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Growth strategies help firms to increase their market share and sale revenues. This study aims to model the role of risk in growth strategies of high-tech firms. Research model has been proposed based on the extended literature, the situation of high-tech industry, and experts' views. Data is gathered by a self-administrated questionnaire and would be analyzed by structural equation modeling using SPSS 18 and LISERL 8.54. Population is managers of high-tech firms in Iran. A convenience sampling approach is employed to collect estimated sample. Data achieved from 451 respondents was analyzed. Results indicated that: 1) growth strategies of high tech firms affect their outputs, 2) resources affect growth strategies of high-tech firms, 3) multiple risks affect the utilization of resources by the high tech firms, and 4) high tech firms provide the needed resources for their growth based on the outcomes in terms of profit and/or attractiveness accorsing to risks firm precept.

Factors such as increased growth thresholds for firms in developed economies and local currencies being valid in the world have encouraged many developed country companies to grow through mergers and acquisitions indeveloping countries. While merger and acquisition transactions with capital from abroad are increasing, the most vital stage in this process is due diligence work. While there are many due diligence studies like financial, technical, legal-tax, informatics and human resources, financial due diligence is the common one for all merger and acquisitions. In this study, while the phases and calendar of financial due diligence are examined in detail, examples of financial due diligence are given over real cases and an important contribution is made to the literature in this regard. The items obtained as a result of financial due diligence studies are listed and the financial risk part of the share purchase agreement is summarized. [ABSTRACT FROM AUTHOR]

This study examines the mediating role of global economic crises (GECs) in the effect of growth strategies on Nigerian manufacturing firms’ performance. The study used secondary data for the period between 2000 and 2017 in its analysis. Therefore, an expost facto research design was used in the analysis of 120 firms listed on the Nigerian Stock Exchange, which were selected out of 190 listed firms using a judgmental sampling technique. The researchers follow data cluster analysis approach to analyze the data for the time around a GEC, including pre-and post-crisis periods. The analysis reveals positive and statistically significant effects of internal growth strategies on return on assets and return on equity (coefficient = 9.474 and 6.277; P

This study examines the mediating role of global economic crises (GECs) in the effect of growth strategies on Nigerian manufacturing firms' performance. The study used secondary data for the period between 2000 and 2017 in its analysis. Therefore, an expost facto research design was used in the analysis of 120 firms listed on the Nigerian Stock Exchange, which were selected out of 190 listed firms using a judgmental sampling technique. The researchers follow data cluster analysis approach to analyze the data for the time around a GEC, including pre-and post-crisis periods. The analysis reveals positive and statistically significant effects of internal growth strategies on return on assets and return on equity (coefficient = 9.474 and 6.277; P < 0.01). However, the researchers found that external growth strategies negatively and significantly affect the return on assets (coefficient = −6.005; p-value<0.01) while the effect is positively significant on return on equity. Regarding GECs, the study found a statistically significant reverse effect. It was found that GECs together with external growth strategies yield a positive and significant effect on return on assets, while their mediation with internal growth strategies had a negative and significant effect on return on assets and return on equity (coefficients = −1.480; −2.041, p-value<0.05; coefficient = 2.194, p-value<0.05; 0.608, p-value <0.05). Thus, it is recommended that during GECs, firms should focus on external growth strategies, including mergers and acquisitions, while internal growth strategies, such as product and market developments, should be pursued under progressive and normal economic conditions. [ABSTRACT FROM AUTHOR]

When deciding on the choice of the country they are planning to invest in, foreign investors should perform a detailed analysis of factors external environment in order to assess the viability of the investment. In the initial stages of transition to the market of Southeast Europe, growth strategies were mainly carried through the privatization of state-owned enterprises which represent a form of cross-border M&A activity, because privatization usually represents the entry of foreign investment into the country's market by purchasing the majority of the state capital. The aim of the paper is to analyze the factors that have contributed to attracting capital in selected countries of Southeast Europe. Countries were grouped according to institutional determinants through multivariate cluster analysis. Such an analysis should show whether the institutional determinants influence the movement of capital flows between selected countries in Southeast Europe.

INCREASING THE COMPLEXITY OF THE FINANCIAL ACTIVITY OF THE ENTERPRISE IN THE CONDITIONS OF THE EXPANSION OF THE COMPETITIVE ECONOMY HAS PROFOUND IMPLICATIONS IN THE PROCESS OF ADOPTING THE MANAGERIAL DECISIONS THAT OBLIGE THE ABANDONING OF THE ROUTINE AND IN THE USE OF SCIENTIFIC METHODS BASED ON THE KNOWLEDGE OF REALITY IN ORDER TO ESTABLISH THE CAUSAL LINKS BETWEEN THE ECONOMIC PHENOMENA AND THE FINANCIAL SITUATION OF THE AGENT ECONOMICALLY, IRRESPECTIVE OF OWNERSHIP. ORGANIZATIONS EVERYWHERE TODAY FACE INCREASINGLY COMPLEX, COMPLICATED AND DIFFICULT ISSUES TO ADDRESS AND SOLVE. THE HIGH AMPLITUDE CHANGES IN THE CURRENT SOCIETY, STRONG COMPETITION AND GLOBALIZATION REQUIRE MANAGERS TO MOBILIZE SUSTAINABLY ALL THE RESOURCES AVAILABLE TO ADAPT TO THIS NEW CONTEXT IN WHICH BUSINESSES RUN. HUMANITY CROSSES AN ERA IN WHICH NOT ONLY THE QUANTITY OF RESOURCES, BUT ESPECIALLY THE QUALITY OF MANAGEMENT AND THE STRATEGIES DEVELOPED AND IMPLEMENTED, BECOMES DECISIVE FOR THE ECONOMIC AND SOCIAL PROGRESS. [ABSTRACT FROM AUTHOR]

