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on Project, Program and Portfolio Management |
| By: | Meier, Andre; Kock, Alexander |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:dar:wpaper:142863&r=ppm |
| By: | Jan Malek; Melissa Newham; Jo Seldeslachts; Reinhilde Veugelers |
| Abstract: | This paper analyzes M&A patterns of R&D projects in the antidiabetics industry. For this purpose, we construct a database with all corporate individual antidiabetics R&D projects over the period 1997 - 2017, and add detailed information on firms’ technology dimension using patent information, next to their position in product markets. This allows us to identify the identity of targets and acquirers (who), the timing of acquisitions along the R&D process (when), and which type of R&D projects changes hands in terms of technology novelty (what). The main results can be summarized as follows. First, most of the action in M&As is in early R&D stages, still far from product markets. Second, most of the early-stage projects that change hands are high-risk/high-gain novel projects. Third, the industry leaders in the product markets are rather inactive in acquiring those novel early-stage projects. The likely acquirers of such projects are small or pipeline firms. Our results put in perspective the narrative that large incumbents acquire small targets with low-risk projects close to product launch. |
| Keywords: | M&As, innovation, R&D, pharmaceutics, technology, novelty, patents |
| Date: | 2024–02–06 |
| URL: | http://d.repec.org/n?u=RePEc:ete:msiper:735739&r=ppm |
| By: | Dörrbecker, Nicola M. |
| Abstract: | The effectiveness of development cooperation (DC) is a topic of extensive debate in this policy field. Yet despite numerous review and evaluation formats designed to promote learning processes and hence enhance effectiveness, it is often impossible to document these improvements. Against this backdrop, the present paper aims to analyse the usefulness of ex-post evaluations (EPEs) by KfW Development Bank - both within KfW Development Bank and at the German Federal Ministry for Economic Cooperation and Development (BMZ), from which it receives its commissions. Research indicates that EPEs are conducted with great care. Moreover, EPEs can contribute to the legitimacy of (financial) DC, as project results are considered and presented in a structured manner. Nevertheless, the people interviewed for this study regard EPEs as (highly) subjective assessments and believe that these evaluations may under certain circumstances not be comparable with one another. Yet EPEs need to be comparable, because their overall ratings are used to calculate the success rate, which is currently around 81%. This in turn affects KfW's reporting on its performance to BMZ and to the public. The data from the interviews shows that trade-offs during the production and use of EPEs appear to limit the usefulness of this format. EPEs are designed to deliver accountability to the public and to BMZ and to promote learning within KfW. These are conflicting objectives, however, as they would each require a different approach. According to those interviewed at KfW and BMZ, EPEs are seldom read or used. Interviewees explain that EPEs are rarely relevant to people working in operational areas, as the evaluations are not published until several years after the project concerned has been completed and only occasionally contain information that is relevant to current projects. The evaluations cannot be conducted sooner, however, as otherwise they would not be able to assess the sustainability and development impact of a project. Moreover, interviews and evidence from other studies indicate that EPEs are of limited relevance to political steering at BMZ, even in aggregated form. Nonetheless, the author believes that it would not be an option to no longer conduct EPEs, as they are the only way to review the development impact and sustainability of a representative number of projects in an affordable way, thus forming the basis for delivering accountability. Reconciling the conflicting goals of learning and accountability is challenging. For the learning component, it would appear to be a good idea to make greater use of cross-sectional analyses and to establish a central support structure for all implementing organisations and BMZ with a view to compiling all the key information from the evaluations and forwarding it to both BMZ and KfW and to the partner countries in a form tailored to meet their needs. For the accountability component, transparency also needs to be enhanced by making completed evaluation reports available to the public promptly and in full. In addition to an evaluation of international research literature, this paper particularly draws on empirical interview data. A total of 13 specifically selected experts from the German DC system were interviewed. This interview data thus forms an illustrative but not representative sample. |
| Keywords: | Financial cooperation, ex-post evaluations (EPE), Kreditanstalt für Wiederaufbau (KfW), accountability, learning, learning organisation, effectiveness, impact measurement, knowledge management, steering |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:diedps:282978&r=ppm |
| By: | Sarker, Anjali |
