Posted Content•
Creating and Capturing Value in Public-Private Ties: A Private Actor's Perspective
TL;DR: The authors identify the value creation and capture mechanisms embedded in these ties through a theoretical framework of two conceptual public-private structural alternatives, each associated with different value-creating capacities, rationales, and outcomes.
Abstract: Intersecting the boundaries of public and private economic activity, public-private ties carry important organizational strategy, management, and policy implications. We identify the value creation and capture mechanisms embedded in these ties through a theoretical framework of two conceptual public-private structural alternatives, each associated with different value-creating capacities, rationales, and outcomes. Two important restraints on private value capture--public partner opportunism and external stakeholder activism--arise asymmetrically under each form, carrying a critical effect on partnership outcomes.
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01 Jan 2018
TL;DR: In this article, the authors investigate how resource constrained start-up firms and researchers in the knowledge economy can gain access to resources in order to innovate and advance science, and find that having access to knowledgeable colleagues who provide direction and feedback leads to fund acquisition success for academics.
Abstract: Academia and industry are major actors in the knowledge economy. The contributions these actors make to the knowledge economy is largely constrained by resource scarcities. Such resource scarcity is more pronounced for the two actors I focus on in this dissertation, start-ups and academic scientists. First, mainly due to a lack of revenue streams, high-technology start-ups seek funding to fuel their research activities from outside sources, such as governmental subsidies, venture capital and business. However, the uncertainty surrounding embryonic inventions as well as complex regulatory environments create information asymmetries between these firms and the potential financers that make investment decisions a difficult task. Second, academics source their research funding generally from the public. They do so generally primarily by submitting research proposals to funding agencies. However, fund raising is challenging as knowing where possible funding opportunities exist and being able to submit competitive research proposals requires tacit knowledge that is difficult to get access to. Because resource acquisition is one of the main drivers for knowledge production for academics and start-ups alike, the aim of this dissertation is to ‘Investigate how resource constrained start-up firms and researchers in the knowledge economy can gain access to resources in order to innovate and advance science’. In chapters 2 and 3, we propose that having access to knowledgeable colleagues who provide direction and feedback leads to fund acquisition success for academics. We identify knowledgeable colleagues via the National Science Foundation’s rotation program under which the NSF employs academics, called rotators, on loan from their university, to lead peer reviews. Crafting a number of novel longitudinal datasets that compare similar academics in departments with and without a rotator we reveal that having access to a rotator doubles the funding acquisition record of young or otherwise inexperienced academics. Additional quantitative and qualitative evidence implies that the treatment effect occurs via knowledge transfer, as rotators help generate ideas, frame proposals, and explain processes, rather than rent-seeking on the part of the rotator. Overall, the results suggest that strong ties and shared social identity play an important role in organizational knowledge acquisition. In chapters 4 and 5, we study how young, high-technology firms gain access to venture capital funding. A long stream of research has documented the positive effects that patents bring about to emerging firms in high technology industries. The general consensus is that patents contribute to firm growth because they confer monopolistic market rights, offer protection from competitors, increase the negotiating position of patent holders and other benefits. What has received relatively less attention in the literature is whether patents act as a signal that attracts investors such as venture capital firms. The handful of studies that have addressed that question has not analyzed whether the signaling function of patents 1) decreases after the initial attraction of venture capital, as information asymmetries between investors and target firms reduce, and 2) increases when distance between target firm and venture capital firm is elevated due to increased information asymmetry. First, In line with a reduction of information asymmetries once the initial investment has materialized, patent applications and granted patents have no effect on the growth of venture capital funds raised during the second round of financing. Second, In line with the notion that signals are more valuable to receivers in environments of elevated information asymmetries and under the premise that long-distance transactions present such an environment, we empirically reveal that patent activity and founding team entrepreneurial experience are more effective in increasing venture capital investments when the distance between investors and investees is elevated. These studies contribute to the literature on the factors that drive the value of signals, on the literature that studies the function of patents and other forms of intellectual property as a means to boost firm performance, and on the literature on the geography of venture capital investments.
15 citations
TL;DR: The aim of the article is to examine the degree of competitiveness of public procurement in the Czech and Slovak health care systems and its impact on the final price of a contract.
15 citations
TL;DR: In this article, a challenge for governments contracting out public services is holding accountable contractors who fail to meet agreed-upon standards, in social services, contract monitoring is complicated by the...
Abstract: A challenge for governments contracting out public services is holding accountable contractors who fail to meet agreed-upon standards. In social services, contract monitoring is complicated by the ...
15 citations
TL;DR: This study represents the first practical attempt to develop a meaningful typology of PPPs in the field of animal health and to identify fundamental obstacles currently inhibiting the development of P PPs, and suggests ways to support national Veterinary Services in overcoming these obstacles.
