Showing papers on "Exit strategy published in 2016"

New Zealand's turbulent waters: the use of forced labour in the fishing industry

Abstract: In this article, we make an empirical and conceptual contribution to the emerging debate on unfree labour in the context of labour chains and global value chains. We recast an historical view of poor labour practices aboard some foreign charter vessels fishing in New Zealand's waters as something more nefarious. Applying the International Labour Organization (ILO) and European Commission (EC) operational indicators of human trafficking for forced labour to 293 interviews, we evaluate the extent to which we can consider migrant fishing crew aboard South Korean vessels as victims of forced labour. We find that they are indeed victims of forced labour and that there is a need to extend the ILO/EC operational indicators to take into account exit strategies. Specifically, there is insufficient recognition of deception, exploitation and coercion at the point of exit, which can prevent a trafficked victim from exiting the employment relationship. Thus, it is crucial to take account of all stages, from recruitment to exit, to understand fully unfree labour in labour and global value chains.

The effects of the specialization of private equity firms on their exit strategy

Abstract: We investigate how industry and stage specialization of Private Equity (PE) firms affect the likelihood to exit investments by means of trade sales, Initial Public Offerings (IPOs), or Secondary Buyouts (SBOs). Our empirical analysis relies on competing risks models. Using a sample of 818 Leveraged Buyouts (LBOs) by US and European PE firms over the period 2000–2015, we find that both industry and stage specializations of PEs increase the likelihood of exiting via IPO, whereas only industry specialization positively affects the likelihood of divesting through a trade sale. Finally, SBOs are more likely for non-specialized investors.

Family business portfolios : Enduring entrepreneurship and exit strategies

Abstract: This dissertation examines how family business portfolios endure across time and investigates the entrepreneurial strategies that they engage in. The goal of this dissertation is addressed through ...

AMISOM under Review

Abstract: Since mid-2013 AMISOM has undergone a series of strategic reviews aimed at strengthening the mission, and since early 2014 it has conducted four major operations aimed at taking the fight to Al-Shabaab. Although these operations have enjoyed some successes, AMISOM continued to confront four major challenges that badly hindered its ability to achieve its mandated tasks. Paul D Williams explores these challenges – both internal and external to AMISOM – and argues that AMISOM cannot be expected to implement a successful exit strategy unless these issues are addressed.

Global liquidity and strategies of exit from unconventional monetary policies

Abstract: We develop some main characteristics of a roadmap of how the European Central Bank (ECB) should further reduce the volume of its balance sheets and roll back credit easing in order to prevent inflation. The exit should be step-by-step rather than a one-off. Communicating about the exit strategy must be an integral part of the strategy. Price stability should take precedence in all decisions. Due to vagabonding global liquidity, there is a strong case for globally coordinating monetary exit strategies. Given non-surmountable practical problems of coordinating exit with asymmetric country interests, however, the ECB should go ahead – perhaps jointly with some Far Eastern economies. Coordination of monetary and fiscal exit would potentially undermine ECB independence and is also technically out of reach within the euro area.

Intervening to strengthen sovereignty: The lessons of the UN Intervention Brigade for global peacekeeping:

Abstract: The main significance and novelty of the Intervention Brigade established by the United Nations (UN) Security Council in March 2013 in the Democratic Republic of the Congo have previously been attributed to its robust mandate, enhanced capacities and offensive concept of operations. At the tactical, strategic and doctrinal levels of analysis, the Brigade could be considered a continuum of the robust and technological turn of UN peacekeeping, which has continued for more than a decade and is reinvigorated in the so-called new generation of peacekeeping tactics outlined in the New Horizon document. However, this article argues that the most profound significance and novelty of the Brigade reside at the underlying paradigmatic level, which has been ignored in the previous literature. The Brigade embodies not only robust capacities and mandate (peacekeeping with muscles) but also a new peacekeeping paradigm, namely, sovereignty-building (peacekeeping for body politic). The sovereignty-building paradigm is aimed at creating or strengthening the positive and negative sovereignty of the host government. The Brigade reinforces the positive sovereignty of the Congolese government by boosting its self-directive domestic and foreign policy, political will, ownership and responsibility vis-a-vis its regional peers, for example, by making its exit strategy conditional on the Congolese own Rapid Reaction Force. With regard to negative sovereignty, the Brigade contributes to the reinstatement of territorial integrity and supreme state authority by neutralising militia groups.

Exploring the use of social network analysis to inform exit strategies for rural water and sanitation NGOs

Abstract: While integrated management schemes often improve resolution of technical issues with rural water and sanitation (WatSan) infrastructure, the challenges they can present are more complex. One example is the proper communication between stakeholders, a challenge that is magnified when the service is constructed and managed by a non-governmental organization (NGO) that later leaves the management structure. This study investigates an approach to visualize and quantitatively evaluate how communication between stakeholders influences resolution efforts, using social network analysis (SNA). The methods employed here are demonstrated with a case study in the municipality of Dario, Nicaragua, where a large WatSan NGO is planning its exit strategy. Survey data were used to construct weighted social networks representing the efficacy of communication links and pathways on both water and sanitation service resolution in Dario. SNA was then used to evaluate the potential implications of the NGO’s disengageme...

Disengaging Culturalism: Artistic Strategies of Young Muslims in The Netherlands

Abstract: This ethnographic study examines how young Muslims in the Netherlands engage in artistic strategies that disengage from the culturalist logic of the Dutch dominant integration discourse. It investigates artistic production of young Muslims in the Netherlands from two main perspectives, as an exit strategy from the dominant discourse and as a process of authorship that yields emerging subjectivities. In relation to the first perspective, the study shows that exit strategies appear in two main guises: volatile and stable. While volatile forms of exit are susceptible to being made legible within the culturalist logic of the dominant discourse and thus to be incorporated within it, stable forms of exit resist this kind of incorporation, although this limits their potential to effect a form of political emancipation. Stable forms of exit often remain ignored within artistic institutions precisely because they are not legible in relation to the dominant discourse. The perspective of authorship brings to the fore the generative dimensions of exit because it looks at the artworks that are produced and the subjectivities that are developed in this strategy. These subjectivities are analysed as liminoid phenomena that problematize the binary logic of the dominant discourse that is structured around classifications such as allochtoon – autochtoon, Western – non-Western, religious – secular, modern – backwards, etc. Authorship is understood as an embedded practice that is situated in a field of forces that impact upon it, which include material and environmental factors that the artists are confronted with, significant others such as supervisors, but also the larger socio-political arena.

Exit Strategies of Loyalty Programs

Abstract: Loyalty programs are a widespread marketing tool whose contribution to a company’s economic success is still being questioned. From a marketing relationship perspective, they cannot be terminated easily and their elimination has to be reasoned. This qualitative study examines why companies end their loyalty programs and how their termination is processed. In five different cases that I present, results reveal that conflicts with partners and unfavorable cost-benefit ratios are determinants of the program terminations. Customer information and regulatory issues on reward validation characterize the process of withdrawal. The exit strategy “phase out slowly” is adopted most commonly.

Outward FDI and Institutional Factors: Malaysian Experience

Abstract: This paper aims to investigate the role of home country institution in affecting outward FDI from Malaysia using data spans from 1980 to 2012. The model specification is examined in autoregressive distributed lag (ARDL) bounds testing framework. The empirical evidence reveals that GDP, exchange rate, openness to trade, and corporate tax rate are the key drivers of outward FDI from Malaysia. This portrays that internationalization strategy of firms is not only relied on home macroeconomic environment, but also home institution. More importantly, corporate tax rate, as one of the institution factors, is positively related to outward FDI which signifies that high tax rate would prompt local firms to engage in investment abroad as a sign of escape response. This reflects that international expansion appears to be exit strategy from home country instead of entry strategy into foreign markets. The findings have some important implications on internationalization strategy of firms.