| Abstract: | The benefits of academic-practitioner (AcPrac) collaboration in international development are well-known, yet it is difficult to collaborate effectively. Drawing on the author’s first-hand experiences of working as a practitioner and a researcher, this reflection piece discusses the nuances of AcPrac collaborations in the context of Bangladesh. The paper argues that collaborative projects are often shaped by invisible contextual factors, such as power and identity. It presents BRAC’s case in Bangladesh as a successful example of academics and practitioners working together and proposes five principles for achieving impactful collaboration. |
| JEL: | R14 J01 |
| Date: | 2024–02–07 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:121960&r=ppm |
| By: | Lötters-Viehof, Steffen; Hilbrich, Sören; Berensmann, Kathrin; Artmann, Giovanna; Ashman, Sam; Herbold, Theresa; Monti, Agnese; Paffhausen, Felix; Roigk, Stephanie; Steenkamp, Lee-Ann |
| Abstract: | To bring our economies on a path to climate neutrality, investments in carbon-intensive production processes have to stop. At the same time, we need to mobilise large amounts of capital for investments conducive to a just transition. Reforming the financial sector in a way that allows this redirection of capital flows to take place is crucial. As one element of a comprehensive sustainable finance strategy, taxonomies can potentially play a pivotal role in this regard. By providing common definitions for sustainable economic activities, these taxonomies aim to increase transparency on financial markets and help market participants to align their investment decisions with sustainability considerations. This policy brief presents policy recommendations concerning the implementation of sustainable finance taxonomies based on experiences with the South African Green Finance Taxonomy (GFT). It mainly builds on data collected in semi-structured expert interviews with different stakeholders of the GFT conducted in South Africa between February and April 2023 (Hilbrich et al., 2023). The implementation phase of the GFT has revealed multiple challenges, including a need for improved regulatory embedding and enhanced capacities on the part of potential users. This has led to a low uptake by market participants. To address these challenges, this policy brief presents four recommendations that are of relevance not only for South Africa but also for many other countries that are currently implementing a sustainable finance taxonomy: Voluntary taxonomies are insufficient to facilitate the necessary widespread uptake. Public institutions need to set a credible signal that a taxonomy will indeed become the common standard on the financial market. National regulators should issue guidance notes on taxonomy usage and consider implementing mandatory reporting rules. Regulators or stock exchanges should require issuers of green financial instruments, including green bonds, to align their project eligibility criteria with a sustainable finance taxonomy. In addition, a good coordination and a clear distribution of responsibilities among governance actors is crucial in the implementation phase. A taxonomy can only fulfil its potential if it is meaningfully integrated into an overarching sustainability strategy. Taxonomy reporting requires both capacity and expertise. Both market and governance actors need to ensure possibilities for learning and for exchanging specialised knowledge. Pilot studies can help reduce uncertainties and train practitioners on the job. A lack of bankable green projects decreases the potential of a taxonomy to redirect capital flows and reduces incentives to adopt a taxonomy. Development banks should provide risk capital and seed funding to help develop green projects. Interoperability between different taxonomies is an essential goal. The European Union (EU) should formally recognise taxonomies of other jurisdictions that meet certain standards as equivalent to the EU taxonomy (and communicate under what conditions it is willing to do so). Accordingly, assets shown to align with a particular taxonomy would be recognised as aligned with the EU taxonomy without further assessment. |
| Keywords: | Taxonomy, Sustainable Finance, Just Transition, Green Economy, Climate neutrality, Capital mobilisation, Financial sector reform, Financial market governance, Sustainability reporting, South Africa |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:idospb:283116&r=ppm |
| By: | Vincent Salaun (LEMNA - Laboratoire d'économie et de management de Nantes Atlantique - Nantes Univ - IAE Nantes - Nantes Université - Institut d'Administration des Entreprises - Nantes - Nantes Université - pôle Sociétés - Nantes Univ - Nantes Université) |
| Abstract: | Temporary organizations have been known and studied for many years, but there are still many unknowns. Since the founding writings on the subject in the 1970s, the scientific community has continued to develop knowledge and to highlight the specific characteristics of this type of structure. However, as has recently been highlighted, the transition from the state of a potential project to that of a project in progress remains particularly poorly understood. Often referred to as transitional phases, these periods of change are still poorly defined. After presenting the literature on transitional phases, the paper aims to highlight that these phases are primarily dedicated to the transfer of coordination from the strategic top to the logistic functions. The main academic contribution of the paper lies in the proposal of a conceptualisation of transitional phases around three main dimensions: the construction and mobilisation of an organisational memory, the introduction and stabilisation of managerial innovations, and the evolution of the mode of coordination of actions. From an empirical point of view, the paper is based on multiple case studies from the field of event management in the broadest sense, including sports and musical events, as well as popular festivals |
