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on Project, Program and Portfolio Management |
| By: | Elliot Lipnowski (University of Chicago); Joao Ramos (USC _ Marshall) |
| Abstract: | We study an ongoing relationship of delegated decision making. Facing a stream of projects to potentially finance, a principal must rely on an agent to assess the returns of different opportunities; the agent has lower standards, wishing to adopt every project. In equilibrium, the principal allows bad projects in the future to reward fiscal restraint by the agent today, but she cannot commit to reward the agent indefinitely. We fully characterize the equilibrium payoff set (at fixed discounting), showing that Pareto optimal equilibria can be implemented via a two-regime ‘Dynamic Capital Budget’. We show that, rather than backloaded rewards—a prevalent feature of dynamic agency models with greater commitment power—our Pareto optimal equilibria feature an inevitable loss of autonomy for the agent as time progresses. This transition toward conservatism speaks to the life cycle of an organization: as it matures, it generates lower revenue at a higher yield. |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:red:sed018:1292&r=ppm |
| By: | Ginés de Rus; M. Pilar Socorro |
| Abstract: | This paper revises some of the common views on transport infrastructure investment and proposes alternative ways to achieve a more efficient planning, evaluation and financing of transport infrastructures in a world where planners may pursue their own interests, there exist different levels of government, and budget constraints are pervasive. We focus on the need for public planning and independent economic evaluation, and the importance of deciding the pricing scheme in the planning phase. We also discuss the institutional design and its effect on investment decisions, particularly, the financing of projects under different levels of government and its perverse consequences on infrastructure capacity choices. We use as an example the development of the HSR to serve medium-distance trips in corridors where air transport is a very close substitute. |
| Date: | 2018–08 |
| URL: | http://d.repec.org/n?u=RePEc:fda:fdaddt:2018-11&r=ppm |
| By: | Angelo Bonomi (CNR-IRCRES, National Research Council, Research Institute on Sustainable Economic Growth, via Real Collegio 30, Moncalieri (TO) – Italy) |
| Abstract: | This work describes a mathematical application of a technological model of the R&D process, presented in a previous work, with the objective to contribute to a better knowledge of relation between R&D investments and growth. The model considers R&D as an organized flux of knowledge and capitals generating new technologies and a general knowledge exploitable for further R&D activities. The mathematical model makes an oversimplification of the R&D activity considering R&D investments related to number of R&D projects carried out, and economic growth, stagnation or decline, related to the number of new technologies entering in use. The model considers the circulating knowledge in a territory in term of number of information packages generated by R&D projects and external contributions in term of scientific, technical or other knowledge. A combinatory process with all available packages gives the total number of potential innovative ideas, part of them generating R&D project proposals. The ratio between the number of R&D proposals and the total number of potential innovative ideas may be considered related to the innovative system efficiency of the territory. Proposals are selected forming the number of R&D projects effectively carried out following the adopted strategies for financing R&D projects. The number of new technologies entering in use depends on a selection rate of all R&D projects carried out, and the number of new successful technologies with high rates of return of investment depends on a selection rate of all new technologies entering in use. The study considers an application of the model consisting in the introduction of a variable number of initial R&D projects in a territory with various degrees of innovative efficiency resulting or not, after a certain time, in entering in use of new technologies and possible successful technologies. Calculations show that dependence curves, in term of number of carried out R&D projects as a function of the innovative efficiency of the territory, and following dependence of formation or not of new or successful technologies, delimit three specific areas in the diagram corresponding to development, stagnation and decline of the technological asset of the territory. The results of calculations of the model show how complex is the relation between R&D investments and economic growth, characterized by absence or weak growth at level of R&D investments under a critical value, and exponential growth above due to the autocatalytic effect of R&D. This discontinuity resulting by the model calculations is in contrast with assumed continuity of dependence of growth by R&D investments often considered in econometric models. |
| Keywords: | Technology innovation, Research & development, R&D model, R&D management, Socio-economic growth, Territorial development |
| JEL: | C6 O31 O32 |
| Date: | 2017–12 |
| URL: | http://d.repec.org/n?u=RePEc:csc:ircrwp:201706&r=ppm |
| By: | Barbara Bonciani (CNR-IRCRES, National Research Council, Research Institute on Sustainable Economic Growth, via Real Collegio 30, Moncalieri (TO) – Italy and Department of Civilization and Form of Knowledge, University of Pisa, Via Paoli 15, Pisa – Italy) |
| Abstract: | Remittances to developing countries exceeded $438 billions in 2015[1]. This amount is three times larger than overseas development assistance. Those flows have become an important source of money in these countries, playing a key role in the survival strategy of many people. Differently to personal remittance flows spent on household expenditures for consumption purposes, collective remittances are used for investment in social and productive projects in the villages or municipalities of origin. This paper explores the role of Hometown Associations (HTAs) as new actors in transnational funding strategies within collective remittance management. HTAs are involved in various community projects ranging from building of infrastructures to social benefits, with potential beneficial effects on the community of origin. In recent years, different subjects engaged in development issues have shown their interest in working in partnership with HTAs. The strength of the development programmes managed by HTAs derives by several factors, such as their knowledge of local needs and the capabilities of harmonizing local demand with support programmes. In spite of this, there are still some obstacles that need to be overcome to improve their full potential as agents of development. In this framework, both Governments and International organizations can play an important role in supporting HTAs to improve their organizational and technical capabilities. |
