簡介：中文中文4750字，字，2900英文單詞，英文單詞，16900英文字符英文字符文獻(xiàn)出處文獻(xiàn)出處STANCIURDDOROMANIANSMALLANDMEDIUMSIZEDENTERPRISESUSEPERFORMANCEMANAGEMENTANEMPIRICALSTUDYJPROCEDIASOCIALANDBEHAVIORALSCIENCES,2014,124255262DOROMANIANSMALLANDMEDIUMSIZEDENTERPRISESUSEPERFORMANCEMANAGEMENTANEMPIRICALSTUDYRADUDSTANCIUABSTRACTSMALLANDMEDIUMSIZEDENTERPRISESSMESREPRESENTASOURCEOFENTREPRENEURIALSKILLS,INNOVATION,ANDNEWJOBSCREATIONDESPITETHERECOGNITIONOFTHEIMPORTANCEOFHUMANFACTORINOBTAININGPERFORMANCESASTHEORGANIZATIONALLEVELESPECIALLYDURINGCRISESRELATIVELYFEWMANAGERSFROMSMESPAYATTENTIONTOIMPLEMENTATIONANDUTILIZATIONOFAPERFORMANCEMANAGEMENTSYSTEMTHISPAPERAIMSTOEVALUATETHELEVELTHEROMANIANSMALLANDMEDIUMSIZEDENTERPRISESUSEPERFORMANCEMANAGEMENTTOOLSANDTECHNIQUESINTHEIRACTIVITIESKEYWORDSSMALLANDMEDIUMSIZEDENTERPRISES,PERFORMANCEMANAGEMENT1INTRODUCTION11THEIMPORTANCEOFSMALLANDMEDIUMSIZEDENTERPRISESANDTHEREHUMANRESOURCESFORANYECONOMYTHESMALLANDMEDIUMSIZEDENTERPRISESSMESREPRESENTANIMPORTANTCOMPONENTOFTHEECONOMICACTIVITIESAFTERAMODESTSTARTATTHEBEGINNINGOFTHE90S,THEIRNUMBERSIGNIFICANTLYINCREASEDBOTHFROMASTATISTICALPOINTOFVIEWANDFROMTHEDIVERSITYOFTHEIRACTIVITYTHESMESREPRESENTANIMPORTANTSOURCEFORJOBAPPROXIMATELYTWOTHIRDSOFTHENEWCREATEDJOBSTHELABORCLIMATEALLOWSSUCCESSFULEXPERIMENTATIONOFDIFFERENTSYSTEMS,METHODS,ANDTECHNIQUESTOOKFROMTHEMANAGEMENTTHEORYTHISKINDOFCOMPANIESOFFERSTHEFAVORABLEFRAMEWORKNOTONLYFORAPPLYINGTHESCIENTIFICMANAGEMENTBUTALSOTOCONCEIVENEWMANAGEMENTMETHODSANDPROCEDURESTHEREFORE,THESMEACTIVITIES,SOLVINGDIFFERENTCONCRETEPROBLEMSTHEYAREFACINGWITHINDIFFERENTMOMENTSOFTHEIRECONOMICEVOLUTIONENRICHTHEMANAGEMENTTOOLSAND,BYDEFAULTINCREASETHEORGANIZATIONALEFFICIENCYRELATIVELYRECENTSTUDIESEUROPEANCOMMISSION,2009INDICATETHATAPPROXIMATELY91OFTHEEUROPEANSMESAREINFACTMICROENTERPRISESWITHONETONINEEMPLOYEESTRYINGTOREBALANCETHESITUATION,THEEUROPEANCOMMISSIONPLACEDSMESINTHECENTREOFITSINDUSTRIALPOLICY,CONSCIOUSLYTHAT,INORDERTOHAVEASIGNIFICANTIMPACTONTHEEUROPEANECONOMY,THEYMUSTINCREASETHEIRSIZEINCREASETHENUMBEROFEMPLOYEES,DIVERSIFYTHEIRPRODUCTS,THEIRMARKETS,INCREASETHEIRINCOMESINTHISCONTEXT,NOCOMPANYCANDENYTHEIMPORTANCEOFEACHEMPLOYEE’SPERFORMANCEFORTHELONGTERMSUCCESSOFABUSINESSTHATPERFORMANCEISNOLONGERARESULTOFLOYALTYORWORKPLACESECURITYBUTOFINDIVIDUALOBJECTIVESFINALLY,THESUCCESSOFACOMPANYMEANSTOOBTAINTHEASSENTOFEVERYBODYONTHEOBJECTIVESANDTOFULFILLTHEMTHISISNOTANEASYTASKGIVENTHELARGEVARIETYOFTHEJOBSINANORGANIZATIONINTHEIRBOOKFROM1998,THEEXPERTINHUMANRESOURCEMANAGEMENT,MICHAELARMSTRONGANDHISCOWORKER,ANGELABARONFROMCROYDONCOLLEGEDEFINEDPERFORMANCEMANAGEMENTAS“APROCESSWHICHCONTRIBUTESTOTHEEFFECTIVEMANAGEMENTOFINDIVIDUALSANDTEAMSINORDERTOACHIEVEHIGHLEVELSOFORGANIZATIONALPERFORMANCEASSUCH,ITESTABLISHESSHAREDUNDERSTANDINGABOUTWHATISTOBEACHIEVEDANDANAPPROACHTOLEADINGANDDEVELOPINGPEOPLE,WHICHWILLENSURETHATITISACHIEVEDASTRATEGYTHATRELATESTOEVERYACTIVITYOFTHEORGANIZATIONSETINTHECONTEXTOFITSHUMANRESOURCEPOLICIES,CULTURE,STYLE,ANDCOMMUNICATIONSSYSTEMSTHENATUREOFTHESTRATEGYDEPENDSONTHEORGANIZATIONALCONTEXTANDCANVARYFROMORGANIZATIONTOORGANIZATION”ARMSTRONGBARON,2009INOTHERWORDSPERFORMANCEMANAGEMENTMUSTBEEFFICIENTBESURETHATEMPLOYEESHAVETHENECESSARYCOMPETENCESFORPERFORMANCE,INTEGRATEDASSURETHECONNECTIONSBETWEENDIFFERENTASPECTSOFBUSINESS,HUMANRESOURCEMANAGEMENT,INDIVIDUALS,ANDTEAMS,ANDSTRATEGICREFERTOLONGTERMOBJECTIVESTHISPROCESSHELPSTHEEMPLOYEESTOUNDERSTANDTHEWAYTHEYMAYCONTRIBUTETOTHEACHIEVEMENTOFTHEORGANIZATIONALSTRATEGICOBJECTIVESANDENSURETHEUSEOFTHEMOSTAPPROPRIATECOMPETENCESFORACTIVITIESUSEFULTOTHEORGANIZATION,THATHAVEANIMPORTANTIMPACTONITSPERFORMANCEITISAUSEFULTOOLFORLINEMANAGERSBYHELPINGTHEMTOLEADTHEIRSUBORDINATESINANEFFICIENTMANNERSTRONGLYLINKEDTOTHEORGANIZATIONALOBJECTIVESTHROUGHIT,MANAGERSASSURETHAT●KNOWANDUNDERSTANDTHEEXPECTATIONS●HAVETHESUPPORTOFTHEORGANIZATIONINDEVELOPINGTHECAPACITYTOMEETTHEEXPECTATIONS●RECEIVEFEEDBACKREGARDINGTHEIRACHIEVEMENTS,AND●HAVETHEOPPORTUNITYTODISCUSSANDCONTRIBUTETOINDIVIDUALANDGROUPOBJECTIVESSETTINGTHEREFORE,THEPROCESSMUSTBECLEARANDCONCISE,UNDERSTANDABLEFORALLTHOSEINVOLVEDBOTH,MANAGERSANDEMPLOYEESMUSTUNDERSTANDNOTONLYTHEWAYTOIMPLEMENTTHEPERFORMANCEMANAGEMENTSYSTEMSBUTALSOWHATWILLBETHEEXPECTEDRESULTSOFITSIMPLEMENTATIONITHASTOALIGNTHEACTIVITIESANDOBJECTIVESOFEVERYEMPLOYEEWITHTHOSEATTHEORGANIZATIONALLEVELFURTHERMORE,THEACTIVITIESANDOBJECTIVESOFALLTHEEMPLOYEES,NOMATTERHISORHERPOSITIONWITHINTHEORGANIZATION,MUSTBELINEDUPTOTHEORGANIZATION’SOBJECTIVESFINALLY,ITALLOWSEVERYONETOUNDERSTANDTHEWAYTHERESULTSWILLBEUSEDANDTHEADVANTAGESGENERATEDFOREMPLOYEESANDTHEORGANIZATIONITSELFCORRECTLYUSEDPERFORMANCEMANAGEMENTISAPOWERFULTOOLFORFOCUSINGACTIVITIESANDEFFORTSTHATWILLLEADTOANINCREASINGOFTHEBUSINESSPERFORMANCEMISUNDERSTANDINGTHEMECHANISMORANIMPROPERUSAGEOFITMAYLEADTOAPOORINVOLVEMENTOFTHEEMPLOYEES,APPEARANCEOFUNPRODUCTIVEACTIVITIES,ANDAWRONGREWARDSMANAGEMENT2ANEMPIRICALSTUDYREGARDINGTHEUSAGEOFPERFORMANCEMANAGEMENTINROMANIANSMESTHEDEVELOPMENTOFSUCHASTUDYWASHARDTODOBECAUSE,BASEDONAUTHOR’SKNOWLEDGE,THEREARENOPRECEDENTSREGARDINGTHEPERFORMANCEMANAGEMENTSTRICT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簡介：3150英文單詞，英文單詞，17000英文字符，中文英文字符，中文5300字文獻(xiàn)出處文獻(xiàn)出處BA?OS‐CABALLEROS,GARCíA‐TERUELPJ,MARTíNEZ‐SOLANOPWORKINGCAPITALMANAGEMENTINSMESJACCOUNTINGWORKINGCAPITALMARKETIMPERFECTIONSSMES1INTRODUCTIONCORPORATEFINANCELITERATUREHASTRADITIONALLYFOCUSEDONTHESTUDYOFLONGTERMFINANCIALDECISIONSSUCHASTHESTRUCTUREOFCAPITAL,INVESTMENTS,DIVIDENDSANDFIRMVALUATIONSHOWEVER,SMITH1980SUGGESTSTHATWORKINGCAPITALMANAGEMENTISIMPORTANTBECAUSEOFITSEFFECTSONAFIRM’SPROFITABILITYANDRISK,ANDCONSEQUENTLYITSVALUEFOLLOWINGTHISLINEOFARGUMENT,SOMEMORERECENTSTUDIESHAVEFOCUSEDONHOWREDUCTIONOFTHEMEASURESOFWORKINGCAPITALIMPROVESAFIRM’SPROFITABILITYJOSEETAL,1996SHINANDSOENEN,1998DELOOF,2003PADACHI,2006GARCIATERUELANDMARTINEZSOLANO,2007ARAHEMANANDNASR,2007HOWEVER,MUCHLESSATTENTIONHASBEENGIVENTOTHEDETERMINANTSOFWORKINGCAPITALMANAGEMENTASEARCHOFTHELITERATUREIDENTIFIEDONLYTWOPREVIOUSSTUDIESCHIOUETAL,2006KIESCHNICHETAL,2006FOCUSEDONLARGERFIRMS,BUTTHEREISNOEVIDENCEFROMSMALLANDMEDIUMSIZEENTERPRISESSMES,DESPITETHEFACTTHATEFFICIENTWORKINGCAPITALMANAGEMENTISPARTICULARLYIMPORTANTFORSMALLERFIRMSPEELANDWILSON,1996PEELETAL,2000MOSTOFANSME’SASSETSAREINTHEFORMOFCURRENTASSETS,WHILECURRENTLIABILITIESAREONEOFTHEIRMAINSOURCESOFEXTERNALFINANCE,BECAUSEOFTHEFINANCIALCONSTRAINTSTHEYFACEWHITED,1992FAZZARIANDPETERSEN,1993ANDDIFFICULTIESTHEYHAVEINOBTAININGFUNDINGINTHELONGTERMCAPITALMARKETSPETERSENANDRAJAN,1997THECULMINATIONOFTHISLINEOFARGUMENTISTHATWORKINGCAPITALMANAGEMENTMAYBECRUCIALFORTHESURVIVALANDGROWTHOFSMALLCOMPANIES,ASEXEMPLIFIEDBYGRABLOWSKY1984ANDKARGARANDBLUMENTAL1994ITSHOULDBEMENTIONEDTHATTHEAVERAGEINVESTMENTINTANGIBLEFIXEDASSETSINTHESAMPLEUSEDINTHISPAPERISONLY236PERCENTOFTHEIRTOTALASSETS,WHICHDEMONSTRATESTHEIMPORTANCEOFANEFFICIENTMANAGEMENTOFCURRENTASSETSTOMEASUREWORKINGCAPITALMANAGEMENT,PREVIOUSSTUDIESHAVEUSEDMEASURESBASEDONTHECASHCONVERSIONCYCLECCCSOENEN,1993DELOOF,2003PADACHI,2006GARCIATERUELANDMARTINEZSOLANO,2007ALONGERCCCSMAYINCREASETHEFIRM’SSALESAND,CONSEQUENTLY,THEIRPROFITABILITY,BECAUSEOFGREATERINVESTMENTININVENTORIESANDTRADECREDITGRANTEDINADDITION,COMPANIESMAYGETIMPORTANTDISCOUNTFOREARLYPAYMENTSIFTHEYREDUCETHEIRSUPPLIERFINANCINGHOWEVER,KEEPINGAHIGHCCCALSOHASANOPPORTUNITYCOSTIFFIRMSFORGOOTHERMOREPRODUCTIVEINVESTMENTSTOMAINTAINTHATLEVELTHEPAPERTHEREFOREDEVELOPSPRICEFLUCTUATIONSBLINDERANDMACCINI,1991SECOND,BYEXTENDINGGREATERTRADECREDIT,THEFIRMCANINCREASEITSSALESPETERSENANDRAJAN,1997,BECAUSEITALLOWSCUSTOMERSTOCHECKTHATTHEMERCHANDISETHEYRECEIVEISASAGREEDQUANTITYANDQUALITYANDTOENSURETHATTHESERVICESCONTRACTEDHAVEBEENCARRIEDOUTSMITH,1987THISARGUMENTWASALSOSUPPORTEDBYDELOOFANDJEGERS1996,WHOSUGGESTEDTHATGRANTINGTRADECREDITSTIMULATESSALESBECAUSEITALLOWSCUSTOMERSTOASSESSPRODUCTQUALITYBEFOREPAYINGITALSOHELPSFIRMSTOSTRENGTHENLONGTERMRELATIONSHIPSWITHTHEIRCUSTOMERSNGETAL,1999,ANDITINCENTIVISESCUSTOMERSTOACQUIREMERCHANDISEATTIMESOFLOWDEMANDEMERY,1987MOREOVER,FROMTHEPOINTOFVIEWOFACCOUNTSPAYABLE,COMPANIESMAYGETIMPORTANTDISCOUNTSFOREARLYPAYMENTSIFTHEYREDUCESUPPLIERFINANCINGNGETAL,1999WILNER,2000HOWEVER,MAINTAININGAHIGHINVESTMENTINWORKINGCAPITALALSOHASANOPPORTUNITYCOSTIFTHEFIRMFORGOESOTHERMOREPRODUCTIVEINVESTMENTSTOMAINTAINTHATLEVELAND,ASSOENEN1993SUGGESTED,LONGCCCSMIGHTBEAPRIMARYREASONWHYFIRMSGOBANKRUPTTAKINGTHETHEORIESOUTLINEDABOVE,ANDPREVIOUSSTUDIESONWORKINGCAPITALMANAGEMENT,WEEXPLAINFIRMCHARACTERISTICSTHATMIGHTDETERMINECCCANDHOWTHEYMAYAFFECTITSLENGTHPREVIOUSLITERATURE,SUCHASSOENEN1993,DELOOF2003,PADACHI2006ANDGARCIATERUELANDMARTINEZSOLANO2007A,HASMEASUREDTHEQUALITYOFWORKINGCAPITALMANAGEMENTBASEDONTHECCCTAKINGALLTHESECONSIDERATIONSINTOACCOUNT,THEDEPENDENTVARIABLEUSEDINTHEPRESENTANALYSISISCALCULATEDASACCOUNTSRECEIVABLES/SALES365INVENTORIES/PURCHASES365ACCOUNTSPAYABLE/PURCHASES365THELONGERTHECYCLE,THELARGERTHEFUNDSINVESTEDINWORKINGCAPITAL,WHICHINDICATESANEEDFORADDITIONALCAPITALACCORDINGLY,THECCCSHOULDBESENSITIVETOINTERNALRESOURCES,COSTOFEXTERNALFINANCING,CAPITALMARKETACCESSANDBARGAININGPOWERWITHSUPPLIERSANDCUSTOMERS21CAPACITYTOGENERATEINTERNALRESOURCESASYMMETRICINFORMATIONIMPLIESAHIGHERCOSTFOREXTERNALSOURCESOFFUNDSANDCREDITRATIONINGFORFIRMS,BECAUSEITLEADSTOACONFLICTOFINTERESTSBETWEENSHAREHOLDERSANDCREDITORSMYERS,1977THISCONFLICTCANLEADTOAPROBLEMOFUNDERINVESTMENT,GIVENTHEPRIORITYOFCREDITORSINCASEOFBANKRUPTCYMOREOVER,SHAREHOLDERSALSOHAVEINCENTIVESTOISSUENEWDEBT,WHICHINCREASESRISKANDLOWERSTHEVALUEOFEXISTINGDEBTASACONSEQUENCE,CREDITORSDEMANDAHIGHERRISKPREMIUMASYMMETRICINFORMATIONBETWEENINSIDERSINTHEFIRMANDOUTSIDEPOTENTIALINVESTORS,THEREFORE,RESULTSINAHIGHERCOSTFOREXTERNALSOURCESOFFUNDS,SOITMAKESFIRMSGIVEPRIORITYTORESOURCESGENERATEDINTERNALLYOVERDEBTANDNEWEQUITY,ACCORDINGTOTHEPECKINGORDERTHEORYMYERS,1984INFACT,FAZZARIANDPETERSEN1993DEMONSTRATEDTHATWORKINGCAPITALINVESTMENTISSENSITIVETOCASHFLOWFORUSMANUFACTURINGFIRMSTHEIRFINDINGSSUGGESTTHATFIRMSWITHALARGERCAPACITYTOGENERATEINTERNALRESOURCESHAVEHIGHERCURRENTASSETLEVELS,WHICHMIGHTBEBECAUSEOFTHELOWERCOSTOFFUNDSINVESTEDINWORKINGCAPITALFORTHESECOMPANIESLATER,CHIOUETAL2006ALSOSHOWTHEINFLUENCEOFCASHFLOWONWORKINGCAPITALMANAGEMENTFORCOMPANIESFROMTAIWANTHEYFOUNDTHATCASHFLOWHASAPOSITIVEINFLUENCEONTHENETLIQUIDBALANCEBUTANEGATIVEINFLUENCEONTHEWORKINGCAPITALREQUIREMENTS,ANDTHEYSUGGESTTHATFIRMSWITHGREATERCASHFLOWSHAVEBETTERWORKINGCAPITALMANAGEMENTTHEVARIABLECFLOWWASUSEDTOCONSIDERTHECAPACITYTOGENERATEINTERNALRESOURCES,ANDITISCALCULATEDASTHERATIOOFNETPROFITPLUSDEPRECIATIONTOTOTALASSETSCASHFLOWWASUSEDBECAUSE,ACCORDINGTOSEVERALPREVIOUSWORKS,ITISTHEMOSTAPPROPRIATEVARIABLEFOR

簡介：8300英文單詞，英文單詞，45萬英文字符，中文萬英文字符，中文15萬字萬字文獻(xiàn)出處文獻(xiàn)出處ANAGENCYTHEORETICANALYSISOFVALUECREATIONTHROUGHMANAGEMENTBUYOUTSOFFAMILYFIRMSJJOURNALOFFAMILYBUSINESSSTRATEGY,2012,34197206ANAGENCYTHEORETICANALYSISOFVALUECREATIONTHROUGHMANAGEMENTBUYOUTSOFFAMILYFIRMSJAMESJCHRISMAN,JESSHCHUA,LLOYDPSTEIER,MIKEWRIGHT,D’LISANMCKEEABSTRACTFAMILYFIRMSWITHOUTABLEANDWILLINGFAMILYSUCCESSORSAREFREQUENTLYSOLDTONONFAMILYMANAGERSTHROUGHMANAGEMENTBUYOUTSMBOSWHETHERMBOSCREATEVALUEISTHOUGHTTOBEDEPENDENTUPONTHEABILITYTOREDUCEOWNER–MANAGERAGENCYCOSTSINTHISARTICLEWEEXAMINETHEAGENCYCOSTSOFMBOSTHATACQUIREFAMILYFIRMSWECONTRIBUTETOTHEORYBYARGUINGTHATINSUCHSITUATIONS,VALUECREATIONBYREDUCINGAGENCYCOSTSWILLDEPENDUPONPREMBOAGENCYCOSTS,THEABILITYTOSOLVETHEDOUBLEAGENCYPROBLEM,ANDTHERELATIONSHIPBETWEENTHECOSTOFAGENCYCONTROLMECHANISMSANDTHERESIDUALLOSSESFROMOPPORTUNISMBEFOREANDAFTERTHEMBOKEYWORDSAGENCYTHEORYFAMILYBUSINESSMANAGEMENTBUYOUTS1INTRODUCTIONFAMILYFIRMSACCOUNTFORTHEMAJORITYOFFIRMSAROUNDTHEWORLDLAPORTA,LO′PEZDESILANES,SHLEIFER,MORCKCHUA,CHRISMAN,LIM,LUBATKIN,SCHOLES,WRIGHT,WESTHEAD,BURROWS,MCCONAUGHY,MATTHEWS,ARTHURS,HOSKISSON,BUSENITZ,BRUTON,FILATOTCHEV,CHAHINE,CHILDWASSERMAN,2003RESEARCHERSTYPICALLYASSUMETHATTRANSITIONSINFAMILYFIRMSWILLINVOLVETHEFAMILYHOWEVER,AVARIETYOFFACTORSASSOCIATEDWITHTHEABILITYANDINTENTIONSOFINDIVIDUALFAMILYMEMBERS,FAMILYRELATIONSHIPS,STRATEGICCONTEXT,FINANCES,ANDTRANSITIONPROCESSESCANSOMETIMESMAKEINTRAFAMILYSUCCESSIONIMPOSSIBLEORUNDESIRABLEDEMASSIS,CHUA,TAGIURIWARD,1997MBOSAREAMONGTHEMOSTIMPORTANTANDDESIRABLEALTERNATIVESFORSELLINGAFIRMOUTSIDETHEFAMILY,PARTLYBECAUSESOMEMBOSCENARIOSAREMORELIKELYTHOUGHNOTGUARANTEEDTOPRESERVESOMEOFTHEORIGINALIDENTITYOFTHEFIRMAFTERTHESALETHANOTHERSELLINGOPTIONSSUCHASIPOSSCHOLESETAL,2007INFACT,AFTERTHEMBO,SOMEFAMILYMEMBERSMAYCONTINUETOBEEMPLOYEDINTHEFIRMHOWORTHETAL,2004ANDMANYFIRMSRETAINATLEASTALITTLE‘FAMILINESS’EVENAFTERSUBSTANTIALOWNERSHIPHASBEENTRANSFERREDTOOUTSIDERSFIEGENER,2010HOWEVER,FROMTHEVANTAGEPOINTOFTHEACQUIRERS,SUCCESSORFAILUREISMEASUREDNOTBYCONTINUEDFAMILYINVOLVEMENTOREVENSTRICTLYINTERMSOFPROFITABILITYRATHERSUCCESSISMEASUREDBYTHEEXTENTTOWHICHINCREMENTALVALUEISCREATEDAFTERTHETRANSFEROFOWNERSHIPACQUIRERSTYPICALLYHAVETOPAYACONTROLPREMIUMFINNERTYEMERY,2004ANDTHEREFOREMUSTBEABLETOADDTOFIRMVALUEOVERANDABOVETHEPREMIUMPAIDTOBESUCCESSFULWHENTHEFIRMISOWNEDBYAFAMILY,THEHURDLEMAYBEEVENHIGHERBECAUSEFAMILYOWNERSTENDTOATTACHSOCIOEMOTIONALVALUETOTHEFIRMGO′MEZMEJIA,HYNES,NUNEZNICKEL,MOYANOFUENTES,2007,WHICHCANFURTHERINCREASETHESELLINGPREMIUMDEMANDEDZELLWEGER,KELLERMANNS,CHRISMAN,CHUA,2012ASMENTIONEDABOVE,VALUECREATIONBYTHEOWNERSPOSTMBOWILLDEPENDONECONOMICCONDITIONS,STRATEGY,GOVERNANCE,ORGANIZATIONALSTRUCTURE,SYSTEMS,CULTURE,TAXES,ANDAGENCYCOSTS,AMONGOTHERSIFWEABSTRACTFROMTHEUNCONTROLLABLEECONOMIC,TAX,ANDNATIONALCULTURALCONDITIONS,THENWHATREMAINSTOAFFECTFIRMVALUEAREDECISIONSREGARDINGGOVERNANCE,STRATEGIES,STRUCTURE,POLICIES,TACTICS,SYSTEMS,ETCWHICHWOULDBEDETERMINEDBYTHEFAMILYBEFORETHEMBOANDBYTHENONFAMILYOWNERSAFTERWARDIF,INDEED,VALUECREATIONAFTERTHEMBOISTOBEACHIEVEDTHROUGHOPTIMALCHANGESINGOVERNANCE,STRATEGY,ETC,ONEMAYLEGITIMATELYASKWHYSUCHCHANGESWERENOTIMPLEMENTEDBEFORETHEMBOANOBVIOUSANSWERISTHATTHECONTROLLING

