Student theses, total
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An analysis of the biotech cluster, the consequences for business model choice and cluster developmentWinther Larsen, Henrik Gyll; Beck, Tillmann (Frederiksberg, 2011)[More information][Less information]
Abstract: In recent years, the Danish pharmaceutical biotech sector, in the Medicon Valley cluster, has struggled due to global challenges found in the industry. In this master thesis, we analyze the pharmaceutical biotech sector in Medicon Valley and assess its ability to sustain and increase international competitiveness. For our analysis, we apply Porter’s diamond framework to assess the cluster. The concept of business models and transactions costs will then be applied to discuss how companies could adjust to this cluster environment. Empirically, we rely on secondary data, collected from studies, databases and statistics. Further, we have conducted 17 in-depth interviews with key stakeholders that contribute to our understanding of current challenges facing the biotech industry in Medicon Valley. In our cluster analysis we identify four major drivers that determine the competitiveness of the industry. These drivers are qualified human resources, research strongholds, the availability of capital, and the presence of a support infrastructure. As a result of our analysis on these drivers, it is apparent that the region is comprised of research strongholds and large pharmaceuticals, providing biotech companies opportunities for both innovation and collaboration. Further, Medicon Valley has a high number of PhD graduates that can provide biotech companies with a pool of qualified researchers. However, the analysis also reveals that MV lacks capital resources and needs to attract more experienced management and international talent to supply biotech companies with more specialized skills and foster serial entrepreneurship. We then discuss how these identified drivers influence the business model choice of biotech companies. We find that a lean type of business model, which focuses on outsourcing, contracting and licensing instead of keeping most of the value chain integrated within the company, is more suitable in order to reach a competitive advantage. However, we argue that under a lean business model, it is essential to strengthen certain aspects within the cluster. First, the creation and maintenance of an ecosystem, providing the right framework conditions is important. In strengthening this ecosystem we discuss the need for improvements in the Tech Transfer Offices, public funding and R&D tax subsidies. Second, the ability to provide the right platform for network activity and social capital, both locally, as well as internationally can be improved. Overall, this master thesis contributes to a better understanding of specific drivers in MV, how companies should be structured and how the cluster should effectively evolve. Our findings serve as a starting point for a more in-depth analysis on specific drivers, a certain business model choice and a possible role of the cluster. URI: http://hdl.handle.net/10417/3067 Files in this item: 1
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The impact of subsidiaries’ autonomy in determining HR-policiesSvendsen, Kristine (Frederiksberg, 2011)[More information][Less information]
Abstract: Globalisation has created the challenge of applying management approaches from company headquarters and at the same time adjusting them locally in subsidiaries. Hence, MNCs must design HR-systems that balance the needs of both local responsiveness and global integration, which is a balance that has implications for performance. Therefore, many MNCs have decided to grant considerable autonomy to their subsidiaries in relation to creating their own HR-systems for strategic reasons. As such, the purpose of this project is to examine how subsidiary autonomy in determining pay & performance policy, training & development policy, employee involvement & communication policy, and policy towards trade unions, can affect subsidiary performance – more specifically, labour productivity and performance in relation to customers and employees. Thus, the research question is: RQ: How do subsidiaries’ autonomy in determining HR-policies impact subsidiaries’ shareholder and stakeholder performance? The research question is answered through statistical analyses, and the results are triangulated with qualitative data from interviews with subsidiary HR-managers to enhance the confidence in the quantitative findings. The study shows that subsidiary autonomy in determining pay & performance policy does not impact neither shareholder nor stakeholder performance significantly. In fact, the relationship with shareholder performance seems to be negative, which suggests that pay & performance-policies for managers determined by the parent company leads to better shareholder performance; however the result is not significant. This is also the case in relation to autonomy in determining employee involvement & communication, which does not impact shareholder and stakeholder performance significantly. Yet, autonomy in determining employee involvement policy seems to have an inverse relationship with shareholder performance. On the other hand, subsidiary autonomy over training & development policy has a significant and positive impact on both shareholder performance and stakeholder performance. Finally, subsidiary autonomy in determining policy towards trade unions has the strongest significant impact on shareholder performance; however, the impact on stakeholder performance is insignificant. In conclusion, autonomy in determining HR-polices is not unequivocal, and the impact seems to depend both on the specific HR-policy area and the kind of subsidiary performance. URI: http://hdl.handle.net/10417/3068 Files in this item: 1
kristine_svendsen.pdf (2.987Mb) -
An empirical analysis using the case of wheatRaquet, Vinzenz; Embäck, Anton (Frederiksberg, 2011)[More information][Less information]
URI: http://hdl.handle.net/10417/3069 Files in this item: 1
vinzenz_raquet_og_anton_embaeck.pdf (2.924Mb) -
Blaga, Ioana; Rodríguez, Victoria (Frederiksberg, 2011)[More information][Less information]