Abstract: Public-Private Partnerships (PPPs) are defined as a collaborative approach in which the public and private sector share resources, responsibilities and risks to achieve common objectives and mutual benefits in a sustainable manner. PPPs are identified as a key solution to reinforce Veterinary Services. However only limited information is available on the scope, added value and enabling factors of PPPs in this sector. The aims of this study were to develop a typology of PPPs in the veterinary field and to identify key success factors and obstacles to their implementation. A structured questionnaire was sent to all 181 World Organisation for Animal Health (OIE) Member Countries and to 47 private contacts. 36 different variables characterizing PPP initiatives were collected. 97 examples of PPPs were retrieved from 76 countries. Dimensionality reduction techniques were combined with clustering and discrimination methods to establish a typology of PPPs and to derive a set of simple rules to classify new instances of PPPs. Three clusters were identified, separated according to two main variables: the type of private partners and the type of interaction. Cluster 1, transactional PPPs, represented the traditional understanding of PPPs by Veterinary Services, initiated and funded by the public sector, giving service delivery accreditation to mostly private veterinarians; cluster 2, collaborative PPPs, included partnerships between producer associations and public Veterinary Services, driven by trade interests; cluster 3, transformational PPPs, represented joint programs initiated and funded by private companies and initially driven by business development objectives. Specific success factors and key obstacles affecting the performances and sustainability of these initiatives were identified for each cluster. This study represents the first practical attempt to develop a meaningful typology of PPPs in the field of animal health and to identify fundamental obstacles currently inhibiting the development of PPPs, and suggests ways to support national Veterinary Services in overcoming these obstacles.
14 citations
References
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01 Jan 1990TL;DR: Douglass C. North as discussed by the authors developed an analytical framework for explaining the ways in which institutions and institutional change affect the performance of economies, both at a given time and over time.
Abstract: Continuing his groundbreaking analysis of economic structures, Douglass North develops an analytical framework for explaining the ways in which institutions and institutional change affect the performance of economies, both at a given time and over time. Institutions exist, he argues, due to the uncertainties involved in human interaction; they are the constraints devised to structure that interaction. Yet, institutions vary widely in their consequences for economic performance; some economies develop institutions that produce growth and development, while others develop institutions that produce stagnation. North first explores the nature of institutions and explains the role of transaction and production costs in their development. The second part of the book deals with institutional change. Institutions create the incentive structure in an economy, and organisations will be created to take advantage of the opportunities provided within a given institutional framework. North argues that the kinds of skills and knowledge fostered by the structure of an economy will shape the direction of change and gradually alter the institutional framework. He then explains how institutional development may lead to a path-dependent pattern of development. In the final part of the book, North explains the implications of this analysis for economic theory and economic history. He indicates how institutional analysis must be incorporated into neo-classical theory and explores the potential for the construction of a dynamic theory of long-term economic change. Douglass C. North is Director of the Center of Political Economy and Professor of Economics and History at Washington University in St. Louis. He is a past president of the Economic History Association and Western Economics Association and a Fellow, American Academy of Arts and Sciences. He has written over sixty articles for a variety of journals and is the author of The Rise of the Western World: A New Economic History (CUP, 1973, with R.P. Thomas) and Structure and Change in Economic History (Norton, 1981). Professor North is included in Great Economists Since Keynes edited by M. Blaug (CUP, 1988 paperback ed.)
27,080 citations
TL;DR: The population problem has no technical solution; it requires a fundamental extension in morality.
Abstract: The population problem has no technical solution; it requires a fundamental extension in morality.
22,421 citations
01 Mar 2010
18,472 citations
Book•
01 Jan 1984TL;DR: The Stakeholder Approach: 1. Managing in turbulent times 2. The stakeholder concept and strategic management 3. Strategic Management Processes: 4. Setting strategic direction 5. Formulating strategies for stakeholders 6. Implementing and monitoring stakeholder strategies 7. Conflict at the board level 8. The functional disciplines of management 9. The role of the executive as mentioned in this paper.
Abstract: Part I. The Stakeholder Approach: 1. Managing in turbulent times 2. The stakeholder concept and strategic management 3. Stakeholder management: framework and philosophy Part II. Strategic Management Processes: 4. Setting strategic direction 5. Formulating strategies for stakeholders 6. Implementing and monitoring stakeholder strategies Part III. Implications for Theory and Practice: 7. Conflict at the board level 8. The functional disciplines of management 9. The role of the executive.
17,404 citations
TL;DR: In this paper, the authors consider the relation between the exploration of new possibilities and the exploitation of old certainties in organizational learning and examine some complications in allocating resources between the two, particularly those introduced by the distribution of costs and benefits across time and space.
Abstract: This paper considers the relation between the exploration of new possibilities and the exploitation of old certainties in organizational learning. It examines some complications in allocating resources between the two, particularly those introduced by the distribution of costs and benefits across time and space, and the effects of ecological interaction. Two general situations involving the development and use of knowledge in organizations are modeled. The first is the case of mutual learning between members of an organization and an organizational code. The second is the case of learning and competitive advantage in competition for primacy. The paper develops an argument that adaptive processes, by refining exploitation more rapidly than exploration, are likely to become effective in the short run but self-destructive in the long run. The possibility that certain common organizational practices ameliorate that tendency is assessed.
16,377 citations