The paper proposes a framework that can be utilized for deciding upon the optimal scale of operations for a firm. The basic premise of the paper is that a firm that operates in a stable economic environment and a stable mode of business operations experiences a varying elasticity of scale that, after some scale level, becomes less than one and continues to decline with further increases in scale. A firm operating in such a stable system can search for its optimal scale of operations. The paper's premise does not refute the possibility that a firm can experience a shift from a lower elasticity of scale to a higher one; but this shift is not part of the mechanics of a stable system. Rather, it is due to some shock to the economic environment and/or the firm's mode of operations. Firms that operate under the assumption that they face a constant elasticity of scale, when in fact the elasticity varies, expose themselves to detrimental consequences. The model is in congruence with the Tobin's q criteria and can shed some light on why average q is a poor estimate for marginal q. The model sheds some light on the small-firm effect and on a major difference between internal and external growth. [ABSTRACT FROM AUTHOR]

Development through mergers and acquisitions is a companys external growth strategy, as well as business alliances, but these options can not be mistaken, because the characteristics, stakes and risks are fundamentally different nature. In this paper we intent to analyze mergers and acquisitions compared with other ways of the companys external growth, by presenting the main similarities and differences between them.

The business strategy of multinational enterprises (MNEs) from the automobile industry implanted in Central-Eastern European (CEE) countries (Poland, Czech Republic and Romania) is an offensive one, global from operational perspective. Mainly it aims the extension of market share through horizontal growth, generally external type single-domain (Mergers and Acquisitions) and internal type (Greenfield investments) in a lower degree. These enterprises put in practice also a defending strategy for the owned market shares through increasing the efficiency of the production network at global level. This paper aims to present the less evident aspects of tax optimization of the applied business strategy by implemented MNEs in the automobile industry in CEE, and in this context, the necessity to establish transfer prices in accordance with the OECD recommendations, as an obligation assessed by the tax legislations of the considered countries, but also from the necessity of efficient run of these enterprises.

In February 2000, when Vodafone took control of the British operatorOrange, they had to split, because Vodafone owned two mobile telephonylicenses in the same country – Great Britain – fact that was interdicted by theEuropean legislation. So, on 30th of May 2000, France Telecom announcedthe purchase of the mobile telephony operator – Orange public limitedcompany (plc) – from Vodafone for the amount of 40 billion euro.Focusing on the fusion – acquisition as a way of development for the mobiletelecommunication companies, this paper begins with a theoretical analyze ofsome concepts related to the external growth. The example taken reveals theadvantages and disadvantages of the fusion – acquisition France Telecom –Orange as well as the dangers that an enterprise has to face when it decidesto appeal to the external growth.

This study sought to determine the impact of resources on determine growth strategy of enterprise, resources have been identified through its three dimensions (Human resources, Tangible resources, Intangible resources). To achieve the above objectives, was developed the questionnaire and distributed to a sample consists (30) subjects and then descriptive statistical technique such as (mean, standard deviation) and analyze the data by SPSS. The study has reached the following conclusion: 1. There was a statistically significant effect for resources on determine growth strategy of enterprise; 2. The availability of tangible resources and human resources drives enterprises to adopt a strategy of internal growth; 3. The availability of human resources has a role in determining the strategy of external growth in studied enterprises; 4. The available of intangible resources and the lack of tangible resources drives enterprises to adopt a strategy of alliance and partnership. [ABSTRACT FROM AUTHOR]

Purpose – The focus of extant strategy literature is on for-profit organisations and within these group public organisations. There are other forms of organisations and following the deep recession of 2008 there is greater interest in other forms of organisation. In this case study and interview the aim is to examine strategy, strategic decisions and strategic management of a not-for-profit provident. Design/methodology/approach – The paper draws on documentary evidence and a semi-structured interview with Ray King, chief executive of Bupa. The perspective of CEO is key in strategy and such perspectives are relatively rarer. Findings – Bupa invests its surplus to provide better healthcare. Free from the pressures of quarterly reporting and shareholders it can pursue long-term value creation for members rather than short-term surpluses. Research limitations/implications – The case study and interview offers a unique insight into strategy-making within a successful mutual provident that has grown organically and externally becoming an international leader in health insurance. Originality/value – This case study sheds light on strategy-making within a not-for-profit provident that has diversified and grown significantly over the past six decades. Furthermore, very few case studies offer insight into the thinking of a chief executive who has successfully managed a business in a turbulent environment. [ABSTRACT FROM AUTHOR]

Acquisition growth is not a common theme in entrepreneurship research. Entrepreneurial growth has traditionally been addressed as organic growth, i.e. as internal expansion through the extension of existing operations and internally induced process and product innovations. We contend that acquisition growth may generate entrepreneurial benefits over the long run, which may not be present in organic growth or green-field establishments. In fact, acquisition can be a way to release entrepreneurial activities in a firm. Acquisitions may revitalize a firm and improve its ability to anticipate or to react adequately to changing external conditions. We contend that these positive outcomes will only accrue to acquiring organizations when acquisition growth is coupled with the development of acquisition capabilities, i.e., with the accumulation, storage, and exploitation of fresh organizational knowledge. [ABSTRACT FROM AUTHOR]