簡介：1中文中文11500字中文譯名針對意大利非金融企業(yè)的外匯風(fēng)險和利率風(fēng)險的管理外文原文名RISKMANAGEMENTFORITALIANNONFINANCIALFIRMSCURRENCYANDINTERESTRATEEXPOSURE外文原文版出處EUROPEANFINANCIALMANAGEMENT,2013,195887–910譯文意大利非金融企業(yè)的匯率和利率風(fēng)險的風(fēng)險管理意大利非金融企業(yè)的匯率和利率風(fēng)險的風(fēng)險管理摘要本文調(diào)查意大利非金融企業(yè)間的風(fēng)險管理實(shí)踐。這篇文章的貢獻(xiàn)在于調(diào)查了對于特定的意大利企業(yè)的衍生品使用情況，通常這類企業(yè)不需要公開披露衍生工具。意大利的特點(diǎn)之一是中小型家庭經(jīng)營的公司占很高的比例。調(diào)查從外匯和公司規(guī)模、地理位置、評級、行業(yè),是否進(jìn)入資本市場和教育管理這幾個方面研究決定外匯和利率衍生品使用的因素。邏輯回歸的結(jié)果表明，意大利非金融公司是否使用衍生品合約，受這幾個因素明顯影響。關(guān)鍵詞風(fēng)險管理；衍生品；對沖；企業(yè)融資1介紹企業(yè)對金融衍生工具的廣泛使用清楚地表明他們積極參與金融風(fēng)險管理，應(yīng)對各種各樣的波動，特別是匯率、利率和商品價格的波動。意大利公司使用金融衍生工具不明顯是由于家庭所有企業(yè)的優(yōu)勢和家庭經(jīng)營企業(yè)這一事實(shí)，通常來說，意大利公司通常不披露這些業(yè)務(wù)。一般來說，歐洲公司在他們的財務(wù)報告中提供的使用金融衍生工具的信息很少。測量它們是獲得這些數(shù)據(jù)的一個手段。BODNARANDGEBHARDT1998是最早對衍生品在歐洲公司中的使用提供依據(jù)的。他們調(diào)查了德國公司，同時與美國類似的企業(yè)比較結(jié)果。在意大利，一個衍生品使用不容易也不樂意在財務(wù)報表上被精確的披露。意大利這個信息的主要來源是來自監(jiān)管機(jī)構(gòu)REGULATORYAGENCIESFRASCA,2004ROSATI,2004。他們從資產(chǎn)負(fù)債表和銀行的財務(wù)報告編譯企業(yè)的衍生品頭寸信息。這個信息仍然比較普通，關(guān)于衍生品合約的使用程度、態(tài)度和政策方面透露的很少。本文的目的是想糾正這種信息缺乏和研究可能的反應(yīng)模式。以往大部分的研究檢驗(yàn)了提高金融風(fēng)險管理的經(jīng)濟(jì)價值動機(jī)。MILLERANDMODIGLIANI,1958提出了一組經(jīng)典預(yù)測模型范例。后續(xù)在文章有拓展如SMITH和STULZ1985，SMITH1995和FENNETAL1996提出對沖的收益來源于減少現(xiàn)金流的波動。這包括減少預(yù)期稅收的累進(jìn)稅；降低債務(wù)代理成本，允許債務(wù)能力的提高和更大的利息稅盾GRAHAMANDSMITH,1999，通過降低財務(wù)困境的預(yù)期成本和消除資金流以提高現(xiàn)金流，以3有三篇報告對美國非金融公司的衍生品工具使用進(jìn)行了廣泛調(diào)查，均來自沃頓調(diào)查。BODNAR1995是所有研究中最先探討衍生品工具的使用的。他們的研究嘗試以美國所有非金融的上市公司作為樣本。他們發(fā)現(xiàn)衍生品工具的使用并不是普遍的，只有不到一半的公司使用衍生品工具并且其中越大的公司使用越常見。他們同樣為這種現(xiàn)象找到了原因。他們接下來基于1996到1998美國的研究為后續(xù)的很多研究提供了標(biāo)準(zhǔn)。早期的研究大部分跟隨沃頓研究，研究美國公司。從90年代中期開始，很多后沃頓時代的研究著眼于歐洲公司的衍生品使用，關(guān)注衍生品使用的廣泛性、用或不用的原因以及對不同衍生品工具的偏好，包括風(fēng)險管理與內(nèi)部控制。BODNAR和GEBHARDT1999完成了沃頓研究在德國的兩個直接應(yīng)用，2003年完成了對挪威的應(yīng)用。他們1999年的研究發(fā)現(xiàn)德國公司比美國公司更傾向于使用衍生品合約。ALKEBA¨CK和HAGELIN1999對比BODNAR1995年的研究結(jié)果，不控制公司規(guī)模的差異與行業(yè)劃分，解釋了瑞典非金融公司對衍生品的使用。他們的研究發(fā)現(xiàn)瑞典公司明顯對衍生品認(rèn)知不足。MALLIN2001調(diào)查了英國上市的非金融公司對衍生品工具的使用，并與BODNAR的結(jié)果進(jìn)行對比。與其他研究一致，他們發(fā)現(xiàn)越大的英國公司越常用衍生品，但與美國公司相比，英國公司把管理會計利潤的波動性作為衍生品使用的主要原因。其他獨(dú)立于沃頓研究的對歐洲公司的研究提出了有趣的觀點(diǎn)。HAKKARAINEN1997在1994年研究芬蘭非金融公司100強(qiáng)的利率風(fēng)險管理。JALILVAND和SWITZER2000發(fā)現(xiàn)并解釋了加拿大、美國與歐洲風(fēng)險管理者對于衍生品使用的相似之處與不同之處。他們的研究表明在加拿大衍生品產(chǎn)品的使用比在美國和歐洲大陸都要普遍。LODERER和PICHLER2000研究瑞士的工業(yè)企業(yè)對匯率風(fēng)險的管理實(shí)踐。他們主要結(jié)論是工業(yè)企業(yè)沒有能力去確定自己的風(fēng)險暴露。FATEMI和GLAUM2000在德國發(fā)起一個調(diào)查，旨在引出被調(diào)查者對風(fēng)險管理中不同目標(biāo)的重要性評級的評價。PRAMBORG2005比較了瑞典與韓國衍生品工具的使用。結(jié)果揭示了兩國的相似性與差異性。韓國風(fēng)險管理著更傾向于關(guān)注最小化現(xiàn)金流的波動性，二瑞典的則偏好于最小化利潤的波動性或保護(hù)資產(chǎn)負(fù)債表的表現(xiàn)。ELMASRY2006調(diào)查了173家倫敦交易所上市公司關(guān)于以下領(lǐng)域的問題衍生品使用、匯率衍生品、利率衍生品、期權(quán)合約及控制與報告政策。他們的研究肯定了JUDGE2006和MALLIN2001的研究結(jié)果。結(jié)果發(fā)現(xiàn)中心化的風(fēng)險管理行為極為普遍，同時對于使用衍生品的公司，外匯風(fēng)險是最普遍被使用衍生品來進(jìn)行管理的風(fēng)險，其次是利率風(fēng)險。3數(shù)據(jù)這項(xiàng)研究的數(shù)據(jù)來自一個意大利非金融公司的作者的調(diào)查。這項(xiàng)調(diào)查是基于網(wǎng)絡(luò)的，包括風(fēng)險管理實(shí)踐和衍生品工具來管理風(fēng)險的問題。該調(diào)查從2007年9月至2007年1月。作答的公司的匿名性會受到保擔(dān)保。被調(diào)查的非金融公司從AIDA數(shù)據(jù)庫剔除，由

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簡介：3700英文單詞，英文單詞，21500英文字符，中文英文字符，中文6500字文獻(xiàn)出處文獻(xiàn)出處BRUININGH,VERWAALE,WRIGHTMPRIVATEEQUITYANDENTREPRENEURIALMANAGEMENTINMANAGEMENTBUYOUTSJSMALLBUSINESSECONOMICS,2013,403591605PRIVATEEQUITYANDENTREPRENEURIALMANAGEMENTINMANAGEMENTBUYOUTSHANSBRUINING,ERNSTVERWAAL,MIKEWRIGHTABSTRACTCRITICSCLAIMTHATSHORTTERMPROFITORIENTATIONANDHIGHDEALPRICESTRATEGIESOFPRIVATEEQUITYPEFIRMSCANNEGATIVELYAFFECTTHEABILITYOFMANAGEMENTBUYOUTSTOINITIATEANDSUSTAINENTREPRENEURIALMANAGEMENTTHISSTUDYINVESTIGATESTHISCLAIMBYCOMPARINGEFFECTSOFMAJORITYPEBACKEDANDOTHERBUYOUTSATDIFFERENTLEVELSOFFINANCIALLEVERAGEONPOSTBUYOUTINCREASESINENTREPRENEURIALMANAGEMENTWEPROPOSETHATPECANBEUSEDASANORGANIZATIONALREFOCUSINGDEVICETHATSIMULTANEOUSLYINCREASESENTREPRENEURIALANDADMINISTRATIVEMANAGEMENTWEFINDTHATMAJORITYPEBACKEDBUYOUTSSIGNIFICANTLYINCREASEENTREPRENEURIALMANAGEMENTPRACTICESFURTHERMORE,THEINCREASEDFINANCIALLEVERAGEPOSITIVELYAFFECTSADMINISTRATIVEMANAGEMENTINMANAGEMENTBUYOUTSHOWEVER,THEEFFECTOFHIGHFINANCIALLEVERAGEISLARGERFORMAJORITYPEBACKEDBUYOUTSTHESERESULTSSUPPORTTHENOTIONTHATPEFIRMSHELPBUYOUTCOMPANIESDEVELOPAMBIDEXTROUSORGANIZATIONALCHANGEIESIMULTANEOUSLYDEVELOPENTREPRENEURIALANDADMINISTRATIVEMANAGEMENTPRACTICESTHEFINDINGSHAVEIMPORTANTIMPLICATIONSFORPRACTITIONERSANDPOLICYMAKERSKEYWORDSPRIVATEEQUITY,ENTREPRENEURSHIP,BUYOUT1INTRODUCTIONTHEINTERNATIONALSURGEOFPRIVATEEQUITYPEMARKETSDURINGTHEFIRSTDECADEOFTHISCENTURYHASBEENACCOMPANIEDBYAPUBLICDEBATEABOUTTHEIREFFECTS,BOTHPOSITIVEANDNEGATIVEFINANCIALSERVICESAUTHORITY2006PSEGROUPINEUROPEANPARLIAMENT2007PEFIRMSHAVEBEENPRESENTED,VARIOUSLY,ASDRIVERSOFMOREEFFICIENTUSEOFORGANIZATIONALRESOURCES,BUTALSOASASSETSTRIPPERSWITHADVERSECONSEQUENCESFOREMPLOYEESANDOTHERSTAKEHOLDERSTHATDIMINISHCHANCESFORENTREPRENEURIALGROWTHOFTHEFIRMTHESECONCERNSGIVERISETOTHENEEDTOEVALUATETHEIMPACTOFPEGOVERNANCEONORGANIZATIONS,RELEVANTSTAKEHOLDERS,ANDSOCIETYASAWHOLEAMANAGEMENTBUYOUTMBOUSUALLYINVOLVESTHEACQUISITIONOFADIVESTEDDIVISIONORSUBSIDIARYOROFAPRIVATEFAMILYOWNEDFIRMBYANEWCOMPANYINWHICHTHEEXISTINGMANAGEMENTTAKESASUBSTANTIALPROPORTIONOFTHEEQUITYWITHSUBSTANTIALFUNDINGPROVIDEDBYBANKSPEFIRMSINVOLVEDINMBOSSEEKTOACHIEVERETURNSONTHEIRINVESTMENTTHROUGHSIGNIFICANTEQUITYOWNERSHIP,FINANCIALLEVERAGE,ANDSTRATEGICANDOPERATIONALMONITORINGANDCONTROLOFTHECOMPANIESINTHEIRINVESTMENTPORTFOLIOWRIGHTANDBRUINING2008PEFIRMSCANBEACTIVEINVESTORSTHROUGHTAKINGBOARDSEATSANDSPECIFYINGCONTRACTUALRESTRICTIONSONTHEBEHAVIOROFMANAGEMENTWHICHINCLUDEDETAILEDREPORTINGREQUIREMENTSALTHOUGHRECENTATTENTIONHASFOCUSEDUPONPEBACKEDBUYOUTS,NOTALLMBOSAREPEBACKEDFURTHER,INSOMEDEALSPEFIRMSHOLDMAJORITYPOSITIONS,GIVINGTHEMSCOPEFOREXPOSTCONTRACTINGINFLUENCEONTHESTRATEGICPOLICIESOFPORTFOLIOCOMPANIESCOTTERANDPECK2001,WHILEINOTHERS,ESPECIALLYFORMERDIVISIONSANDFAMILYOWNEDFIRMS,THEYMAYHAVEALESSACTIVEROLEANDTAKEMINORITYEQUITYPOSITIONSDESPITETHERHETORICOFRECENTPUBLICDEBATE,WECANDISTINGUISHBETWEENTWODISTINCTPEENTREPRENEURIALMANAGEMENTISASETOFOPPORTUNITYBASEDMANAGEMENTPRACTICESCOVERINGACONTINUUMOFFIRMBEHAVIORTHATCANHELPORGANIZATIONSREMAINVITALANDCONTRIBUTETOFIRMANDSOCIETALLEVELVALUECREATIONANDCOMPETITIVENESSSTEVENSONANDGUMPERT1985ATONEENDOFTHECONTINUUM,ENTREPRENEURIALMANAGEMENTISANOUTWARDOPPORTUNITYSEEKINGAPPROACHTOMANAGEMENTWITHOUTREGARDTORESOURCESCURRENTLYCONTROLLEDATTHEOTHEREND,ADMINISTRATIVEMANAGEMENTISAMOREINWARDORIENTEDMANAGEMENTAPPROACHTOWARDRESOURCESANDCOMPETCOMPETENCIESARECURRENTLYCONTROLLEDTABLE1THESIXDIMENSIONSOFTHISMODELARESTRATEGICORIENTATION,RESOURCEORIENTATION,MANAGEMENTSTRUCTURE,REWARDPHILOSOPHY,GROWTHORIENTATION,ANDENTREPRENEURIALCULTUREBROWNETAL2001CHANGESINENTREPRENEURIALMANAGEMENTAREARESULTOFCHANGESINONEORMOREDIMENSIONSOFTHISMODELTABLE1STEVENSON’SCONCEPTUALIZATIONOFENTREPRENEURIALMANAGEMENTBROWNETAL2001ENTREPRENEURIALFOCUSCONCEPTUALDIMENSIONSADMINISTRATIVEFOCUSDRIVENBYPERCEPTIONOFOPPORTUNITYMANYSTAGESWITHMINIMUMEXPOSUREATEACHSTAGESTRATEGICORIENTATIONDRIVENBYCONTROLLEDRESOURCESASINGLESTAGEWITHCOMPLETECOMMITMENTOUTOFDECISIONEPISODICUSEORRENTOFREQUIREDRESOURCESRESOURCEORIENTATIONOWNERSHIPOREMPLOYMENTOFREQUIREDRESOURCESFLAT,WITHMULTIPLEINFORMALNETWORKSMANAGEMENTSTRUCTUREHIERARCHYBASEDONVALUECREATIONREWARDPHILOSOPHYBASEDONRESPONSIBILITYANDSENIORITYRAPIDGROWTHISTOPPRIORITYRISKACCEPTEDTOACHIEVEGROWTHGROWTHORIENTATIONSAFE,SLOW,STEADYPROMOTINGBROADSEARCHFOROPPORTUNITIESENTREPRENEURIALCULTUREOPPORTUNITYSEARCHRESTRICTEDBYRESOURCESCONTROLLEDFAILUREPUNISHEDANORGANIZATIONCANLEANTOWARDEITHERADMINISTRATIVEORENTREPRENEURIALMANAGEMENTWECHOOSETHEENTREPRENEURIALMANAGEMENTMODELBECAUSEWEBELIEVETHATTHESIXDIMENSIONSOFTHEMODELAREAPPROPRIATETOCOVERCONCEPTUALLYTHEEXPECTEDCHANGESFOLLOWINGABUYOUTTHERENEWEDOWNERSHIPSTRUCTUREANDTHEINCREASEDLEVERAGEOFTHEBUYOUTFIRMCANLEADTOCHANGESINTHEWAYTHECOMPANYISLEDBYMANAGEMENTROBBIEANDWRIGHT1996,ORTOCHANGESINITSSTRATEGICANDGROWTHORIENTATIONPHANANDHILL1995,ITSORGANIZATIONALCULTUREGREEN1992,ANDTHEALLOCATIONOFRESOURCESANDCHOICEOFINCENTIVESREID1996ESPECIALLYINDIVISIONALBUYOUTS,THESTRATEGICORIENTATIONSOFMANAGERSAREINITIALLYMOTIVATEDBYTHEMARKETOPPORTUNITIESTHEYSEEINTHE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簡介：ANAGENCYTHEORETICANALYSISOFVALUECREATIONTHROUGHMANAGEMENTBUYOUTSOFFAMILYFIRMSJAMESJCHRISMANA,B,,JESSHCHUAC,G,1,LLOYDPSTEIERD,2,MIKEWRIGHTE,F,3,D’LISANMCKEEA,4AMISSISSIPPISTATEUNIVERSITY,MS397629581,UNITEDSTATESBCENTREFORENTREPRENEURSHIPANDFAMILYENTERPRISE,UNIVERSITYOFALBERTA,EDMONTON,ALBERTA,CANADACHASKAYNESCHOOLOFBUSINESS,UNIVERSITYOFCALGARY,CALGARY,ALBERTAT2N1N4,CANADADUNIVERSITYOFALBERTASCHOOLOFBUSINESS,EDMONTON,ALBERTAT6G2R6,CANADAECENTREFORMANAGEMENTBUYOUTRESEARCH,IMPERIALCOLLEGE,LONDONSW72AZ,UKFUNIVERSITYOFGHENT,BELGIUMGZHEJIANGUNIVERSITY,CHINA1INTRODUCTIONFAMILYFIRMSACCOUNTFORTHEMAJORITYOFFIRMSAROUNDTHEWORLDLAPORTA,LO′PEZDESILANES,SHLEIFER,MORCKCHUA,CHRISMAN,LIM,LUBATKIN,SCHOLES,WRIGHT,WESTHEAD,BURROWS,MCCONAUGHY,MATTHEWS,BUTBOUNDEDRATIONALITYMAKESITIMPOSSIBLEFORTHECONTRACTINGPARTIESTOEXECUTECOMPLETECONTACTSTHATANTICIPATEANDREGULATEEVERYPOTENTIALSITUATIONTHATMAYARISEOVERTHEDURATIONOFTHECONTRACTKAPLANOTHERWISE,THEPRINCIPALCOULDTHEORETICALLYPREVENTORPUNISHVALUEAPPROPRIATINGBEHAVIORBYTHEAGENTAGENCYPROBLEMSBETWEENOWNERSANDMANAGERSHAVERECEIVEDTHEMOSTATTENTIONINTHELITERATUREEISENHARDT,1989,BUTTHOSEARISINGBETWEENBORROWERSANDLENDERSMYERS,1977SMITHVILLALONGAUSINGFIRMRESOURCESTOPURSUETHEMANAGERS’PERSONALAGENDASORCONSUMPTIONOFPERKSEGJENSENMILBOURN,SHOCKLEY,SMITHMORCKETAL,1988MORCKSCHULZEETAL,2003OWNEROPPORTUNISMOCCURSBECAUSEDESPITEITSNEGATIVEINFLUENCEONFIRMVALUE,THECOSTSARESHAREDBYOTHEROWNERSWHILETHEBENEFITSFLOWMAINLYTOTHECONTROLLINGOWNERSJENSENCHUA,CHRISMAN,WRIGHTCHILDCHUAETAL,1999LIKEWISE,WEDONOTCONSIDERSITUATIONSWHEREANONFAMILYCEOPRESIDESOVERACADREOFFAMILYMANAGERSORWHERETHESOLEFAMILYOWNERANDFAMILYCEOAREDIFFERENTPEOPLEBECAUSETHESEAREUSUALLYTEMPORARYARRANGEMENTSDESIGNEDTOALLOW,RESPECTIVELY,TIMEFORFAMILYSUCCESSORSTOOBTAINTHEEXPERIENCELEEETAL,2003ORFINANCIALRESOURCESNEEDEDFORTHETRANSITIONBOTHARETHEREFOREMUCHLESSLIKELYTOLEADTOANMBOTHANTHECONFIGURATIONSWEDEPICTINTABLE1FINALLY,MBOSBYFAMILYMANAGERSAREALSOPOSSIBLEHOWEVER,THERESULTINGFIRMWOULDSTILLBEFAMILYOWNEDANDMANAGED,ALTHOUGHBYADIFFERENTCOALITIONOFMEMBERSOFTHESAMEFAMILYSINCEWEAREINTERESTEDINMBOSTHATTRANSFORMFAMILYFIRMSINTONONFAMILYFIRMS,WEDONOTDEALWITHSITUATIONSTHATINVOLVEINTRAFAMILYMBOSJJCHRISMANETAL/JOURNALOFFAMILYBUSINESSSTRATEGY32012197–206199

簡介：字?jǐn)?shù)英文字?jǐn)?shù)英文32383238單詞，單詞，1826018260字符；中文字符；中文58725872漢字漢字出處出處RENAULTRENAULTBY,Y,AGUMBAAGUMBAJN,N,BALOGUNBALOGUNOAADRIVERSDRIVERSFORFORANDANDOBSTACLESOBSTACLESTOTOENTERPRISEENTERPRISERISKRISKMANAGEMENTMANAGEMENTININCONSTRUCTIONCONSTRUCTIONFIRMSFIRMSALITERATURELITERATUREREVIEWJREVIEWJPROCEDIAPROCEDIAENGINEERING,ENGINEERING,2016,2016,164164402408402408外文文獻(xiàn)外文文獻(xiàn)DRIVERSFORANDOBSTACLESTOENTERPRISERISKMANAGEMENTINCONSTRUCTIONFIRMSALITERATUREREVIEWABSTRACTREGARDLESSOFTHEINCREASEDNUMBEROFSTUDIESONRISKMANAGEMENTRMINVARIOUSFIRMS,LIMITEDSTUDIESHAVESTRIVEDTOREVEALTHECOMPONENTSDRIVINGANDOBSTRUCTINGENTERPRISERISKMANAGEMENTERMIMPLEMENTATIONINCONSTRUCTIONFIRMSTHESEFIRMSARECONSTANTLYEXPOSEDTOBUSINESSRISKS,THUSREQUIRINGANINTEGRATED,FOCUSEDRMAPPROACHTOMANAGINGRISKSONANENTERPRISEBASISDEFINEDASERMHENCE,THISSTUDYAIMSTOINVESTIGATETHEDRIVERSFORANDOBSTACLESTOERMIMPLEMENTATIONINCONSTRUCTIONFIRMSTHEWORKMETHODOLOGYINCLUDEDALITERATURESEARCHRELATINGTOERMTHEREVIEWSPANNEDADECADEANDLUSTRUMBETWEENJANUARY2000ANDDECEMBER2015ANDWASBASEDONACOMBINATIONKEYWORDSEARCHINTHREEDATABASESNAMELYSCIENCEDIRECT,TAYLORANDFRANCISONLINE,ANDEMERALDFIFTEENDRIVERSANDTHIRTYFOUROBSTACLESWEREIDENTIFIEDTHESTUDYREVEALEDTHATPROPERERMREQUIRESTHEBOARDANDSENIORMANAGEMENTTOENSURETHATALLPOTENTIALTHREATSTOERMARETAKENINTOACCOUNTTHEYSHOULDALSOCHECKTHEEFFICIENCYOFTHEMEASURESADOPTEDATTHEENTERPRISELEVEL,DOCUMENTONTHEOUTCOMESANDREVIEWTHEASSESSMENTREGULARLYTOKEEPITUPDATEDCONSTRUCTIONFIRMSCANUSETHEDRIVERSANDOBSTACLESREVEALEDINTHISTREATISETOPREPARETHEIRCUSTOMIZEDLISTOFDRIVERSANDOBSTACLESTHISSTUDYCONTRIBUTESTOGLOBALKNOWLEDGERELATINGTOERMANDALLOWSMANAGEMENTTOOVERCOMETHECHALLENGESPOSEDBYTHESIGNIFICANTOBSTACLESBYBEASLEYETAL,ITWASFOUNDTHAT46PERCENTOFTHEGLOBALRESPONDENTSHADAFORMALERMPROCESSWHILEONLY11PERCENTOFAMERICANRESPONDENTSPOSSESSEDACOMPLETEERMPROCESSSIMILARLY,ZHAOETALSTUDIESSHOWEDTHATNONEOFTHECHINESECONSTRUCTIONFIRMSHADHIGHLEVELERMIMPLEMENTATION,HENCEMAKINGITESSENTIALTOINVESTIGATETHEOBSTACLESCONFRONTEDBYTHESEFIRMSTHEREFORE,THISSTUDYAIMSTOIDENTITYVIAADESKTOPLITERATUREREVIEWDRIVERSANDOBSTACLESTOERMIMPLEMENTATIONANUNDERSTANDINGOFTHEDRIVERSFORERMIMPLEMENTATIONENABLESTHEMANAGEMENTTOACQUIRENECESSARYSUPPORTFORTHEERMPROGRAMANDREINFORCETHEPOSITIVEINFLUENCEOFTHEDRIVERSTHEIDENTIFICATIONOFTHEOBSTACLESENABLESTHEMANAGEMENTTOBECLEARABOUTTHECHALLENGESENCOUNTEREDBYTHEERMPROGRAMANDTAKECORRECTIVEACTIONSTOREDUCETHEIRUNDESIRABLEEFFECTANDOVERWHELMTHEMFURTHERMORE,THEDRIVERSANDOBSTACLESREVEALEDINTHISTREATISECANBEUSEDASABASEFORFUTURERESEARCHRELATINGTOERMINCONSTRUCTIONFIRMSHENCE,THISSTUDYSIGNIFICANTLYCONTRIBUTESTOGLOBALKNOWLEDGERELATINGTOERMANDALLOWSTHEMANAGEMENTTOOVERCOMETHECHALLENGESPOSEDBYTHESIGNIFICANTOBSTACLESTHEFOLLOWINGDISCUSSESTHEDRIVERSFORERMANDOBSTACLESAFFECTINGTHEADOPTIONORIMPLEMENTATIONOFERMIDENTIFIEDBYLITERATURESOMEADVOCATEDSOLUTIONSTOTHEOBSTACLESOFERMIMPLEMENTATIONAREALSOSUGGESTEDFOLLOWEDBYMETHODOLOGICALAPPROACHADOPTEDANDDISCUSSIONSOFTHEFINDINGSANDIMPLICATIONSOFTHESTUDYTHEFINALSECTIONCONCLUDESTHESTUDY2LITERATUREREVIEWSOMESTUDIESHAVEREPORTEDTHEDRIVERSFORANDOBSTACLESAFFECTINGTHEADOPTIONANDIMPLEMENTATIONOFERMINSEVERALINDUSTRIES,INCLUDINGTHECIINTHISSTUDY,THIRTYONEQUANTITATIVEANDMIXEDMETHODAPPROACHESWEREREVIEWEDANDRELEVANTFORTHISPARTICULARSTUDYTHEPAPERSARETABULATEDINTABLE1ANDTABLE221DRIVERSFORERMIMPLEMENTATION