| Keywords: | Collective remittances, local development, Hometown associations, cultural identity, governance |
| JEL: | J6 J15 |
| Date: | 2018–01 |
| URL: | http://d.repec.org/n?u=RePEc:csc:ircrwp:201801&r=ppm |
| By: | Nadežda Jankelová (University of Economics in Bratislava); Andrea Jankurová (Danubius University); Martina Beňová (University of Economics in Bratislava); Zuzana Skorková (University of Economics in Bratislava) |
| Abstract: | Global economic crisis is one of the most significant environmental changes influencing all managerial functions – including entrepreneurs and organization. In this paper, we study how entrepreneurs used organization to deal with the security and sustainability issues stemming from the global economic crisis. Crisis forced managers to undertake various organizational changes that led to a sharp reduction in the number of employees and thus flat organizational structure are the trend among structures. Organization is focused more on designing. One of the newest and fastest growing business trends is the creation of networks and clusters. We conducted research on a sample of 115 foreign and domestic companies running their business in Slovak Republic. We were interested in the perception of lean management, project management and strategic alliances creation during the crisis and in nowadays. We provided an analysis of changes in span of management and managerial level reduction. To analyse the companies, we used descriptive and inductive statistical methods on the lowest possible significance level. Based on our research we found that the optimization of the organizational structure can be the way for helping business companies to overcome economic insecurity in the times of the crisis. |
| Keywords: | Slovakia,lean management,organization,entrepreneurship,economic crisis,security,organizational structure,sustainability |
| Date: | 2018–03–30 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01829654&r=ppm |
| By: | Laure-Anne Parpaleix (CGS i3 - Centre de Gestion Scientifique i3 - MINES ParisTech - École nationale supérieure des mines de Paris - PSL - PSL Research University - CNRS - Centre National de la Recherche Scientifique); Kevin Levillain (CGS i3 - Centre de Gestion Scientifique i3 - MINES ParisTech - École nationale supérieure des mines de Paris - PSL - PSL Research University - CNRS - Centre National de la Recherche Scientifique); Blanche Segrestin (CGS i3 - Centre de Gestion Scientifique i3 - MINES ParisTech - École nationale supérieure des mines de Paris - PSL - PSL Research University - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | The ability to adapt to fast-paced business change has become critical to firms' competitiveness. Thus, it requires firms to continuously innovate. Extensive research efforts have been conducted to understand the drivers behind a firm's capacity to constantly innovate. If significant advance has been made in the fields of innovation management and design theory, there is still a need for research in finance to integrate these developments. Especially in clarifying the relationship between private equity investment and corporate innovation. Thus, this paper specifically aims at exploring new investment models in private equity to support the development of firm's sustained innovation capabilities. Based on a literature review exploring the existing private equity investment practices and their potential links with innovation, we highlight the main model used by private equity. We show that this model cannot account for the two design regimes (extracted from design theories) required to support innovation capabilities. Therefore, we build a second hypothetical model that could complement the first one to do so. We then conduct an empirical study to assess whether actual private equity funds' practices reflect the use of this second hypothetical model, and if so to refine it. From a managerial point of view, this research contributes to shape new valuation approaches and post-investment strategies that better foster invested firm's innovation capabilities, among which R&D activities. |
| Date: | 2018–07–02 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01768986&r=ppm |
| By: | Julien Gourdon (OECD) |
| Abstract: | The OECD developed a taxonomy of measures affecting government procurement which provides a classification system for different GP measures, policies and procedures, which can impact cross-border government procurement. This project aims to further assist countries in assessing their procurement regimes by mapping the taxonomy against international good practices. The project maps the taxonomy against both the WTO Government Procurement Agreement and the UNCITRAL Model Law on Public Procurement (2011). It further tests this methodology with data collection in four ASEAN countries (Indonesia, Malaysia, Philippines and Viet Nam). |
| Keywords: | Asia, Government procurement, Government Procurement Agreement (GPA), international trade, public good, regulation |
| JEL: | F13 F53 H41 H57 K20 N55 |
| Date: | 2018–09–05 |
| URL: | http://d.repec.org/n?u=RePEc:oec:traaab:216-en&r=ppm |
| By: | Fährmann, Barbara; Grajewski, Regina |
| Abstract: | The paper discusses the COM proposals for the new delivery model of the CAP post 2020 against the background of evaluation results of German Rural Development Programmes (pillar 2) from several funding periods. Empirical findings from quantitative and qualitative implementation cost analyses show an urgent need for fundamental amendments in terms of a significant reduction of administrative input. This requires an appropriate and proportionate implementation framework. Some approaches in the new delivery model, such as strengthening subsidiarity, address the problems identified. Other elements seems to be essentially geared to the needs of pillar 1 (direct payments). Results orientation and the future CAP strategy plan primarily serve to legitimise direct payments under severe justification pressure. Whether the implementation efficiency of the RDP will increase (without reducing their effectiveness) is open to question. |
| Keywords: | Agricultural and Food Policy |
| Date: | 2018–04–26 |
| URL: | http://d.repec.org/n?u=RePEc:ags:eaa162:271961&r=ppm |