This paper attempts to study the mechanisms of start-up accelerators and crowdfunding to support entrepreneurial development in Thailand. In particular, the study explores the major accelerator programmes to support innovation commercialisation and the start-up eco-innovation system. The results have shown the problems of weak Triple Helix system since the interactions among the university, industry and government are not strong enough to drive effective technology commercialisation. Arguably, the accelerator programme should act as an intermediary among the institutional spheres to provide interactive linkages and promote effective utilisation of research results. The empirical study provides insightful implications on the move towards Thailand 4.0 and the lessons of Thailand in stimulating entrepreneurial development which can be applied to other developing economies.
{"title":"Start-up Accelerators and Crowdfunding to drive Innovation Development under Thailand 4.0 Policy","authors":"Jarunee Wonglimpiyarat","doi":"10.3905/JPE.V23I1.5797","DOIUrl":"https://doi.org/10.3905/JPE.V23I1.5797","url":null,"abstract":"This paper attempts to study the mechanisms of start-up accelerators and crowdfunding to support entrepreneurial development in Thailand. In particular, the study explores the major accelerator programmes to support innovation commercialisation and the start-up eco-innovation system. The results have shown the problems of weak Triple Helix system since the interactions among the university, industry and government are not strong enough to drive effective technology commercialisation. Arguably, the accelerator programme should act as an intermediary among the institutional spheres to provide interactive linkages and promote effective utilisation of research results. The empirical study provides insightful implications on the move towards Thailand 4.0 and the lessons of Thailand in stimulating entrepreneurial development which can be applied to other developing economies.","PeriodicalId":342515,"journal":{"name":"The Journal of Private Equity","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128380656","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The study adopts a panel regression approach and examines the impact of capital structure on financial performance for mobile telecommunications operators based in sub-Saharan Africa. It considers eight (8) companies with publicly available annual reports for the seven (7) year period from 2010 to 2016. Financial performance was measured by return on equity (ROE), return on assets (ROA) and operating profit margin (OM), while capital structure was measured by short-term debt to total assets ratio (STDtTA), long-term debt to total assets ratio (LTDtTA), and total debt to total assets ratio (TDtTA). The total number of subscribers, size as measured by revenue and tangibility were used as the controlling variables. The study provides evidence of a mixed impact of capital structure on financial performance and shows that mobile operators prefer short-term debt to long term debt. The findings suggest that mobile telecommunication operators need to focus on other factors that have a direct and stronger influence on financial performance; while regulators and governments must ensure a stable operating environment to support the industry’s long-term commitments. Furthermore, operators must develop a profitability mindset and shift their focus from average revenue per user towards profitability per user metrics to have a complete value creation picture that considers the costs associated with these revenues. In doing so, they should embark in digital transformation and explore innovative business models. Although size (revenue) matters, operators should be cautious about narrow pursuits of subscriber growth for growth’s sake at this stage of the industry’s lifecycle. Tangibility also showed a mixed impact on financial performance and operators should strive to own strategic fixed assets that are key in driving their performance, but at the same time consider the efficiency benefits of sharing models as they prepare for 5G. In this respect, strategies that seek to take asset ownership away from the operators, like monopoly wholesale open access networks (WOAN), require very careful considerations before being adopted as universal policy.
{"title":"Impact of capital structure on financial performance: Evidence from telecommunication operators in Africa","authors":"Grant Chivandire, I. Botha, Marise Mouton","doi":"10.3905/JPE.V22I4.5571","DOIUrl":"https://doi.org/10.3905/JPE.V22I4.5571","url":null,"abstract":"The study adopts a panel regression approach and examines the impact of capital structure on financial performance for mobile telecommunications operators based in sub-Saharan Africa. It considers eight (8) companies with publicly available annual reports for the seven (7) year period from 2010 to 2016. Financial performance was measured by return on equity (ROE), return on assets (ROA) and operating profit margin (OM), while capital structure was measured by short-term debt to total assets ratio (STDtTA), long-term debt to total assets ratio (LTDtTA), and total debt to total assets ratio (TDtTA). The total number of subscribers, size as measured by revenue and tangibility were used as the controlling variables. The study provides evidence of a mixed impact of capital structure on financial performance and shows that mobile operators prefer short-term debt to long term debt. The findings suggest that mobile telecommunication operators need to focus on other factors that have a direct and stronger influence on financial performance; while regulators and governments must ensure a stable operating environment to support the industry’s long-term commitments. Furthermore, operators must develop a profitability mindset and shift their focus from average revenue per user towards profitability per user metrics to have a complete value creation picture that considers the costs associated with these revenues. In doing so, they should embark in digital transformation and explore innovative business models. Although size (revenue) matters, operators should be cautious about narrow pursuits of subscriber growth for growth’s sake at this stage of the industry’s lifecycle. Tangibility also showed a mixed impact on financial performance and operators should strive to own strategic fixed assets that are key in driving their performance, but at the same time consider the efficiency benefits of sharing models as they prepare for 5G. In this respect, strategies that seek to take asset ownership away from the operators, like monopoly wholesale open access networks (WOAN), require very careful considerations before being adopted as universal policy.","PeriodicalId":342515,"journal":{"name":"The Journal of Private Equity","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132223373","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In today’s trade policy environment, it seems as if there is a new business risk every day. One day, it is sanctions on Chinese entities for doing business in North Korea; the next day, it is Russian oligarchs’ activities. And then you are hit with four waves of increased import duties on steel, aluminum, and most raw materials and finished products from China. Even if companies aren’t importing on their own, U.S. manufacturers are receiving “the letter” stating that they must pay additional fees on parts and other inputs. Sometimes the affected products simply involve imported packaging or an aluminum can made in America from imported steel. But with so much change and uncertainty, how do you identify and evaluate these and other trade-related risks that may impact your portfolio companies?
