit. Thanks a lot! Special thanks go to my colleagues and friends Oliver Tiemann, Sebastian Glende, Johanna Tachler and Syahiza Radzi, whose patience, moral support, intellectual stimulus and intellectual distraction were always highly appreciated. My final thoughts go to my family and especially to my parents! They have made my journey to here possible and have provided help and guidance whenever needed or necessary – also durin

The Influence of Foreign Direct Investment on the Corporate Governance Environment

The Corporate Governance of Subsidiaries in Multinational Corporations: Theoretical Analysis and Empirical Evidence from Europe

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The Corporate Governance of Subsidiaries in Multinational Corporations: Theoretical Analysis and Empirical Evidence from Europe