DOCSLIB.ORG

Leadership in Times of Change

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Leadership in Times of Change think : Read think:act on your iPad. Simply use this act Jack Welch QR code or download our newsstand from the App LEA The world’s toughest Store where you can find it by entering the search manager on treating D term ”Roland Berger“. Enjoy your read! ER his employees For iPad: rbsc.eu/Z9QWXA SHIP with respect. BY ROLAND Herbert Hainer The CEO of Adidas Magazine for about internatio- decision makers nalization and his B E R N 19 rival Nike. GE R ST R ATEGYCON S ULTANT S COURAGE Leadership in times of change Jagdish Bhagwati: Why growth is the best strategy against poverty Megacities: Why some are bigger than countries, and how businesses can benefit Lighthouses: Why Apple and Google have totally opposing strategies Roland Berger Foundation: Human Dignity Awards Focusing on women’s rights: the work of campaigners in India, Afghanistan, and Pakistan is highlighted at Berlin’s Jewish Museum. 1 THE WINNERS ! The awards went to the Indian non-governmental organization Jagori, the Afghan Women’s Network, and Pakistani lawyer Dr. Asma Jahangir. An honorary award was also conferred for the first time, to the Jewish Museum in Berlin. 2 THE AWARD PRESENTERS Finance minister Wolfgang Schäuble and Bundestag president Norbert Lammert praised the award winners’ steadfast commitment to women’s rights. The prize money will be used to fund specific projects. 3 THE ORGANIZER " # Prof. Roland Berger handed over EUR 1 million in prizes and specially designed Human Dignity Award medals. ! MORE: rbsc.eu/105nxmo IMPRINT PICTURE CREDITS P A P P A P / : Prof. Burkhard Schwenker Paul Glader, Detlef Gürtler, Olaf Hopf pages 14-16 Roland Berger Strategy Matthias Lambrecht, Gina Pace, P B: page 48 Consultants GmbH Michael Prellberg, Andrzej Rybak, Firmengruppe APPL C: cover, pages 5, 28-29, High Light Towers Christian Salewski, Kathrin Werner aprinta Druck GmbH 49, 60-61 Mies-van-der-Rohe-Str. 6 D Senefelderstraße 3–11 D W: pages 5, 38 D-80807 Munich, Germany twotype design 86650 Wemding, Germany F B: pages 42-43 Tel.: +49 (0)89 9230-0 (Christian Hruschka, C G: cover, pages 2, 5 (2), 7, P Christina Maria Klein, Stefan Semrau, The contents of this magazine 8-13, 24-25, 34, 36-37, 46, 52-53, Uwe Holländer, Juliane Köbler) are protected by copyright law. 54, 55, 56, 57, 65, 71 Prof. Torsten Oltmanns P E All rights reserved. L: pages 4 (2), 33, 58, 62-63 M F: pages 44-45 P M Gudrun Glaser N NASA: pages 56-57 Dr. Katherine Nölling P Opinions expressed in the articles of this R K: pages 5, 54 E C Axel Springer AG magazine do not necessarily reflect the pages 61, 66-67, 69 Heiko Ammermann, Krzysztof Badowski, Axel-Springer-Str. 65 views of the publisher. R: page 50, Markus Berret, Prof. Dr. Björn Bloching, 10888 Berlin P-A: If you have any questions for the editorial cover, Charles-Edouard Bouée, Philippe Chassat, Tel.: +49 (0)30 2591-74718 S B: team, or would be interested in learning page 4 Damien Dujacquier, Oliver Knapp, Fax: +49 (0)30 2591-74710 more about studies by Roland Berger PR: pages 41, 48, 51, 61, 64 Lars Luck, Frigyes Schannen, Gerd Sievers, newbusiness@axelspringer.de Strategy Consultants, just send an Michael Wette, Michael Zollenkop www.axelspringer.de R B C: email to: pages 3, 26, 47, 71 (2) E M katherine.noelling@rolandberger.com Felix Rohrbeck (chief editor), Michael Bee (new business) Frank Parlow, Lutz Thalmann Published in July 2013 Dear reader, Ten years ago, who could have predicted that the internet would revolutionize retailing, or that green technology would become a high-growth sector? That China would become the world’s leading exporter, and America enter its Pacific Age? That the financial markets would throw a fit and cause the worst recession in eighty years, or that shale gas and fracking would turn the international energy market on its head almost overnight? These days, when you’re a manager, uncertainty is almost everywhere you look. Risks grow bigger, technology changes faster, global networks are more complex, and all of these factors have important implications for our view of planning and management. If trends can no longer be relied upon, numbers have limited value as a basis for forecasting and decision making. How do you manage a company in an uncertain world? What tools, methods, and strategies still work? In our special feature on leadership, we talked to a series of leading personalities – with often surprising results. In an exclusive interview, Jack