{"title":"Attention Private Equity and Venture Capitalists: Know the Guidelines for Managing Investment Portfolio Trade Risks","authors":"Doreen M. Edelman, A. E. Baker","doi":"10.3905/JPE.V22I2.5309","DOIUrl":"https://doi.org/10.3905/JPE.V22I2.5309","url":null,"abstract":"In today’s trade policy environment, it seems as if there is a new business risk every day. One day, it is sanctions on Chinese entities for doing business in North Korea; the next day, it is Russian oligarchs’ activities. And then you are hit with four waves of increased import duties on steel, aluminum, and most raw materials and finished products from China. Even if companies aren’t importing on their own, U.S. manufacturers are receiving “the letter” stating that they must pay additional fees on parts and other inputs. Sometimes the affected products simply involve imported packaging or an aluminum can made in America from imported steel. But with so much change and uncertainty, how do you identify and evaluate these and other trade-related risks that may impact your portfolio companies?","PeriodicalId":342515,"journal":{"name":"The Journal of Private Equity","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131223887","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Private equity investing, especially in the middle market, has never been hotter. Market conditions are ideal and fundraising is at historic levels. Despite this appearance, however, actual results suggest that something is wrong. Portfolio companies are not hitting their expansion targets, with many deals failing to even recover their initial investment. Making it on the "front end" by outsmarting the market, or finding that truly undervalued company and watching it appreciate over time, may no longer work. The “leverage” game may very well be over; it is certainly not a safe bet going forward. Rather, to continue to bask in significant investment returns, private equity investors need to make it up on the "back end" by working their deals and, in many instances, anticipating and managing problems quickly. In short, the private equity investment model needs to change, with investors taking a more "active" role in improving performance of their portfolio companies. There are a number of steps that investors should adopt which, when implemented, can help private equity investors improve results and reach return targets.
{"title":"PRIVATE EQUITY INVESTING 2018: RETHINKING THE PRIVATE EQUITY INVESTMENT MODEL TO BUILD VALUE","authors":"B. Miller","doi":"10.3905/JPE.V22I1.5223","DOIUrl":"https://doi.org/10.3905/JPE.V22I1.5223","url":null,"abstract":"Private equity investing, especially in the middle market, has never been hotter. Market conditions are ideal and fundraising is at historic levels. Despite this appearance, however, actual results suggest that something is wrong. Portfolio companies are not hitting their expansion targets, with many deals failing to even recover their initial investment. Making it on the \"front end\" by outsmarting the market, or finding that truly undervalued company and watching it appreciate over time, may no longer work. The “leverage” game may very well be over; it is certainly not a safe bet going forward. Rather, to continue to bask in significant investment returns, private equity investors need to make it up on the \"back end\" by working their deals and, in many instances, anticipating and managing problems quickly. In short, the private equity investment model needs to change, with investors taking a more \"active\" role in improving performance of their portfolio companies. There are a number of steps that investors should adopt which, when implemented, can help private equity investors improve results and reach return targets.","PeriodicalId":342515,"journal":{"name":"The Journal of Private Equity","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-11-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123119232","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Change! Break the Status Quo. Rejuvenate. You need these guys … to increase cash flow, and provide valuable guidance, contacts, growth, and credibility. Companies committed to going through significant business change need guidance. Outside directors bring an independent perspective, develop strategic thinking and planning, utilize their experience and objectivity, provide their contacts rolodex, find capital to finance the company, and guide transaction activity. Many, if not all of these benefits are absent in most companies, so the outside influence should be used to your benefit. After all, you have nothing to lose, and everything to gain by considering their advice when you make decisions that will influence your company. Remember, the key is for the CEO and management team to listen to the advice given and factor these inputs into their thinking, then make decisions. Hire that outside director. They bring about change.