How to make grants a better match for private sector development

Abstract: Matching grants (MGs) have been implemented by the World Bank for over two decades. They remain a very popular instrument for private sector development interventions, despite often challenging implementation and insufficient evidence of impact. The objective of this study is to synthesize the current knowledge on MGs and to review the experience with this instrument, as designed and implemented by the World Bank from the early 1990s to the present. In doing so, we hope to equip teams in charge of ongoing and planned MG operations with a better understanding of the instrument and to help them choose the design and implementation arrangements that are best fitted to their objectives. The authors look at both the ‘why’ and the ‘how’ of MG programs, focusing on those aiming to foster private sector development and small and medium enterprises (SMEs) competitiveness primarily through the use of business development services (BDS). The authors also look at how success is defined and question the way the outcome of MG programs is often assessed. While 75 percent of projects in the sample were deemed to have some degree of success, the definition of success rarely reflects a measurement of broad and sustainable economic benefits that will justify the subsidization of private enterprises with public funds. We argue that this is linked to a common weakness in identifying a sound economic rationale, such as a specific market failure to be solved, and in subsequently not focusing the design and measurement of the MG on the fund’s additionality beyond the private benefit of recipients. The authors conclude that a robust definition of the economic rationale is a critical prerequisite for the use of MG programs and should include, among others, an identification of a specific market failure, consideration of alternative instruments, cost-benefit analysis, assessment of the potential for additionality and spillovers, and a realistic exit strategy. The authors recommend an equally robust monitoring and evaluation (M&E) system tied directly to the economic rationale, which is essential for real-time assessment of impact, potential course correction, and learning, and could be utilized to gauge additionality and sustainability. Increased attention to these elements could help teams make the most of this potentially powerful instrument for private sector development and competitiveness.

Toward a typology of exit strategies

Abstract: Purpose The purpose of this paper is to advance a proactive perspective on business exit and develop a typology of exit strategies. Design/methodology/approach This is a research paper, which builds on extant theoretical and empirical research. Findings Business exit, along with entry, is an integral part of corporate strategy that a firm could utilize to reshuffle its business portfolio and embrace new opportunities. In today’s changing environment characterized by high uncertainty and high velocity, it becomes increasingly important for firms to manage business exit deliberately and proficiently. The traditional perspective which generally perceives exits as failures or responses to failures is no longer sufficient. A proactive perspective on exit could be advanced to better inform exit research and practice. Adopting the dynamic capabilities approach, this paper develops a typology of four exit strategies – retreat, redeploy, realign, and reconfigure – and examines the essential tasks of these strategies as well as the corresponding dynamic capabilities required for their successful implementation. Originality/value The proactive perspective advanced in this paper systematically coalesces and elaborates on extant research and formally advocates the importance and feasibility of proactive exit. The typology offered not only helps integrate the dynamic capabilities approach with exit research but also helps better inform exit practice.

Livelihood Strategy of Coastal Community: A Case Study in Tanjung Saleh Islands, Kubu Raya District, Indonesia

Abstract: This study is intended to identify the characteristic of livelihood strategy and to formulate the exit strategy from poverty trap in a coastal community. This study was done in Tanjung Saleh islands, one from 39 islands at Kubu Raya District, West Kalimantan Province, Indonesia. Data were collected by depth interviews, group interviews, observation, and literature study. The results of this study show that the livelihood strategies at Tanjung Saleh islands can be identified into five types: (a) the strategy that relied on the natural resources extraction, (b) traditional agriculture cultivation strategy, (c) household worker utilization strategy, (d) migration strategy, and (e) institutional strategy. The institutional strategy is categorized as exit strategy from poverty trap meanwhile the other strategies are categorized as survival strategy. Fact in the field shows that institutional strategy and the role of women are important factor to support the fishermen household livelihood system. There are two institutions often utilized in fishermen community, “arisan” (rotational saving and credit association) custom and patron client relationships between fishermen and village traders. Through the utilizing of social capital on both institutions, the fishermen household can access financial capital effectively. Therefore, the nurturing of social capital and the role of women must be considered in arrangement of sustainable livelihood strategies in fishermen community.