簡介：字?jǐn)?shù)英文字?jǐn)?shù)英文32383238單詞，單詞，1826018260字符；中文字符；中文58725872漢字漢字出處出處RENAULTRENAULTBY,Y,AGUMBAAGUMBAJN,N,BALOGUNBALOGUNOAADRIVERSDRIVERSFORFORANDANDOBSTACLESOBSTACLESTOTOENTERPRISEENTERPRISERISKRISKMANAGEMENTMANAGEMENTININCONSTRUCTIONCONSTRUCTIONFIRMSFIRMSALITERATURELITERATUREREVIEWJREVIEWJPROCEDIAPROCEDIAENGINEERING,ENGINEERING,2016,2016,164164402408402408外文文獻(xiàn)外文文獻(xiàn)DRIVERSFORANDOBSTACLESTOENTERPRISERISKMANAGEMENTINCONSTRUCTIONFIRMSALITERATUREREVIEWABSTRACTREGARDLESSOFTHEINCREASEDNUMBEROFSTUDIESONRISKMANAGEMENTRMINVARIOUSFIRMS,LIMITEDSTUDIESHAVESTRIVEDTOREVEALTHECOMPONENTSDRIVINGANDOBSTRUCTINGENTERPRISERISKMANAGEMENTERMIMPLEMENTATIONINCONSTRUCTIONFIRMSTHESEFIRMSARECONSTANTLYEXPOSEDTOBUSINESSRISKS,THUSREQUIRINGANINTEGRATED,FOCUSEDRMAPPROACHTOMANAGINGRISKSONANENTERPRISEBASISDEFINEDASERMHENCE,THISSTUDYAIMSTOINVESTIGATETHEDRIVERSFORANDOBSTACLESTOERMIMPLEMENTATIONINCONSTRUCTIONFIRMSTHEWORKMETHODOLOGYINCLUDEDALITERATURESEARCHRELATINGTOERMTHEREVIEWSPANNEDADECADEANDLUSTRUMBETWEENJANUARY2000ANDDECEMBER2015ANDWASBASEDONACOMBINATIONKEYWORDSEARCHINTHREEDATABASESNAMELYSCIENCEDIRECT,TAYLORANDFRANCISONLINE,ANDEMERALDFIFTEENDRIVERSANDTHIRTYFOUROBSTACLESWEREIDENTIFIEDTHESTUDYREVEALEDTHATPROPERERMREQUIRESTHEBOARDANDSENIORMANAGEMENTTOENSURETHATALLPOTENTIALTHREATSTOERMARETAKENINTOACCOUNTTHEYSHOULDALSOCHECKTHEEFFICIENCYOFTHEMEASURESADOPTEDATTHEENTERPRISELEVEL,DOCUMENTONTHEOUTCOMESANDREVIEWTHEASSESSMENTREGULARLYTOKEEPITUPDATEDCONSTRUCTIONFIRMSCANUSETHEDRIVERSANDOBSTACLESREVEALEDINTHISTREATISETOPREPARETHEIRCUSTOMIZEDLISTOFDRIVERSANDOBSTACLESTHISSTUDYCONTRIBUTESTOGLOBALKNOWLEDGERELATINGTOERMANDALLOWSMANAGEMENTTOOVERCOMETHECHALLENGESPOSEDBYTHESIGNIFICANTOBSTACLESBYBEASLEYETAL,ITWASFOUNDTHAT46PERCENTOFTHEGLOBALRESPONDENTSHADAFORMALERMPROCESSWHILEONLY11PERCENTOFAMERICANRESPONDENTSPOSSESSEDACOMPLETEERMPROCESSSIMILARLY,ZHAOETALSTUDIESSHOWEDTHATNONEOFTHECHINESECONSTRUCTIONFIRMSHADHIGHLEVELERMIMPLEMENTATION,HENCEMAKINGITESSENTIALTOINVESTIGATETHEOBSTACLESCONFRONTEDBYTHESEFIRMSTHEREFORE,THISSTUDYAIMSTOIDENTITYVIAADESKTOPLITERATUREREVIEWDRIVERSANDOBSTACLESTOERMIMPLEMENTATIONANUNDERSTANDINGOFTHEDRIVERSFORERMIMPLEMENTATIONENABLESTHEMANAGEMENTTOACQUIRENECESSARYSUPPORTFORTHEERMPROGRAMANDREINFORCETHEPOSITIVEINFLUENCEOFTHEDRIVERSTHEIDENTIFICATIONOFTHEOBSTACLESENABLESTHEMANAGEMENTTOBECLEARABOUTTHECHALLENGESENCOUNTEREDBYTHEERMPROGRAMANDTAKECORRECTIVEACTIONSTOREDUCETHEIRUNDESIRABLEEFFECTANDOVERWHELMTHEMFURTHERMORE,THEDRIVERSANDOBSTACLESREVEALEDINTHISTREATISECANBEUSEDASABASEFORFUTURERESEARCHRELATINGTOERMINCONSTRUCTIONFIRMSHENCE,THISSTUDYSIGNIFICANTLYCONTRIBUTESTOGLOBALKNOWLEDGERELATINGTOERMANDALLOWSTHEMANAGEMENTTOOVERCOMETHECHALLENGESPOSEDBYTHESIGNIFICANTOBSTACLESTHEFOLLOWINGDISCUSSESTHEDRIVERSFORERMANDOBSTACLESAFFECTINGTHEADOPTIONORIMPLEMENTATIONOFERMIDENTIFIEDBYLITERATURESOMEADVOCATEDSOLUTIONSTOTHEOBSTACLESOFERMIMPLEMENTATIONAREALSOSUGGESTEDFOLLOWEDBYMETHODOLOGICALAPPROACHADOPTEDANDDISCUSSIONSOFTHEFINDINGSANDIMPLICATIONSOFTHESTUDYTHEFINALSECTIONCONCLUDESTHESTUDY2LITERATUREREVIEWSOMESTUDIESHAVEREPORTEDTHEDRIVERSFORANDOBSTACLESAFFECTINGTHEADOPTIONANDIMPLEMENTATIONOFERMINSEVERALINDUSTRIES,INCLUDINGTHECIINTHISSTUDY,THIRTYONEQUANTITATIVEANDMIXEDMETHODAPPROACHESWEREREVIEWEDANDRELEVANTFORTHISPARTICULARSTUDYTHEPAPERSARETABULATEDINTABLE1ANDTABLE221DRIVERSFORERMIMPLEMENTATION