Abstract: This thesis looks into how multinational companies differ when they communicate Corporate Social Responsibility (CSR) rhetoric strategies through corporate discourse. Through a rhetoric analysis of 74 executive letter included in annual or sustainability reports from firms located in Latin America and Scandinavia, we have reviewed how their written discourses can be useful to identify which rhetoric strategy they communicate in relation to their aim to legitimate their role as multinational businesses. We propose and determine the existence of 4 types of rhetoric: Strategic CSR rhetoric, which is rooted in the economic pattern of the firm. Institutional CSR rhetoric, which is entrenched on the fundamentals of CSR theories. Dialectic CSR rhetoric aims to improve the dialog between firm and stakeholders. Political CSR rhetoric, based on the new political role of the firm and the collaborations with Governments and civil society. Each one of these rhetoric categories refers to a different form of legitimacy and is based on distinct theories of the firm analyzed in this thesis. The pragmatic legitimacy is achieved through the strategic rhetoric; the cognitive legitimacy through the institutional rhetoric; and the moral legitimacy through the dialectic and political rhetoric. We claim that the political rhetoric seems to signal a new understanding of the firm’s role in society and a search for moral legitimation. However, this new form of rhetoric is still fairly uncommon although its use is growing. The business perspective on CSR is not only influenced by internal motivations and deliberate insight, but is to a large extent guided by the way society defines standards of acceptable social corporate behavior. Therefore, we also review the state of the national business systems in both regions and as well acknowledge the perception of stakeholder pressures toward. We also consider the globalization pressures and the getting closer trends for CSR reporting. By combining theory and business examples, this thesis could help managers and scholars in the conceptualization of how firms understand their role in society and how they try to differentiate themselves through their CSR rhetoric strategies. URI: http://hdl.handle.net/10417/3061 Files in this item: 1
ioana_blaga_og_victoria_rodriguez.pdf (1.719Mb) -
An econometric analysis of Botswana, Ghana, Kenya, Mauritius, Nigeria & South AfricaGaronfolo, Herbert Julius (Frederiksberg, 2011)[More information][Less information]
Abstract: The purpose of this paper is two-fold. Firstly, it explores the macroeconomic environment of Sub-Saharan Africa, and accounts for mutual challenges and characteristics that might exist among these economies. Secondly, it analyzes how macroeconomic variables affect stock market capitalization by using co-integration analysis. The assumption underlying the use of market capitalization as an indicator of stock market development is that the size of the stock market is positively correlated with the ability to mobilize capital and diversify risk (Levine, 1996). Based on the two pillars mentioned above, the thesis forms an empirical platform on which African policy-makers and economists from the World Bank and IMF can learn how macroeconomic indicators interact with the stock markets in Sub-Saharan Africa. In order to provide a sufficient framework for understanding the macroeconomic environment of Sub-Saharan economies, the thesis presents stock market and macroeconomic profiles of the countries in this study. These profiles help in identifying common challenges and opportunities that apply to Sub-Saharan Africa. Understanding the interactions between macroeconomic indicators and market capitalization helps investors optimise their portfolios and guide policy-makers in forming policies that are beneficial for the development of stock markets and accessibility to financial capital through financial markets. The thesis distinguishes between two groups of economies, namely resource-driven economies and diverse economies. Each type of economy has its unique challenges and opportunities with regards to the macroeconomic environment. Diverse economies tend to be associated with a high value added from the services sector, and with less vulnerability to shocks in the terms-of-trade. Resource-driven economies, on the other hand, are subject to increased vulnerability due to fluctuations in commodity prices. Hence, resource-driven economies have a tendency towards more unstable macroeconomic environments. However, having a rich natural resource base also has some obvious advantages. If exploited successfully, natural resources provide a country with goods that can be traded, and hence guarantee a certain revenue stream from exports. Due to the many risks associated with being highly dependent on a limited number of resources, a diversified economic structure is something that in principle is desirable. To foster and maintain a diversified economy, mechanisms for efficiently allocating investment resources across and not merely within economic sectors are important. To allow for this process, it is crucial to set up a framework allowing the development of a sound banking sector and strong stock markets. The macroeconomic and fiscal management has greatly improved during the last decade, and most of the economies are succeeding in controlling inflation and ensuring reforms that allow for a strong and healthy growth. A firm commitment to improving infrastructure and enhancing the business environment through more efficient public administration and reduction of red tape is observed. Concerning stock exchanges, market capitalization and the number of listed companies are generally on par with EU frontier markets, except for South Africa which exhibits levels comparable to the BRIC countries. When it comes to turnover ratios, we observe that Sub-Saharan Africa is plagued by low ratios. The turnover ratio reveals that compared to other regions, market liquidity is low in Sub-Saharan Africa and the level of transaction costs is high. Furthermore, the low turnover ratio is interpreted as a sign of limited access to the markets. The variables that were found to have the strongest influence on MC are GDP, CPI, the money supply, imports & exports, FDI and value added from the banking, gas, electricity & water, manufacturing and the services sector. From a purely macroeconomic point of view, it is therefore recommended that developing economies interested in enhancing their financial system with a stock market pay special attention to creating the best possible environment for GDP growth by ensuring: That inflation is under control through prudent monetary policy (managing the size and growth rate of the money supply and the level of the interest rate). Openness of the economy through international trade and FDI. A focus on developing the banking sector and infrastructure (gas, electricity & water) of the economy. Furthermore, services and manufacturing drive the development of MC through their contribution to diversifying the economy and increasing the international trade. URI: http://hdl.handle.net/10417/3064 Files in this item: 1
herbert_julius_garonfolo.pdf (1.838Mb)