{"title":"Why Hire Outside Directors When Private Companies Don’t Have To?","authors":"J. Collard","doi":"10.3905/JPE.V22I1.5139","DOIUrl":"https://doi.org/10.3905/JPE.V22I1.5139","url":null,"abstract":"Change! Break the Status Quo. Rejuvenate. You need these guys … to increase cash flow, and provide valuable guidance, contacts, growth, and credibility. Companies committed to going through significant business change need guidance. Outside directors bring an independent perspective, develop strategic thinking and planning, utilize their experience and objectivity, provide their contacts rolodex, find capital to finance the company, and guide transaction activity. Many, if not all of these benefits are absent in most companies, so the outside influence should be used to your benefit. After all, you have nothing to lose, and everything to gain by considering their advice when you make decisions that will influence your company. Remember, the key is for the CEO and management team to listen to the advice given and factor these inputs into their thinking, then make decisions. Hire that outside director. They bring about change.","PeriodicalId":342515,"journal":{"name":"The Journal of Private Equity","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-11-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115564682","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
An independent study performed by graduate students at the Olin Business School at Washington University in St. Louis.
圣路易斯华盛顿大学奥林商学院的研究生进行了一项独立研究。
{"title":"The Effect of Asset Size on Financial Performance in Real Estate","authors":"Brad Gehring","doi":"10.3905/JPE.V22I1.5176","DOIUrl":"https://doi.org/10.3905/JPE.V22I1.5176","url":null,"abstract":"An independent study performed by graduate students at the Olin Business School at Washington University in St. Louis.","PeriodicalId":342515,"journal":{"name":"The Journal of Private Equity","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-11-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126506456","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This article is a follow up on the article Tay and Chelliah [2013] where at that time five of the world's top chemical distributors are owned by private equity firms. This paper will revise the information on the global chemical market sales and the market size available for chemical distributors. This discussions and anayses will cover the private equity owned chemical distributors whom have undergone primary and secondary buyouts, and also initial public offerings, namely Brenntag, IMCD and Univar. The value creation drivers, operational performances improvements, leverage and multiple expansion, were used to evaluate the performances of the companies after they have undergone IPOs. For Brenntag, the three value creation drivers were also used to evaluate their performances after their primary and secondary buoyouts.
{"title":"Private Equity Firms Owned Chemical Distributors","authors":"Bee Kin Tay","doi":"10.3905/JPE.V21I2.4721","DOIUrl":"https://doi.org/10.3905/JPE.V21I2.4721","url":null,"abstract":"This article is a follow up on the article Tay and Chelliah [2013] where at that time five of the world's top chemical distributors are owned by private equity firms. This paper will revise the information on the global chemical market sales and the market size available for chemical distributors. This discussions and anayses will cover the private equity owned chemical distributors whom have undergone primary and secondary buyouts, and also initial public offerings, namely Brenntag, IMCD and Univar. The value creation drivers, operational performances improvements, leverage and multiple expansion, were used to evaluate the performances of the companies after they have undergone IPOs. For Brenntag, the three value creation drivers were also used to evaluate their performances after their primary and secondary buoyouts.","PeriodicalId":342515,"journal":{"name":"The Journal of Private Equity","volume":"120 18","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-03-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120842330","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The aim of the study is to find interrelationships between Private Equity, financial stability and economic growth of India for the period 1996-2014. Johansen Co-integration Test followed by Vector-Error Correction Model and Granger Causality has been used to investigate it. Johansen Co-integration test finds out a long run as well as the short run relationship between Private Equity, Inflation and Economic Growth. After proving co-integration a bi-directional relationship has been found out between Private Equity and Economic Growth. Also, short run causality has been found out between private equity and economic growth and economic growth and inflation. Originality: This study is significant as there are many studies which have found out the relationship between foreign direct investment and economic growth, but this study is first of its kind to find interrelationship between private equity, economic growth and stability for India. The models have been tested using VECM and Granger Causality revealing that private equity has a positive significance on the macro-economic factors. Keywords : Private Equity, Economic Growth, Johansen Co-integration, Granger Causality, Vector-Error Correction Model. JEL Classification : O5
{"title":"RELATIONSHIP BETWEEN PRIVATE EQUITY, INFLATION AND ECONOMIC GROWTH","authors":"Kunjana Malik","doi":"10.3905/jpe.v20i3.4160","DOIUrl":"https://doi.org/10.3905/jpe.v20i3.4160","url":null,"abstract":"The aim of the study is to find interrelationships between Private Equity, financial stability and economic growth of India for the period 1996-2014. Johansen Co-integration Test followed by Vector-Error Correction Model and Granger Causality has been used to investigate it. Johansen Co-integration test finds out a long run as well as the short run relationship between Private Equity, Inflation and Economic Growth. After proving co-integration a bi-directional relationship has been found out between Private Equity and Economic Growth. Also, short run causality has been found out between private equity and economic growth and economic growth and inflation. Originality: This study is significant as there are many studies which have found out the relationship between foreign direct investment and economic growth, but this study is first of its kind to find interrelationship between private equity, economic growth and stability for India. The models have been tested using VECM and Granger Causality revealing that private equity has a positive significance on the macro-economic factors. Keywords : Private Equity, Economic Growth, Johansen Co-integration, Granger Causality, Vector-Error Correction Model. JEL Classification : O5","PeriodicalId":342515,"journal":{"name":"The Journal of Private Equity","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-03-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130510806","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