Welch, former CEO of General Electric aka Mr. Shareholder Value, says respect is the most important tool of management. Adidas’s CEO Herbert Hainer explains how to motivate young talents to join his company, and Hapag-Lloyd’s CEO Michael Behrendt talks about the need for managers to show humility. All of these examples have one thing in common: they show that values and personalities lie at the heart of successful management. Most importantly, it takes courage, decisiveness, and analytical skills to identify and seize new opportunities. I am writing this editorial because my friend Martin Wittig has stepped down as CEO of our firm for health reasons. I wish him God’s blessing and a rapid recovery. Professor Burkhard Schwenker CEO, Roland Berger Strategy Consultants ! EXPERIENCE A NEW DIMENSION OF THINK:ACT: We’ve used augmented reality to combine the real and digital worlds. You can use a camera-equipped tablet or smartphone (iOS or Android) to view videos and other additional features. Simply download the free Layar app, scan the double pages with the Layar logo, and you’ll see the extra content. We hope you enjoy it. 4_5 THINK:ACT // CONTENTS " Open or closed? Apple and Google !"Management by respect: follow wholly an exclusive interview opposite strategies. with Jack Welch. #! Urbanization: #"Get involved! why Amitabh Kant is building Sheryl Sandberg on breaking 24 new cities in India. through the glass ceiling. $ % Leadership How management think can succeed in times of change. : N 19 → Report act Heroes and villains .................................. #' How comic-book characters do battle by night, yet still manage to run business empires during the day. Think Act Light footprint management ......... &$ In a complex world that’s often hard Brief ........................................................................ ! Brief ..................................................................... !! to pin down, traditional management European league football is A huge single market and a high- tools no longer work, says Charles- becoming a big yawn as top spending middle class are driving Edouard Bouée. clubs grow too powerful. Southeast Asia’s economy. Management superstar ...................... &" Polar opposites ............................................. " Megacities ...................................................... %& Former GE boss Jack Welch on Apple and Google have chosen totally Urban areas with ten-million-plus efficiency and treating people different routes to success. populations are booming around with respect. the world – and represent big India’s only chance ................................... #$ investment opportunities. Put yourself in my shoes ................... )& Top economist Jagdish Bhagwati How Adidas CEO Herbert Hainer says growth is the best strategy Battle of the sexes ................................ %" is building a top global brand. for prosperity. Facebook COO Sheryl Sandberg recalls how she made it to the top, and calls Reading the cards ................................... )! for a new type of feminism. Management by symbols: how top decision makers use business cards Good enough ................................................ !& to make a statement. Simple products developed for emerging markets are enjoying Steering the ship ...................................... )" increasing success in the West. Hapag-Lloyd’s Michael Behrendt on management by values, a crazy Springboard to Europe ........................ !! industry, and the need for humility. Chinese companies are investing in eastern Europe as they prepare Staying together ....................................... $& for continent-wide expansion. You can have a private life as a CEO, but you need to set ground rules. What money can’t buy ........................ '( How to get one million followers Clear for takeoff ........................................ $$ on Twitter. Pilots can teach managers a thing or two about crisis decision making. Human Dignity Awards ........................ '# The Roland Berger Foundation honors On good management ......................... $! As CEO at people and institutions that make Prof. Burkhard Schwenker on Hapag-Lloyd, a special contribution to society. the importance of courage. Michael Behrendt has adopted a clearly defined strategy. Herbert Hainer meets some interesting people in the showers at Adidas. 6_7 THINK:ACT // NEWS LOSING THEIR SHINE Excitingness* of top European leagues France &.%" &.'$ Germany &.'' &.#( Italy &.'! &.#! Spain Barcelona’s Lionel Messi tussles with Blaise &.#& &.)' Matuidi of Paris Saint-Germain. England Dangerous dominance &.)) &.(( 1991/92 to 2000/01 seasons European football is turning into one big yawn, 2000/01 to 2011/12 seasons *The figures define each with top clubs too powerful for true competition. league’s long-term excitingness, which is affected by two factors: triker Lionel Messi was on a roll mainly because of financial disparities between the points difference between this season, scoring his 300th goal clubs. “Some of the top teams are way ahead of teams in any given season, for FC Barcelona and
