BSL Academic Research Updates

Abstract

The overseas market expansion strategy is important for achieving competitive advantage and sustainable growth of global electronic component companies. Although the global electronic component market has grown rapidly recently, research focusing on the innovation strategy of global electronic component companies’ expansion into overseas markets is scarce. This paper defines the key factors that influence the success of a global electronic component company’s overseas market expansion strategy based on the Technology, Organization, and Environment (TOE) framework and quantitatively identifies the relative importance of factors at the technology, organization, and environmental levels through Analytic Hierarchy Process (AHP) analysis. As a case study, we analyze Samsung Electro-Mechanics, which has grown as a global electronic components company through an overseas market expansion strategy in recent decades. As a result of the analysis, among the three top factors defined as key factors, the technology factor was evaluated as the most important factor, and among the subfactors of the technology factor, “R&D Availability”, and “Production Availability” were analyzed as the most important influencing factors. These analysis results suggest that global electronic component companies can achieve successful results when they pursue overseas market expansion strategies by prioritizing technology development and focusing on growth strategies suited to the market environment. This study is meaningful as an academic study focusing on the overseas market expansion strategies of global electronic component companies and makes a practical contribution by providing management implications that can be taken by electronic component companies seeking to expand overseas markets.

Abstract

The global energy transition from fossil to low-carbon energy challenges the future of the Norwegian petroleum sector, a major factor in the country’s economy, now facing financial climate risk and long-term declining demand, particularly for gas to the EU. What energy policies can assist transition into a low-carbon society? We explore three investment scenarios for the Norwegian offshore energy sector from 2020 to 2070: 1) Business as usual, 2) Increasing cash-flow by harvesting existing petroleum fields and cutting investments (Harvest-and- Exit), or 3) Rebuilding with green offshore energy investments. In a new economic model, we compare impacts on key macro- and sector-economic variables. We find that rebuilding by investing moderately in green offshore energy production could reverse the extra job decline that a quicker phase-out of petroleum investments would incur. The impacts on the Norwegian sovereign wealth fund – Government Pension Fund Global – and on gross domestic product (GDP) per capita are insignificant to 2050 and positive by 2070. The simulated investments and economic results can be compared with observations to constitute forward-looking indicators for energy transitioning in producer countries.

https://authors.elsevier.com/sd/article/S0301-4215(23)00472-X

Abstract

Despite various efforts in management studies, the literature has neglected to explore the strategic use of public language, defined as the external communication by the CEO, in entrepreneurial settings. This study hypothesizes that entrepreneurial strategic intent leads to the intended clarity to achieve the desired business goals on a theoretical basis of upper echelons theory, sense-making and active audience theory. The analytical procedure included linguistic analysis for readability and simplicity of the public language of Tesla and four other incumbents based on the corpus spoken by CEOs under official settings. The findings reveal that Tesla’s CEO delivered intended clarity, delivering the most comprehensible information to the stakeholders, as hypothesized in the research design. This article contributes to the literature by suggesting a novel S-P-I model that investigates the ‘Strategic intent– Public language–Intended clarity’ flow. Managerial implications advise organizations adequately manage their public language to have desired results.

Abstract

This Foucauldian case study examines how dominant discourses in education operate to subtly constitute teachers as normalized subjects by producing knowledge and inducing techniques of power. The retellings of high school teachers are examined to demonstrate how they reconcile their own personal experiences and professional ethics with the static ideal images projected by competing political discourses. It is found in the localized context of a single American high school that public policy, technology, and teacher discourses represent teachers in certain ways and compel them to self-regulate themselves such that they internalize and reify imposed norms. However, teachers resist and alter these discourses to produce other possibilities for the critical teacher subject positions they actually occupy. A model is proposed to illustrate how different representations of the teacher-subject emerge from the collision, distribution, and legitimatization of these discourses. This study brings into view the ways teachers powerfully question and resist the constraints placed upon their conduct and draw on their personal relationships with each other to constitute their own professional identities.

https://www.frontiersin.org/articles/10.3389/feduc.2023.1190551/full

Abstract

The purpose of this paper is to determine what kind of governance structures would enable Social Entrepreneurial Organizations (SEOs) in South Africa to operate sustainably. The focus is on the multi-dimensionality of governance, with the dimensions of policy, operations, and legal structures being deliberated according to priorities, opportunities, and challenges. Qualitative research was used as methodology to answer the research question. A multiple method approach included four embedded units of analysis as part of a descriptive survey, completed by 39 respondents from four SEOs based in three South African provinces as well as nine in-depth, semi-structured interviews, in a single case study. Findings showed that although the dimensions of policy, operations and governance structures are severely fragmented, the kind of governance structures that SEOs need to operate sustainably, are new and revised policies, operations that are well managed according to an integrated value chain, and flexible legal structures that allow for the generation of revenue to create pattern breaking and sustainable solutions. The synergistical overlap of governing through trust, the capacity of the state, and the two-sided business model, forms an enabling of governance structures, thereby compensating for the fragmented dimensions, and enabling SEOs to govern sustainably.