India is a developing country and the growth of the economy is only possible through large scale investment into manufacturing and production sector which will ensure not only self-dependency but will also reduce the amounts of our imports and current and capital account deficits. The scenario when the corporate sector is involved in investment differs as it is much more concerned about the liquidity of their funds rather than returns because of their cash requirements and necessities within a very short span of time. Despite many lucrative options available in the market providing attractive liquidity and return options, Public Sector Companies which are highly profit making don’t tend to utilize all of the options because of the stereotype guidelines set by the government regarding their investment of surplus cash. These investments cannot deviate even an inch from the guidelines set forward by the Department of Public Sector Enterprises (DPSE) which is a strict regulator of all the public sector undertakings directly monitored by the Ministry of Heavy Industries and Resources. Thus, this study was undertaken to explore alternatives for the investment of surplus funds keeping well within the government guidelines and providing greater returns and liquidity at the same time.
{"title":"alysis on Alternate Investment options for PSU's Is the orthodox govt. ready to trade-off risk for profitability amidst strict guidelines- An inside study_","authors":"S. Bihari, Anuj Sharma","doi":"10.3905/JPE.V18I2.2825","DOIUrl":"https://doi.org/10.3905/JPE.V18I2.2825","url":null,"abstract":"India is a developing country and the growth of the economy is only possible through large scale investment into manufacturing and production sector which will ensure not only self-dependency but will also reduce the amounts of our imports and current and capital account deficits. The scenario when the corporate sector is involved in investment differs as it is much more concerned about the liquidity of their funds rather than returns because of their cash requirements and necessities within a very short span of time. Despite many lucrative options available in the market providing attractive liquidity and return options, Public Sector Companies which are highly profit making don’t tend to utilize all of the options because of the stereotype guidelines set by the government regarding their investment of surplus cash. These investments cannot deviate even an inch from the guidelines set forward by the Department of Public Sector Enterprises (DPSE) which is a strict regulator of all the public sector undertakings directly monitored by the Ministry of Heavy Industries and Resources. Thus, this study was undertaken to explore alternatives for the investment of surplus funds keeping well within the government guidelines and providing greater returns and liquidity at the same time.","PeriodicalId":342515,"journal":{"name":"The Journal of Private Equity","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-03-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126868317","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
S. D. Cleyn, Vincent Jocquet, Frank Maene, J. Braet
Companies developing new products often end up addressing different customers in other markets with products they didn’t envision when the original product development was initiated. This pivoting is even more apparent in start-ups, developing their very first products and searching for their initial product-market fit. Using five case studies, this study seeks to investigate the role of product iterations in finding product-market fit for NTBFs, and the potential role played by venture capital in this process. The case studies show the impact of VC funding on product iterations in NTBFs is diverse. In general, the sooner product iterations happen (if needed), the better. Where product iterations are often required in NTBFs, VC funding provides entrepreneurs with the adequate financial tolerance to explore multiple options towards ultimately validating a tangible product-market fit allowing to start scaling and searching for high-growth.
{"title":"Product iterations in VC funded technology-based start-ups: Pivoting as critical success factor?","authors":"S. D. Cleyn, Vincent Jocquet, Frank Maene, J. Braet","doi":"10.3905/JPE.V19I1.3303","DOIUrl":"https://doi.org/10.3905/JPE.V19I1.3303","url":null,"abstract":"Companies developing new products often end up addressing different customers in other markets with products they didn’t envision when the original product development was initiated. This pivoting is even more apparent in start-ups, developing their very first products and searching for their initial product-market fit. Using five case studies, this study seeks to investigate the role of product iterations in finding product-market fit for NTBFs, and the potential role played by venture capital in this process. The case studies show the impact of VC funding on product iterations in NTBFs is diverse. In general, the sooner product iterations happen (if needed), the better. Where product iterations are often required in NTBFs, VC funding provides entrepreneurs with the adequate financial tolerance to explore multiple options towards ultimately validating a tangible product-market fit allowing to start scaling and searching for high-growth.","PeriodicalId":342515,"journal":{"name":"The Journal of Private Equity","volume":"121 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-03-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123265385","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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