Load more

Recommended publications
  • Development of Private Equity Funds in the Czech Republic
    Univerzita Karlova v Praze Fakulta sociálních věd Institut ekonomických studií Diplomová práce 2008 Petra Sedláková Univerzita Karlova v Praze Fakulta sociálních věd Institut ekonomických studií DIPLOMOVÁ PRÁCE Development of Private Equity Funds in the Czech Republic Vypracovala: Bc. Petra Sedláková Vedoucí: Prof. Ing. Michal Mejstřík, CSc. Akademický rok: 2007/2008 Prohlášení Prohlašuji, že jsem diplomovou práci vypracovala samostatně a použila pouze uvedené prameny a literaturu. V Praze dne 19. května 2008 Petra Sedláková Poděkování Děkuji panu Prof. Ing. Michalu Mejstříkovi, CSc. za rady a připomínky a panu Ing. Jiřímu Bohalovi za cenné a četné diskuze a podněty při psaní této práce. Dále bych ráda poděkovala Jennifer Vandermosten z EVCA za poskytnutí dat. TEZE DIPLOMOVÉ PRÁCE Termín státní zkoušky: Letní semestr 2007/2008 Autor diplomové práce: Bc. Petra Sedláková Vedoucí diplomové práce: Prof. Ing. Michal Mejstřík, CSc. Téma: Předpokládaný budoucí vývoj akvizičních aktivit finančních investorů a českém trhu Charakteristika tématu Přelom tisíciletí byl v České republice ve znamení fúzí a akvizicí. Zatímco předchozím rokům dominovaly tzv. strategické akvizice, tedy převzetí podniku za účelem jeho rozvoje a využití růstových příležitostí, v současné době se začínají dostávat do popředí akvizice finanční neboli spekulativní. Při nich se tuzemští finanční investoři zaměřují na střednědobé projekty s jasnými kritérii, tj. stávají se standardními private equity fondy. Tyto fondy postupují tak, že podnik koupí, restrukturalizují a v horizontu 3–7 let opětně za účelem dosažení zisku prodají. Neuvažují dlouhodobě, ale spekulativně. Proto jsou schopné akceptovat vyšší rizika, a tudíž nabídnout vyšší cenu než strategický investor. Ve své diplomové práci bych se chtěla zaměřit právě na private equity fondy v České republice, a to od počátku jejich působení na našem trhu, přes současnost, až k možným scénářům budoucího vývoje.
    [Show full text]
  • CEE/Cisan Overview of Trends in Select Sectors and Markets March 2009
    CEE/CISAn Overview of Trends in Select Sectors and Markets March 2009 Region Snapshot rivate equity investors face numerous and diverse challenges in the Central and Eastern Europe (CEE) includes: Central & Eastern Europe (CEE) and the Commonwealth of Indepen- Albania Bosnia and Herzegovina dent States (CIS) regions in the current economic climate. Once thought P Bulgaria immune to regional woes, the 10 CEE countries which acceded to the Eu- Croatia ropean Union (EU) in 2004 and 2007 are encountering domestic fiscal and Czech Republic economic problems, and worries about regional systemic risk are mounting. Estonia Hungary Among EU countries, Hungary and Latvia are struggling most. Despite a com- Latvia Lithuania bined US$35 billion in bailout funds from the IMF, GDP is expected to fall by 3% Montenegro in Hungary in 2009, and 12% in Latvia. In the CIS, growing worries about politi- Poland cal risk are compounding economic concerns. Russia’s August invasion of Geor- Republic of Macedonia gia accelerated investor fears, as have tensions surrounding the Anglo-Russian Romania oil joint venture TNK-BP Holding. Fallen energy prices threaten the economic sta- Serbia bility of the oil-centric economies of the CIS. Ukraine’s attempts to prop up its Slovakia Slovenia currency have failed, and the second tranche of a US$16.4 billion IMF bailout Turkey remains in question. Further, the ongoing power struggle between Prime Minis- The Commonwealth of Independent States (CIS) ter Yulia Tymoshenko and President Viktor Yushchenko have heightened worries includes: about Ukraine’s political stability. The IMF projects slight contractions in growth Armenia for both the CEE and CIS sub-regions in 2009, representing a significant slow- Azerbaijan down from growth rates of 5.4% and 8.6% growth, respectively, just two years prior.