| Keywords: | Temporary Logistics, Transition, Temporary Logistics Transition Coordination Mutual Adjustment Case Study, Coordination, Mutual Adjustment, Case Study |
| Date: | 2022–05–18 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04404091&r=ppm |
| By: | Laudage, Sabine |
| Abstract: | The Base Erosion and Profit Shifting (BEPS) Project of the Organisation for Economic Co-operation and Development (OECD) and the G20 aims to reduce harmful tax avoidance and evasion by multinational enterprises (MNEs), which creates large losses in governments' revenues. In times of multiple crises, many governments urgently seek additional revenue sources to finance public expenditures for sustainable development. In particular, many low- and lower-middle-income countries have tax-to-GDP ratios of less than 15 per cent, which is insufficient to provide basic public goods such as health, education and infrastructure for their populations. This policy brief evaluates the achievements and remaining challenges of the BEPS Project to mobilise more domestic revenues, in particular in low- and middle-income countries (LMICs). After the financial crisis of 2009, the G20 mandated the OECD with the design and implementation of the BEPS Project. The goal was to identify and tackle the most pressing issues that led to the erosion of corporate tax bases in their member countries. A key issue is the phenomenon that MNEs avoid large amounts of tax by shifting their profits from affiliates in high-tax countries to affiliates in low-tax countries. In 2013, the OECD presented its 15-point agenda to tackle BEPS in OECD member states. However, global tax avoidance and profit shifting can only be effectively addressed if a large number of countries is on board. Thus, in 2016, the Project opened for non-OECD/G20 countries to join the Inclusive Framework on BEPS and the implementation process of the BEPS Action Plan. However, tax administrations of many LMICs complain about the highly complex rules designed under the BEPS Action Plan that are not adapted to their context-specific capacities and needs. Today, the Inclusive Framework on BEPS has 145 member countries, and the implementation of the BEPS Action Plan is almost finished. Preliminary academic evidence shows that the overall impact of the BEPS Project in reducing global tax avoidance and profit shifting is indeed limited. According to recent estimates, tax revenue losses due to profit shifting even increased from 9 to 10 per cent in the first years when anti-BEPS measures were implemented (see Wier & Zucman, 2022). Since there is no counterfactual world in which the BEPS Project did not take place, we can only assume that tax avoidance would have increased even more in the absence of the Project. However, the BEPS Project is still considered the biggest overhaul of global tax rules since the last century. Positive achievements include increased awareness of MNEs' profit shifting behaviour, as well as the agreement on a global minimum tax. To tackle BEPS challenges more successfully - globally and in particular in LMICs - international tax cooperation needs to become more effective in three dimensions: Inclusive decision-making process: Countries should show more political will to combat tax avoidance and stop blocking more comprehensive international tax reforms. Truly inclusive cooperation between OECD and non-OECD countries is needed. Mandatory implementation: Many BEPS Actions were voluntary standards and, thus, not many countries introduced them into their domestic tax laws. To fight BEPS effectively, more mandatory tax rules need to be included in future reform packages. Simplified rules: Several BEPS Actions were watered down and became highly complex because individual countries bargained for carve-outs. Future international tax rules need to be more ambitious and simplified in this regard. Bilateral and multilateral development cooperation agencies should provide low-income countries with capacity building and assistance in implementing tax rules. |
| Keywords: | Domestic revenue mobilisation, tax avoidance, BEPS, Inclusive Framework, tax cooperation, mutinational enterprises |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:idospb:283118&r=ppm |
| By: | Szekeres, Szabolcs |
| Abstract: | The choice of social discount rate: social time preference rate (STPR) or social opportunity cost rate (SOCR), a long-standing dilemma, is related to the choice of BCA numeraire. A numerical example examines the consequences of discount rate choices and that of using two proposed methods of reconciling their differences. The role of the Marginal Cost of Funds and the Shadow Price of Capital are considered. While it is possible to reach analogous numerical results in any numeraire using conversion factors, the choice of numeraire should depend on the objective of the BCA performed. |
| Keywords: | Social discount rate; STP discounting; SOC discounting; Descriptive discounting; Prescriptive discounting; Two-rate discounting; Shadow Price of Capital; Marginal Cost of Funds. |
| JEL: | D61 H43 |
| Date: | 2023–09–29 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:120058&r=ppm |