Determinants of venture capitalists' exit strategies: An empirical study through survival analysis

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Haiti Hope: Innovating the Mango Value Chain

Abstract: This case study examines a market-based approach to economic development through the eyes of NGO TechnoServe's project manager, implementing a US$9.5 million five-year public-private partnership between Coca-Cola, IDB, and USAID. The case ends at the beginning of the final year of the project, presents the project’s advances, and invites students to position themselves in front of three options regarding the exit strategy to be deployed to ensure sustainability.Haiti Hope was to provide 25,000 Haitian farmers with world-class business and industry expertise to help them grow mangos more efficiently and abundantly, and secure access to new markets with the aim of doubling their income and raising their standard of living and, ultimately, contributing to the revitalization of the Haitian economy. The project structure devised by the partners to govern execution consisted of an implementation team and operating and steering committees. The partners with the implementer, TechnoServe, had agreed on a strategy that turned out to be difficult to execute due to local institutions, farmer cooperatives, which acted as gatekeepers and made it difficult to reach the critical mass of farmers to participate in the project. TechnoServe's project manager had to convince the partners to shift strategy to work directly with cooperative members rather than with the leadership. The project manager succeeded — Partners accepted to create a new intermediary channel with and for smallholder farmers, termed Producer Business Groups (PBGs). PBGs eschewed the diverse political goals of most cooperatives, and focused on the production and commercialization of members' mangoes and other agricultural products.By 2013, 18,000 farmers had been organized into PBGs for better access to markets, information and agricultural extension services, and approximately 70% of them had adopted best practices from training. Project trained farmers were using standardized sales units, enjoying greater bargaining power, and had access to credit. They were also earning higher prices for mangoes, which rose by 32% on average. By 2014, 3,356 of these farmers were selling directly to exporters via this new PBG channel. With the project entering its final year of implementation, only one season remained for course corrections and formulation of an exit strategy. Although confident in the new strategy, the partners recognized that sustainability of the innovations to the mango supply chain depended on ensuring that every player was profitable, and that local actors possessed both the motivation and capability to take over the activities being performed by TechnoServe. The project manager had to be sure that under the control of private sector partners the PBGs would continue to provide training and other agricultural extension services, such as communicating market prices, as well as continue to pursue ways to connect farmers directly and efficiently with exporters. Only one year remained to identify and implement additional initiatives to improve the structure of their supply chains so as to enable farmers and exporters to better compete in international markets.

Enablers and Barriers to Exit of Regional Small Business Owners in Australia

Abstract: Successful exit enables businesses to continue with minimal disruption and provides owners with financial returns on their investments. Notwithstanding considerable scholarship in economic geography on rural and regional economic fortunes, experiences of small business exit are seldom explored. In response, this study analyses the barriers and enablers of voluntary exit by regional small business owners. A qualitative research approach with deductive thematic analysis is used to assess enablers and barriers to exit for regional small businesses, drawing upon small business literature, but cognisant of economic geographic factors. Twenty small business owners in Armidale and three business brokers were interviewed. Findings indicate that firm-level factors such as exit planning, market expansion and good performance can help overcome location barriers to exit. The regional setting makes stewardship and cessation exit strategies more feasible than financial reward strategies. Barriers to exit includ...

Exit strategies by private equity firms in the nordic region : An empirical assessment of IPO performance across private equity-backed- and non-backed firms and a qualitative assessment of exit strategies by private equity firms

Abstract: This study investigates underpricing of private equity (PE)backed IPOs and the various exit routes available to PE firms. First, we examine whether IPO underpricing differ across PEbackedand non-backed (NB) firms employing different empirical techniques. Our final dataset consists of 60 PE-backedand 155 NB IPOs listed on Nordic exchanges (2005-2014). Second, we investigate exit strategiesand (potential) interrelation between entry and exit by PE firms, through interviews with partners from renowned PE firms (Altor, EQT, FSN Capital, Herkules Capital and HitechVision). We found PE-backed IPOs to be significantly less underpriced than NB IPOs, consistent with prior research. Interview respondents attribute our result to i) PE-sponsors may be superior at timingand promoting IPOs and/or ii) PE-sponsors may strive to maximise the offer price to boost proceeds. Consensus in prior research attributes our finding to PE-sponsors being able to certify true firm value in IPOs. Moreover, we document significantly lower underpricing of venture capital compared to buyout-backed IPOs. Finally, we find that underpricing increases with the aftermarket volatility (and thereby the risk) related to an issue, independent of PE-backing. Respondents from interviews listed price, transaction risk and divestment efficiency as the most important factors determining choice of exit route. The majority expressed strong preference for trade sales (ceteris paribus) as it enables efficient divestment and commonly provides superior pricing. In contrast, IPO appeared to represent the least favourable exit channel due to inefficient divestment and extensive regulation. However, the respondents underlined that IPOs may represent the preferred exit for particularly successful (and large) portfolio firms, as it “enables participation in future value creation while at the same time taking some “risk off the table”” Respondent 4. Finally, we find that exit opportunities related to an investment case may have decisive implications for whether PE-sponsors enter or not.