    [Show full text]
  • Financing Environmental Investments in Croatia
    Financing Environmental Investments In Croatia March, 2002 EURASIAN-AMERICAN PARTNERSHIP FOR ECOLINKS ENVIRONMENTALLY SUSTAINABLE ECONOMIES Financing Environmental Investments in Croatia Introduction The primary purpose of this study is to assess the financing prospects for grantees of USAID's EcoLinks Partnership Grants Program. In the private sector, these grantees are typically SMEs that are seeking financing to purchase environmental equipment that will improve both their environmental performance and operating efficiency. Their investment needs range from $50,000 to $2 million. The study is also relevant to other SMEs and many larger companies in Croatia that will eventually need to invest in environmental improvements in order to comply with EU standards and avoid environmental fees and penalties. At present environmental regulations are not strictly enforced in Croatia, and there are limited market incentives to improve environmental performance. During February 11-22,2002, the study team interviewed representatives of commercial banks, venture capital funds, multilateral financing institutions and Croatian government agencies to identify the funds available for environmental financing and any barriers to accessing those funds. Most of these institutions do not have funding programs specifically developed for environmental investments. However, environmental investments for the private sector are usually covered under funding programs for SME development or other special programs, such as programs for export-oriented industries or new technologies. Although the study focuses on the private sector, a brief section is included on the potential for financing environmental investments in the municipal sector. These investments are usually considered under programs for infrastructure development. PART I: Private Sector Financing Sources of Financing Currently, the principal funding sources for environmental investments are multilateral w organizations, commercial banks, venture capital funds and Croatian government entities.
    [Show full text]
  • THE 2011 RESULTS of the PRIVATE EQUITY and VENTURE CAPITAL INDUSTRY (Budapest, May 15, 2011)
    Dr. Judit Karsai1 THE 2011 RESULTS OF THE PRIVATE EQUITY AND VENTURE CAPITAL INDUSTRY (Budapest, May 15, 2011) The Protracted Crisis Even in 2011, the slowdown caused by the crisis still persisted in the Central and Eastern European (CEE) private equity and venture capital industry. Similarly to Europe as a whole, the first half of 2011 showed signs of recovery; thus, investments and exits of significant value were made in the region. However in the middle of the year, a new wave of the European debt crisis broke the upwards trend. In 2011, the region again represented nearly 3% of European investments; however, the increase in the volume of capital committed for the purpose of investments here in the region reached only one tenth of the European dynamic which signifies the deterioration of the region’s competitive position. However in terms of exits of investors from portfolio companies, the region improved its position in Europe as a result of some very high-value exits; the share of local divestitures rose to 4.5%. In 2011, the Hungarian private equity and venture capital market regained its earlier second position in terms of volume of investments in the region; moreover, in terms of exit value, it was first in the region. The Hungarian market achieved an outstanding position not only in the region but also Europe-wide due to the launch of the activity of the Jeremie funds. In 2011, it ranked sixth in Europe in terms of the ratio of the value of early stage investments i.e. the venture capital investments functioning in the classic sense of venture capital to the GDP.