Abstract

This study analyzes the limitations of EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) Multiple from the perspective of the going concern principle. A new Adjusted EBITDA Multiple that complements the limitations of the EBITDA Multiple is generated and applied to real-world cases for comparison. EBITDA Multiple is used to assess if the target company is undervalued or overvalued; adjusted EBITDA Multiple is used to determine the time taken to recover the total acquisition cost of a company in an M&A transaction. Samsung Electronics, South Korea’s leading tech firm, is used as a case study to analyze financial information between 2017 and 2021. The result varied with the M&A decisions. Investment decisions in M&A are made considering the assets (debt + capital) to be assumed with the acquisition and additional investment costs for the target’s sustainable management. We propose a new valuation method for recovering M&A investment costs, considering the long-term sustainable growth of the acquired company.

https://www.tandfonline.com/doi/full/10.1080/23311975.2023.2209975

Abstract

Because of climate change issues, greenhouse gas (GHG) emissions have been emerging as an important research topic in recent years. This study examines the role of corporate governance in reducing GHG emissions by focusing on board independence. We use the industry fixed effect panel regression model to analyze data from 156 listed South Korean firms during the period from 2011 to 2019. Our results suggest that board independence is related positively with the reduction in GHG emissions. In addition, our evidence shows that firms with higher levels of GHG emissions have better financial performance, but board independence weakens the relation. Our findings imply that an independent board tends to focus on balancing the firm’s financial versus environmental performance. This quantitative study contributes to our understanding of the effects of corporate effects on firms’ GHG emissions and their financial consequences. The findings have implications for corporate managers and policymakers with respect to choosing corporate governance structures that reduce GHG emissions effectively.

Abstract

Accurate demand forecasting is important for automotive manufacturing and sales planning because it allows firms to minimize costs and improve their effectiveness. Based on the limitations of existing literature, this paper seeks to establish a novel machine learning-assisted hybrid-input automobile demand forecast model by focusing on the research gaps in input data, methodology, and the scope of demand forecast. To achieve the research aim, the firm-level forecasting performance of the machine learning algorithms based on the hybrid micro-/firm-level (endogenous) and macro-level (exogenous) factors were analyzed to present the optimal approach. The study collected and used monthly vehicle sales and related firm-level data from South Korea from 2011 to 2020. Linear regression, neural network, random forest, stochastic gradient descent, and ensemble learning were used to build the models and verify significant input features using the RReliefF algorithm. The paper presents significant theoretical and managerial contributions that advance the methodological frameworks in the auto demand forecasting literature based on the ML-assisted hybrid-input model, highlighting less well-known endogenous factors that affect company precision to enhance businesses’ practical operations.

Abstract

In recent years, we have seen how the supply chains of all companies around the world can be challenged by events of varying nature and magnitude. The prevention of these events, and the risks associated with them, is crucial not only for the continuity of a business but also for its survival. The objective of this paper is to provide clear guidance on how to identify and predict supply chain risks and avoid or greatly limit their impact on the value chain of companies. Approaching the subject in a typical 3D manner (discover, develop, deploy), the text aims to provide a toolkit that can be readily applied, especially for companies of production and supply of goods, and easily customized to the specific needs that each enterprise normally has. The paper explains how to create a process for recognizing and identifying risks that may affect an organization; how to prioritize them by quantifying each risk by magnitude and likelihood of occurrence; how to mitigate them through targeted actions for each type of risk; and how to create a risk-sensitive working environment and anticipate its prediction and detection.

Abstract

This paper analyzes the relationship between greenhouse gas (GHG) emissions and the financial performance of business-to-business (B2B) or business-to-consumer (B2C) organizations. We find that Tobin’s q is positively associated with higher GHG emissions for B2B firms, implying that GHG emissions reduction is regarded as a necessary cost. Meanwhile, a negative relationship is found for B2C firms, which may be due to consumers responding to climate change issues. These findings contribute to our understanding of the heterogeneous relationship in the existing literature. The evidence also implies on the policy level that more stringent regulatory pressure may be required for B2B firms to reduce their GHG emissions.

Abstract

From a mergers and acquisitions (M&A) perspective, this study applies the existing EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) multiple and a new adjusted EBITDA multiple to real cases and compares the indicators. The new adjusted EBITDA multiple is a novel valuation method created by supplementing the shortcomings and limitations of the existing EBITDA multiple, which can help decision-making from an M&A perspective. The adjusted EBITDA multiple indicates the time needed to recover total acquisition-related costs when acquiring a company. We analyze the financial information of Hyundai Motor Company and NAVER Corporation from 2017–2021 and find that the further expenditure, in addition to the initial acquisition cost, is necessary to manage the company sustainably. M&A and stock investment decision-making has differing goals and therefore requires different company valuation methods. In the case of stock investment, the objective of the investment is to gain capital from the increase in the stock price of the target company. However, it is important to make decisions regarding M&A in consideration of the acquiring company’s going concern point of view. This study aims to introduce a valuation methodology that can provide practical help to M&A decision-making rather than stock investment.