Browsing by Subject "Valuation"

Now showing 1 - 4 of 4

Entscheidungsorientierte Bewertung von Alternativen in Verhandlungsprozessen
(2022) Heinle, Timo; Troßmann, Ernst
Negotiations take place within and between all possible types of businesses. They not only shape private and public households, but they are also an elementary component in everyday business life. The main focus is on negotiations in make-to-order-production that take place between two companies. In the case of make-to-order-production the project character is important, which is reflected on the one hand in the high level of customer-related service specifications, and on the other hand in the low standardization of the drafting of contracts. To be able to draft the contracts, more or less extensive negotiations between the contracting parties, in which an attempt is made to reach an agreement on the relevant subjects of the negotiation, are usual. At different points in the negotiation process the negotiating parties must make a large number of decisions. If in such cases the negotiators only focus on the outcome of the negotiations, there is a risk of protracted negotiations with high costs. Such an approach is not compatible with a conventional operational target system. When considering the negotiation costs, it may be preferable to accept an allegedly worse offer in order to avoid further rounds of negotiations and the associated costs. Negotiation decisions, depending on the time the decision is made, can be characterized by a multitude of different alternatives. In any event, before a negotiation begins, it must be decided whether entering into a negotiation rather than the renunciation of a common agreement is preferable. If the negotiating parties are already negotiating, a decision on whether to accept or reject an existing offer is imperative. Breaking off a negotiation and the subsequent failure to reach an agreement is an alternative that regularly exists up until shortly before a contract is agreed on. To be able to make a choice, a decision-oriented valuation of alternatives in negotiation processes is necessary. The methodological apparatus designed in this dissertation enables a decision-oriented valuation of negotiation alternatives by the supplier in make-to-order-production. This allows negotiators to check at any time during a negotiation whether the intended negotiation alternative is the most appropriate or whether another negotiation alternative is relatively advantageous due to updated environmental conditions and updated levels of information.
The phenomenon of corporate venture capital from an entrepreneurial finance perspective
(2018) Röhm, Patrick; Kuckertz, Andreas
The dissertation sheds light on several aspects of the corporate venture capital (CVC) phenomenon, and thereby contributes to the ongoing development of the research field as such. In addition to a structural literature review (Chapter 2), two studies (Chapter 3 and Chapter 4) with a special focus on the motivational drivers within the CVC dyad and two further studies (Chapter 5 and Chapter 6) were conducted. First, the investment motivation is observed at the CVC level—investigating how CVC units interpret their mission as delegated by the corporate mother. And thereby going beyond the well-established “either-or approach” of previously-published articles by focusing on the continuum between the financial and strategic investment motivation of CVC units (Chapter 3). Second, the study presented in Chapter 4 applies the framework of exploration and exploitation to scrutinize the interplay of corporate venture capital investments and subsequent startup acquisitions. The final two articles then address the application of new approaches in the context of CVC research. On the one hand in stimulating the use of isomorphic tendencies in the CVC context, and on the other hand in developing a data-cleaning procedure to enable future scholars to achieve academic rigor by identifying CVC units among the data records of information providers.
Theoretical analysis and preference modelling for the valuation of ecosystem services from native pollinators in selected Thai rural communities
(2018) Narjes, Manuel; Lippert, Christian
Until now, the existing microeconomic models concerned with pollination markets have not accommodated the global diversity of beekeeper-farmer interactions. The most prominent of such theoretical models is dedicated to describing the determinants of colony stocking densities and of equilibrium wages that farmers have paid to commercial beekeepers for decades in the highly bee-pollination reliant almond monocultures of California. This cumulative dissertation generalizes this basic model by taking into account the marginal productivity of a given agro-ecosystem’s wild bees and the opportunity costs that farmers incur when assigning labor time to beekeeping. In that regard, we assessed the economic potential of on-farm beekeeping, which can involve several bee species, by juxtaposing this activity’s net benefits against those from hiring commercial pollination services. In addition to serving as a classification tool for a plurality of farmer-beekeeper-nature interactions and related optimization problems, the resulting analytical framework helps identifying the institutional settings that are most likely to lead to a specific bioeconomic equilibrium supply of pollination. What is more, it illustrates the interplay of the pertinent economic and agro-ecological factors, thus assisting the postulation of empirically testable hypotheses. We also conducted two separate discrete choice experiments (DCEs) with orchardists from the Thai provinces of Chiang Mai (N = 198 respondents) and Chanthaburi (N = 127), in order to elicit their preferences for changes in the population of local wild bees that would hypothetically result from a conservation policy consisting (along with a per-household implementation fee) of at least one of the following three measures: (i) offering farmers bee-friendly alternatives to conventional agro-chemicals, (ii) enabling the protection and/or rehabilitation of natural bee habitats near cropland, and (iii) fostering the husbandry of native bee species by transferring technical knowledge on the practice of on-farm beekeeping. In this context, we fitted random parameter logit models on the Chiang Mai dataset. They yielded a significant willingness to pay (WTP) for the presented conservation measures and suggested that the disutility the respondents perceived for a 50% decline in the local population of native bees was greater than the utility they would derive from experiencing a bee population increase of the same magnitude. Moreover, comparing our aggregated WTP estimates to the expected production losses, showed that orchard farmers underestimated the true use value of pollination. On the other hand, the average WTP for all conservation measures combined by far exceeded the costs that, according to our calculations, each household would incur for such a project to be implemented. Our models also indicated a significant preference heterogeneity in the sampled population, which we could partly explain with idiosyncratic variables such as the respondents’ attitudes towards native bees and beekeeping. Finally, we examined further sources of randomness in the observed choice behavior, by modelling the unknown choice decision-relevant influences that could not be captured during the DCEs. To that end, we fitted generalized mixed logit (GMXL) models on the pooled datasets, which allowed comparing, on a common utility scale, the part-worth (value) estimates from Chiang Mai and Chanthaburi, where different experimental designs were applied. Our results reveal that farmers in Chanthaburi, who reported having experienced crop declines that they attributed to insufficient pollination, introduced less subjective factors into their choices than their Chiang Mai counterparts, who may have been less familiar with the importance of conserving bees. Moreover, the GMXL results also suggest that Chanthaburi farmers placed a significantly higher value on the above-mentioned measures (i) and (ii), while caring comparatively less about a 50% decline in local wild bee colonies. One can thus hypothesize that an actual local pollinator decline may have made Chanthaburi farmers more aware of the importance of conserving native bees, while paradoxically making them more independent from the provision of wild pollination services, as they started managing crop pollination with stingless bees.