    [Show full text]
  • Issue 7.11 of the CEE Legal Matters Magazine
    PRELIMINARY MATTERS DECEMBER 2020 Year 7, Issue 11 CEE December 2020 Legal Matters In-Depth Analysis of the News and Newsmakers That Shape Europe’s Emerging Legal Markets Editorial by Florentin Tuca of Tuca Zbarcea & Asociatii Across the Wire: Deals and Cases in CEE On the Move: New Firms and Practices The Buzz in CEE The Corner Office: Most Meaningful Charity or Pro Bono Commitment A Remote Possibility: Telecommuting During Covid-19 Ground-Breaking the Law: JPM Launches Corporate Criminal Practice in Serbia Arbitration and Virtual Hearings: Contract Disputes in the Covid-19 Era New Captain at the Helm: Kinstellar’s New Managing Partner in Kyiv No Blues in the Baltics: Irmantas Norkus Leads Cobalt to Success Inside Insight: Interview with Zlatko Stojcheski, Head of Corporate & Legal Affairs at A1 Makedonija Between a Rock and a Hard Place: Practicing Law in Crimea Market Spotlight: The Czech Republic Guest Editorial by Prokop Verner of Allen & Overy Inside Out: Worldline’s Acquisition of GoPay Inside Insight: Interview with Nadia Matusikova, General Counsel of RWS Moravia Recent Developments and Major Amendments to the Business Corporations Act Expat on the Market: Alex Cook of Clifford Chance Prague Market Spotlight: Russia Guest Editorial by Georgy Kovalenko of EY Law Russian Market Snapshots 1 CEE LEGAL MATTERSExpat on the Market: Julien Hansen of DLA Piper Experts Review: Banking & Finance DECEMBER 2020 PRELIMINARY MATTERS CEE Legal Matters OPEN CALL FOR SUBMISSIONS! YES, IT’S THAT TIME OF YEAR AGAIN: WE ARE NOW ACCEPTING SUBMISSIONS FOR THE 2020 TABLE OF DEALS AND NOMINATIONS FOR THE 2020 CEE DEALS OF THE YEAR! FULL SUBMISSION GUIDELINES AND DEADLINES: WWW.CEELEGALMATTERS.COM/SUBMISSIONS 2 CEE LEGAL MATTERS PRELIMINARY MATTERS DECEMBER 2020 EDITORIAL: HOW EMI SINGS TO ME By Radu Cotarcea What is music and where does it come from? If hard-pressed my greatest exasperation was, coming in on the enough, most people, myself included, would regress to a same day, were two negative replies.
    [Show full text]
  • Private Equity Review
    Private Equity Review Seventh Edition Editor Stephen L Ritchie lawreviews © 2018 Law Business Research Ltd Private Equity Review Seventh Edition Reproduced with permission from Law Business Research Ltd This article was first published in April 2018 For further information please contact Nick.Barette@thelawreviews.co.uk Editor Stephen L Ritchie lawreviews © 2018 Law Business Research Ltd PUBLISHER Tom Barnes SENIOR BUSINESS DEVELOPMENT MANAGER Nick Barette BUSINESS DEVELOPMENT MANAGERS Thomas Lee, Joel Woods ACCOUNT MANAGERS Pere Aspinall, Sophie Emberson, Laura Lynas, Jack Bagnall PRODUCT MARKETING EXECUTIVE Rebecca Mogridge RESEARCHER Arthur Hunter EDITORIAL COORDINATOR Gavin Jordan HEAD OF PRODUCTION Adam Myers PRODUCTION EDITOR Anna Andreoli SUBEDITOR Simon Tyrie CHIEF EXECUTIVE OFFICER Paul Howarth Published in the United Kingdom by Law Business Research Ltd, London 87 Lancaster Road, London, W11 1QQ, UK © 2018 Law Business Research Ltd www.TheLawReviews.co.uk No photocopying: copyright licences do not apply. The information provided in this publication is general and may not apply in a specific situation, nor does it necessarily represent the views of authors’ firms or their clients. Legal advice should always be sought before taking any legal action based on the information provided. The publishers accept no responsibility for any acts or omissions contained herein. Although the information provided is accurate as of March 2018, be advised that this is a developing area. Enquiries concerning reproduction should be sent to Law Business
    [Show full text]
  • Buoyant Growth Gives City Clout
    WARSAW As a Financial Centre www.ft.com/warsaw-finance-2012 | twitter.com/ftreports Inside this issue Real estate Buoyant growth gives city clout Lack of office space spurs foreign Jan Cienski notes that one of the biggest and oldest groups to private equity firms in the crowd in Poland has been more region. “One needs to approach Page 2 successful than most other countries in the region more selectively. It’s the most The stock exchange regional rivals in liquid hub. If you want to do an Bourse promises a sharper developing a sector IPO in the region, you have to eye on small listings look at Warsaw.” Page 2 with a wider reach However, deal size is much smaller than in western Europe, Banks Conservatism has resulted in relative strength n international finan- a reflection that the companies Page 2 cial centre is seen as that have grown up in the the hallmark of a seri- region in the two decades since Privatisation State takes ous country – which is the end of communism have not strategic approach Awhy emerging economies from yet reached the scale of their to sell-offs Page 3 South Africa and Brazil to Rus- rivals from wealthier countries. sia, Turkey and Poland are all That keeps big international M&A The lack of credit is trying to build up their financial and pan-European groups on the likely to prompt a wave muscle. sidelines, dipping into Poland of consolidation Page 3 Poland has been more success- when the rare huge deal comes ful than many central European up, but otherwise leaving the After hours Frogs’ legs rivals in creating a sector that sector to local firms.