Getting Away with Exit: The Role of Strategic Communication

Abstract: Strategic communication includes all messages and activities across the levels of war in order to affect target audiences and to encourage certain behaviour. It can be divided into a horizontal way, the way the messages and activities are crafted and sent to touch the public, and a vertical way, the way to ensure that all levels in an organisation speak with one voice. Strategic communication is inevitably related to exit strategy. During every military operation the constituency of a western democratic nation requires to be informed about the undertaking, from beginning till the end. In the case of Operation TELIC, the British participation in Operation Iraqi Freedom in 2003, the strategic communication was lacking in vision and synchronisation. It was fragmented and seriously in discord. Due to the struggles of Operation TELIC, the British public lost its trust in its government.

How can entrepreneurship education influences cofounders’ nepotism and cronyism definition?

Abstract: This study presents an analysis of how can entrepreneurship education influence nepotism and cronyism in entrepreneurship. The aggregated dimensions of this problem results in extended factors are also observed in this study: the importance of venture capitalist in the entrepreneurship process, the impact of business cycles in the ventures decision making and the extended-household capital. The increase of the knowledge-based economy in Portugal is also influencing the entrepreneurship environment context. All of the previous are observed under the perspective of the impact resulting of the entrepreneurship education in cofounders' nepotism and cronyism definitions.

Medium-term budgetary framework in the EU Member States: study case

Abstract: The current economic crisis has called for huge fiscal efforts to avoid a deflationary spiral. In the context of the crisis, the national fiscal frameworks may play an important role in sustaining budgetary retrenchment. Therefore, the need for a fiscal consolidation, meaning a well-designed fiscal and budgetary policy is a challenge for all EU Member States. Moreover, the importance of strong and resilient fiscal frameworks has been emphasised by the October 2009 Council conclusions on the fiscal exit strategy. On this premise, the paper discusses what elements and considerations should be taken into account more carefully in designing resilient fiscal frameworks so as to support optimal policy-making and to promote the respect of the Stability and Growth Pact provisions. The unit analysis consists on several EU Member States, affected by economic crisis. Taking into consideration the aim of the paper, the research methodology is based on a case study as research strategy, and uses the triangulation method to obtain confirmation of findings through convergence of different perspective. Regarding the qualitative research, the authors use theoretical framework, legal analyses, systematic and analytical collecting data from official written sources, and macroeconomic indicators for quantitative aspects.

Two ways of leaving : a comparative case study on exit strategies of a UN and a NATO led mission

Abstract: In crisis areas, military and civilian missions are often simultaneously active, but they have different mandates and are executed by different organisations. Also the way those organisations leave a country after an intervention differs. This article provides a comparison between the military (ISAF/NTM-A) and political (UNAMA) mission in Afghanistan. In 2009, both missions designed their exit strategy as transition-oriented. In practice, however, the military and political exit strategies were operationalised differently. Interviews with employees of both organisations reveal UNAMA being more process (Afghan led and Afghan owned) oriented and ISAF being more project-oriented.

EU Structural Funds in the Baltic Countries – Useful or Harmful?

Abstract: The current article is focused on the role of financial assistance from the European Union in the budgets of the three Baltic countries. They all have seriously benefitted from the support of EU structural funds, which have reached close to five per cent of their GDP. Based on the case of higher education research funding, the article argues that the Baltic countries overlook the additionality principle of the European Union cohesion policy. Structural funds are replacing the Baltic countries’ own funding. During the current EU programming period between 2014 and 2020 the exit strategies should be prepared by the governments of Baltic countries in order to be able to finance research with significantly lower support from EU cohesion funds. The precondition is that instead of a short-run view, in the coalition treaties of the Baltic governments, a long-term strategy for how to move toward knowledge intensive economies is also needed. The first and most urgent need is to improve the quality of use of the EU support funds by all three countries in order to support longrun productivity growth and increase the competitiveness of the Baltic countries.