Where entrepreneurship and finance meet : startup valuation and acquisition in the venture capital and corporate context
(2018) Köhn, Andreas; Kuckertz, Andreas
The purpose of this dissertation is to examine the underlying determinants of startup valuation and startup acquisition in the venture capital (VC) context, with particular focus on the role of corporate venture capital (CVC). The first study—Chapter 2—titled “The determinants of startup valuation in the venture capital context: A systematic review and avenues for future research” is a systematic review of the literature on empirically examined determinants of startup valuations in the VC context. It compiles and organizes the determinants examined in 58 selected papers in an integrative framework. This framework shows that startup valuations in the VC context are shaped by factors related to three levels, namely startup, venture capitalists, and the external environment. Moreover, the review process makes it possible for the study to highlight academic voids and to outline promising paths for future research. In the second study—Chapter 3—“Exploring the differences in early-stage startup valuation across countries: An institutional perspective”, fuzzy-set qualitative comparative analysis (fsQCA) across a sample of 13 countries is applied to explore the driving factors of the institutional setting in combination with a country’s innovativeness determining high and low early-stage startup valuations across countries. Overall, the study identifies five configurations; two configurations explain the outcome of high early-stage startup valuations, and three configurations explain the outcome of low early-stage startup valuations across countries. By applying fsQCA, the study also highlights the benefits of a configurational approach to exploring the institutional determinants in combination with a country’s innovativeness underlying early-stage startup valuations in the VC context. The third study—Chapter 4—titled “A world of difference? The impact of corporate venture capitalists’ investment motivation on startup valuation” combines explorative research (computer-aided text analysis and cluster analysis) and theory-testing (hierarchical linear modeling) methods to disentangle the different types of the motivation underpinning corporate venture capitalists’ (CVCs) investments, and their impact on startup valuations. In its explorative part, the study identifies four types of CVCs’ investment motivation: financial, strategic, unfocused, and analytic. In its theory-testing part, the results show that CVCs with a strategic investment motivation assign significantly lower startup valuations, while CVCs with an unfocused investment motivation assign significantly higher valuations than their peers having an analytic motivation. Hence, the study’s findings stress the heterogeneity of CVCs, thereby moving beyond the dominant black and white approach of the current academic discourse that labels CVCs as either strategic or financial. The fourth study—Chapter 5—titled “From investment to acquisition: The impact of exploration and exploitation on CVC acquisition” forms a bridge to the previous study by investigating the interplay of CVC investments and startup acquisitions drawing on the framework of exploration and exploitation. The study exploits a unique and diligently constructed dataset to shed light on the phenomenon of CVC acquisitions (i.e., a corporate mother acquiring a startup funded through its CVC unit) using computer-aided text analysis and logistic regression. The findings show that corporate mothers with a greater degree of explorative (exploitative) orientation are more (less) likely to engage in a CVC acquisition; and that this effect is negatively (positively) moderated by the extent of product market relatedness between startup and the potential acquirer. Taken as a whole, this dissertation is interested in the hitherto empirically studied determinants influencing startup valuations in the VC context; how the institutional setting affects early-stage startup valuations; the differing investment motivations of CVCs and their impact on the startup valuations assigned; and the underlying drivers of CVC acquisitions. To address these aspects, the dissertation draws on multiple streams of academic literature and various analytical methods. In doing so, this dissertation provides new and important insights that enhance the understanding of the entrepreneurial process by painting a more complete picture of the factors affecting the valuation and acquisition of startups in the VC context. Notwithstanding the dissertation’s contributions, it also discusses its limitations in outlining promising paths for future research. In sum, this dissertation can clearly serve as a door opener for future research seeking to further illuminate these under-researched, but crucial events in the entrepreneurial process.