    [Show full text]
  • Performance Profiles of the Western Balkan Countries and Kosovo Under UNSCR 1244/99
    PART III Profiles of the Western Balkan Countries and Kosovo under UNSCR 1244/99 189 Introduction Part II of this report is divided into chapters public–private consultations in the design of enterprise specifically on each Western Balkan country and Kosovo policy. under UNSCR 1244/99 ( “country chapters ”), providing additional insight on the implementation of the Charter. Section 3 provides an overview of the operational Each country chapter has been divided into six sections: environment for enterprises, covering dimension 2 (Cheaper and faster start-up ), dimension 6 ( Getting more out 1. Country overview (including a sub-section on the of the Single Market ), dimension 7 (Taxation and financial effects of the global financial and economic crisis) matters ), and dimension 8 ( Strengthening the technological 2. SME policy and public-private consultation capacity of SMEs ) of the Charter. These four Charter 3. Operational environment dimensions study the policy tools, facilities, legislation and 4. Services for enterprises regulatory framework in place which facilitate operations 5. Human capital for an enterprise. 6. The way forward Section 4 covers two Charter dimensions on services Section 1 provides an overview of the SME sector in for enterprises: dimension 5 ( Improving online access ) and each country, tracking key reforms that have influenced dimension 9 ( Successful e-business models and top-class the design of policy in the country. It also contains a sub- business support ). As these areas of the Charter reinforce section on the effects of the global financial and economic one another, they have been considered together. crisis on each country. This section relies on data from government sources and international organisations.
    [Show full text]
  • CEE 2015 Corporate Counsel Summit
    Year I, Year-End Issue CEE January 2015 Legal Matters In-Depth Analysis of the News and Newsmakers That Shape Europe’s Emerging Legal Markets Contents November 2013 December 2013 The idea of CEELM is born Corporate Subscriber (24 hours after the website launch) February 2014 Preliminary Matters 2 - 5 Issue 1 of the CEE Legal Matters Magazine is published December 2013 www.ceelegalmatters.com is launched April 2014 First CEE Legal Matters Round Table is held in London 3 Editorial: Something Good April 2014 The CEELM website reaches September 2014 4 A Snapshot of Our First Year First CEELM story scopped by Chambers & Partners July 2014 July 2014 Corporete Counsel Handbook First CEELM story scopped is published by IFLR1000 May 2014 September 2014 The 1,000th story is published 1K on the CEELM website September 2014 November 2014 “@CEELegalMatters just a quick The CEELM website crashes due to CEE Summit Expert Essays 6 - 31 note to say your feed is useful and appreciated. Good job, folks!” “A good problem to have but a problem PreliminaryMike Nash, Editor of The Legal 500 Mattersnevertheless.” January 2015 Europe, Middle East & Africa First Year-End special issue and 2014-2015 deal list are published December 2014 A Snapshot of Our First Yeartakes place in Vienna 6 Looking Forward to 2015: A Changing Landscape (Page 4) 8 “English Law on the Ground”: An Ingredient for Success 10 Why Things are Different This Time (Or Not) 12 Stirring Times: 2014 a Challenging Year in the Hungarian Legal Market 14 CEE Recovers, Greece Plays Leading Role in
    [Show full text]
  • A Further Step Upwards*
    Central & Eastern European Mergers and Acquisitions Survey 2004 A further step upwards* *connectedthinking Preface Welcome to the latest PricewaterhouseCoopers Global markets after several years of recession Central & Eastern European Mergers & and stagnation finally saw some recovery both in Acquisitions Survey. The aim of this Survey is to terms of numbers and values. A positive present an overview of M&A as well as economic climate paired with optimistic outlook for Privatisation activity in the region in 2004 and to the coming years, increased liquidity of acquisitive provide an analysis on the key trends and driving companies as well as favourable financing forces. conditions provided by banks all precipitated the increase in M&A activity worldwide. M&A value in 2004 in the region totalled more than USD 50 billion, significantly higher than in Positive global trends did have an impact on the 2003. This growth is primarily driven by an CEE region, such as in the form of increased increased value of transactions coupled with foreign investments, among others. But in light of a further increase in “mega” deals with values a global upturn in M&A activity growth in the CEE above USD 100 million, including some over USD region is modest. 1 billion. Despite robust increase in terms of value the number of transactions somewhat stablilised Considering previous years’ trends when in 2004. increases in the region outperformed global markets, it appears that growth in the region is becoming more and more consistent year-on-year. We therefore believe that expansion of M&A markets of the region can be expected in the coming year.