Introduction. The dilemma of leaving : political and military exit strategies

Abstract: The introduction to the volume provides an overview of recent issues central to political, military, and academic debates about political and military exit strategies from conflicts and wars. One important concept is the supposed political-military divide, time and again expressed in the dichotomy end states versus end dates. Th e different contributions of the volume show that there exist nuances in this divide, due to different responsibilities and tasks at four levels, i.e., the political, strategic, operational and tactical. The volume reflects the diversity and multi-disciplinary character of the Faculty of Military Sciences, combining academia with military experience.

Research on Venture Capital Exit for Science and Technology Innovation Enterprise

Abstract: Science and technology innovation enterprise is high investment and high risk, the shortage of capital is the key problem to restrict its development, and venture capital exit is the main way to solve this problem. Venture capital exit directly affects the success or failure of venture capital. Venture capital exit way and its influencing factors are based in this paper, to address the problems of current science and technology innovation enterprise venture capital exit, with reference to previous research results, and puts forward the technology innovation enterprise venture capital exit strategy. Specific strategies include: Scientific and technological innovation enterprises listed on the exit is promoted. Cultivating high quality venture capital talents. Special property rights exchange is set up. Venture capital policy support is strengthened. The intermediary institutions of venture capital is cultivated and standardized. Project funding:Research on venture capital in the process of commercialization of Dongguan science and technology innovation enterprises-GKY-2015KYYB-30

Technological Exit Strategy: Why IBM Sells Its Intellectual Property

Abstract: Markets for technology have existed since the mid-1800s though the documentation of such markets and transactions is a more recent phenomenon. While much of the prior research focused on the licens...

Netherlands Annual Review of Military Studies 2015 : The Dilemma of Leaving: Political and Military Exit Strategies

Abstract: This book seeks to bridge the gap between academic, political and military thinking concerning the success and failure of peacekeeping operations and their termination. Exit strategies have recently gained attention in political, military, academic and public debates, due to the Western engagement in international and intrastate conflicts since the end of the Cold War. Yet, many of those debates took place separately. This volume, which is predominantly a joint product of academics and the military of the Faculty of Military Sciences of the Netherlands Defence Academy, shows new venues by bridging the putative political-military divide. Drawing on theory, empirics, and personal experiences the authors address exits at political, strategic, operational and tactical levels of current and past military missions and interventions, ranging from decolonisation wars to Afghanistan and Iraq. Although some of those conflicts are still ongoing, valid inferences can be drawn. An important one is that exit forms a problem for those who leave and for those who stay. While political and military objectives might not have been reached and many of those involved have the feeling that the job is still not yet done, the termination of the entire mission or transitions at operational level necessitate both departures and handovers-takeovers and are thereby characterised by discontinuities and continuities at the same time. It is these dynamics between unfulfilled end states and end dates that, in the end, lead to the dilemma of leaving. All the editors, except van den Wollenberg, are affiliated with the Faculty of Military Sciences of the Netherlands Defence Academy in Breda, the Netherlands. Jorg Noll is Associate Professor of International Conflict Studies. First Lieutenant Air-Commodore Frans Osinga is Professor of Military Operational Art and Sciences. Georg Frerks is Professor International Security Studies and Irene van Kemenade runs the Research Office of the Faculty. Daan van den Wollenberg is Commander of a mechanized artillery platoon of the Netherlands armed forces

Two Ways of Leaving: A Comparative Case Study on Exit Strategies of a UN and A NATO Led Mission

Abstract: In crisis areas, military and civilian missions are often simultaneously active, but they have different mandates and are executed by different organisations Also the way those organisations leave a country after an intervention differs This chapter provides a comparison between the military (ISAF/NTM-A) and political (UNAMA) mission in Afghanistan In 2009, both missions designed their exit strategy as transition-oriented In practice, however, the military and political exit strategies were operationalised differently Interviews with employees of both organisations reveal UNAMA being more process (Afghan led and Afghan owned) oriented and ISAF being more project-oriented