簡介：3300英文單詞，英文單詞，18500英文字符，中文英文字符，中文5800字文獻(xiàn)出處文獻(xiàn)出處TRIZNOVAM,MA?OVAH,DVORACEKJ,ETALCUSTOMERRELATIONSHIPMANAGEMENTBASEDONEMPLOYEESANDCORPORATECULTUREJPROCEDIAECONOMICSANDFINANCE,2015,26953959CUSTOMERRELATIONSHIPMANAGEMENTBASEDONEMPLOYEESANDCORPORATECULTUREMIROSLAVATRIZNOVA,HANAMA?OVA,JANDVORACEK,SARAHSADEKABSTRACTTHISPAPERPROVIDESTHEOVERVIEWONCUSTOMERRELATIONSHIPMANAGEMENTTHATISSTRONGLYINFLUENCEDBYCORPORATECULTURE,CORPORATEIDENTITYANDEMPLOYEESDIFFERENTTHEORETICALAPPROACHESTOCRMAREINCLUDEDINTHEFIRSTPARTOFTHEPAPERSECONDPARTOFTHEPAPERPRESENTSTHERESULTSOFRESEARCHBASEDONDELPHIMETHOD,WHICHWASAIMEDATFINDINGACTUALCRMDEFINITIONANDCUSTOMERSCHARACTERISTICSINTHEFUTURETHIRDPARTOFTHEPAPERPRESENTSFOURMAINAREASCOMPANYSHOULDFOCUSONWHENENGAGINGCUSTOMERSITAIMSONPEOPLEANDCORPORATECULTUREWHICHISONEOFTHEFOURAREAS,WHENBUILDINGCUSTOMEREXPERIENCEWITHCOMPANYKEYWORDSCUSTOMERRELATIONSHIPMANAGEMENTCRMCUSTOMERCHARACTERISTICSCORPORATECULTURECORPORATEIDENTITY1CURRENTVIEWSONCRMTHEREISNOEXACTCRMDEFINITION,BECAUSECRMISPERCEIVEDDIFFERENTLYAMONGCOMPANIESANDEXPERTSSOMEAUTHORSDEFINECRMASTECHNOLOGY,OTHERSASDATAMININGPROCESSFIRTH2006AND,LAGER2008CONSIDERCRMFORTECHNOLOGYTHISTECHNOLOGYSHOULDENABLEACOMPANYTOSELLMOREEFFECTIVELYTAN,YEN,FANG,2002OTHERSCONNECTCRMWITHDATAMANAGEMENTPROCESSES,WHICHLEADINTOHIGHERCOMPANYPROFITABILITYANDBETTERRELATIONSHIPSWITHCUSTOMERSBERSON,2000JOHNSTONANDCLARK,2008OTHERAUTHORSSEECRMASAPROCESSTHATHELPSTOREACHTHEHIGHESTPOSSIBLEPROFITONBOTHSIDESCARACHOVA,2004CHLEBOVSKY,2005KOTLERANDKELLER,2007MEANWHILEBERSON2000,CHLEBOVSKY2005,JOHNSTON2008,KOTLERANDKELLER2007CHARACTERISECRMASAPROCESS,WHICHISAIMEDATECONOMICALPROFITONBOTHSIDES,BUTTLE2010,GREENBERG2010,PAYNE2007,BOKOROVA2003,CROTEAUANDLI2003,PANANDLEE2003,SEYBOLD2002DEFINECRMASSTRATEGICAPPROACHTOTHECUSTOMER,WHICHINTEGRATESALLPROCESSESINTHECOMPANYINORDERTOCREATEVALUEFORCUSTOMERANDCOMPANYSOTHECRMISPERCEIVEDASTHETECHNOLOGYCONNECTEDWITHDATA,WHICHENABLESHIGHERPROFITS,ORASSTRATEGICAPPROACHTHATBRINGSVALUERELATIONSHIPBETWEENCOMPANYANDCUSTOMERCANBESEENDIFFERENTLYACCORDINGTOBUTTLE2010ANDLEHTINEN2007,THEREAREFIVE“MAIN”CRMSCHOOLS”FIRSTOFTHEMISROOTEDINB2BMARKETINGINTHEUSAANDTHISSCHOOLBELIEVESTHATRELATIONSHIPISBUILTBYTHREEMAINAREASCONNECTIONS,SOURCESANDHUMANINTERACTIONTHESECOND–NORDICSCHOOLEMPHASIZESONHUMANELEMENTOFTHERELATIONSHIPLIKEINTERACTION,DIALOGANDVALUETHETHIRDONEISANGLOAUSTRALIANSCHOOLSEESRELATIONSHIPSASALLCONNECTIONSTHATCOMPANYHASWITHITSENVIRONMENTTHENEXTONE,ASIANSCHOOLBELIEVESINGOODPERSONALCONTACTSNORTHAMERICANSCHOOLBELIEVESTHATALLRELATIONSHIPSWITHCUSTOMERSAREBASEDONTRUSTANDOPENCOMMUNICATIONTHATBRINGSVALUETOCOMPANYBUTTLE,2010LEHTINEN,2007THECRMINTHECOMPANYSHOULDBESUPPORTEDBYDIFFERENTWELLRUNNINGPARTSOFTHECOMPANYBERSON2002,DOHNAL2002,PEELEN2005,TORGGLER2008,BUTTLE2010BELIEVETHATCOMPANY’SCRMSHOULDBESUPPORTEDBYTHREEMAINPARTSOPERATIONAL,ANALYTICALANDCURRENTCHANGESINCUSTOMERCHARACTERISTICCONSENSUSCUSTOMERSBECOMEMOREACTIVEINBARGAININGANDTAKEPRIDEINNEGOTIATINGTHEPRICEANDCONDITIONS,ALONEORTOGETHERWITHOTHERS100100CUSTOMERSAREMOREUNSTABLELESSLOYAL100100CUSTOMERSAREADOPTINGANDADAPTINGTOSOCIALANDMOBILETECHNOLOGIESINANACCELERATINGRATE100100CUSTOMERSAREMOREINFORMEDABOUTCOMPETITORS,ITSPRICESANDPRODUCTS83100CUSTOMERSAREMOREDEMANDINGREGARDINGONQUALITYOFPRODUCTANDSERVICE83100CUSTOMERSAREMORERESISTANTTOOFFERSANDADDSDUETOHIGHERAMOUNTOFCOMMERCIALINFORMATIONTHEYRECEIVE83100CUSTOMERSEXPECTARESPONSEINMUCHSHORTERTIMEFRAMESFROMTHECOMPANY83100CUSTOMERSAREBECOMINGMEMBERSOFSOCIALGROUPSANDCOMMUNITIES83100CUSTOMERSRELYMOREONINFORMATIONPUBLISHEDBYTHEIRPEERSWITHNOCOMMERCIALINTERESTINTHEINFORMATION8383CUSTOMERSAREMORECONFIDENT/THEYHAVEMOREPOWERFULVOICETHEYBECOMEACTIVEPUBLISHERS6783CUSTOMERSTRUSTTHEIRPEERSWHENITCOMESTOOPINIONSABOUTABRAND,MORETHANTHEYTRUSTTHEBRAND6783CUSTOMERSDON’TTRUSTCORPORATEADVERTISINGASMUCHASTHEYUSEDTO6783THERESULTSSHOWNTHATTHEREARE3TOPCUSTOMERS’CHARACTERISTICSTHATHAVEBEENACCEPTEDBYTHEEXPERTGROUPANDTHESECOULDBEDEFINEDASFLEXIBILITYANDSELFCONFIDENCEOFTHECUSTOMERCUSTOMERSAREBECOMINGMOREFLEXIBLE,DUETOTECHNOLOGIESAREABLETOBARGAINANDSEARCHFORNEWINFORMATIONSOTHECUSTOMERSAREBECOMINGLESSLOYALANDMOREDEMANDING100CONSENSUSTHERESULTSSHOWN,THATCUSTOMERSNOWADAYSSHOULDBECHARACTERIZEDASONESWHOLESSTRUSTCORPORATEBRANDSTHETYPEOFTRUSTITRUST“APERSONLIKEME“ISRISINGANDTHEYAREBECOMINGACTIVEPUBLISHERS83CONSENSUSACCORDINGTORESULTS,CUSTOMERSINNEXTFIVEYEARSWILLHAVESTRONGIMPACTONNEWTHETECHNOLOGIESWHICHWILLAFFECTCUSTOMERCHARACTERISTICCUSTOMERSWILLBEPROBABLYMORESOCIALIZINGANDMORECOLLABORATINGWITHCOMPANIESINCREATINGPRODUCTS,SERVICESANDCUSTOMEREXPERIENCESTHEYWANTCUSTOMERSWILLBESEARCHINGFORCOMPANIESTHEYARECOMFORTABLEWITH,BUTTHEYWILLCONTINUETOHAVEHIGHEXPECTATIONSOFSERVICEEXPERIENCE100CONSENSUSCUSTOMERSWILLBEMORELIKELYINTERESTEDINDEPTHOFTHEPRODUCTRATHERTHANINLENGTHOFTHEPRODUCT,WHENSEARCHINGFORPRODUCTSTHEYPREFERDUETOTOOMANYOFFERSANDRISINGSATURATIONOFINFORMATION,CUSTOMERSWILLBECOMEMOREAPATHETICANDTHATCANLEADINTOSHORTTERMANDIMPULSIVEDECISIONS83CONSENSUSITWILLBEPROBABLYHARDERTODEVELOPLONGLASTINGRELATIONSHIPSWITHYOUNGERCUSTOMERSWHO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