    [Show full text]
  • Bank Management Between Shareholders and Regulators
    BANK MANAGEMENT BETWEEN SHAREHOLDERS AND REGULATORS Christian Harm Société Universitaire Européenne de Recherches Financières Vienna 2002 CIP Bank management between shareholders and regulators by Christian Harm Vienna: SUERF (SUERF Studies: 21) ISBN 3-902109-13-0 Keywords: banks, bank regulation, corporate governance JEL-Classification Number: G21, G28, G34 © 2002 SUERF, Vienna Copyright reserved. Subject to the exception provided for by law, no part of this publication may be reproduced and/or published in print, by photocopying, on microfilm or in any other way without the written consent of the copyright holder(s); the same applied to whole or partial adaptions. The publisher retains the sole right to collect from third parties fees payable in respect of copying and/or take legal or other actions for this purpose. BANK MANAGEMENT BETWEEN SHAREHOLDERS AND REGULATORS by Christian Harm Universität Münster Abstract This essay discusses the corporate governance of banks. Bank managers must balance competing demands from shareholders and regulators, which distinguishes banks from most other firms. The essay is structured into three parts. The theoretical section first broadly defines management and its governance as a process with certain built-in ambiguities that defy a strict notion of accountability. Then, a focus on financial stakeholders clarifies the different governance objectives of owners and creditors, and integrates bank regulation into the concept of debt governance. The empirical section surveys the extant literature to derive insights as to which theoretical predictions have so far received more wide-spread support, and in which areas the insights generated by researchers may still be too vague to lend themselves as a basis for policy advice.
    [Show full text]
  • Private Equity Firms
    DENVER CAPITAL MATRIX Funding sources for entrepreneurs and small business. Introduction When it comes to business capitalization most of us have certainly heard the cliché, “It takes money to make money.” However, knowing just where to go to search for funding can be half the battle of fi nancing today’s successful business. The Denver Capital Matrix is designed as a tool to assist business owners and entrepreneurs with discovering the myriad of capital sources in and around the Mile High City. As a strategic initiative of the Defi nitions Denver Offi ce of Economic Development’s JumpStart 2012 strategic Venture Capital – Venture capital is capital provided by investors to small businesses and start-up fi rms that demonstrate possible high- plan, the Denver Capital Matrix provides a comprehensive directory growth opportunities. Venture capital investments have a potential for of fi nancing sources, from traditional bank lending, to venture capital considerable loss or profi t and are generally designated for new and fi rms, private equity fi rms, angel investors, mezzanine sources and speculative enterprises that seek to generate a return through a potential more. initial public off ering or sale of the company. Small businesses provide the greatest opportunity for job creation Angel Investor – An angel investor is a high net worth individual active in today. Yet, a lack of needed fi nancing often prevents businesses from venture fi nancing, typically participating at an early stage of growth. implementing expansion plans and adding payroll. Through this new resource, we’re striving to help connect businesses to start-up and Private Equity – Private equity is an individual or consortium of investors expansion capital so that they can thrive in Denver.
    [Show full text]