By Klaus Spremann (auth.), Guido Eilenberger, Sascha Haghani, Alfred Kötzle, Kurt Reding, Klaus Spremann (eds.)
Strategic company finance? This seems like a paradox at the beginning. finally, company finance capacity responding to the monetary markets. process, however, goals to alter and form the surroundings within the long-term. in recent years, although, an increasing number of managers and traders seem to be breaking the legislation of the capital industry. while, organizations are getting to know new how you can not only react to the capital markets, yet to actively form them. The authors exhibit that those violations will not be remoted occurrences, yet a part of a paradigm shift. If businesses are looking to remain profitable in altering markets, they must take a strategic method of company finance. The authors use functional examples to illustrate how this is completed. This publication is meant not just for company finance specialists, but additionally for college students attracted to the newest advancements at the monetary markets.
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Extra info for Current Challenges for Corporate Finance: A Strategic Perspective
Example text
The principle of fair and equal treatment constitutes the biggest strategic challenge to corporate communication. Companies cannot communicate selectively and exclusively with certain target groups. They can only make the basic decision to communicate certain content or not. Once such a decision is made, it is valid for all target groups. At first glance, it may appear tempting to present oneself to the capital market as a flourishing company with huge cashflow surpluses while painting a more cashstrapped picture to employees and suppliers in order to negotiate more favorable contractual terms.
In many areas of investment, such as research and development, risks are accepted as normal. With collaborative ventures, this is often not the case. 38 Alfred Kötzle, Christof Meißner Unlike traditional market players, investors who favor strategic corporate finance specifically back collaborative investments that have a long-term perspective. They consciously shoulder risks because they are sure that their investments will one day pay off. They approach markets enthusiastically and optimistically, crafting business models from which conventional investors shy away.
Or are rivals so powerful that the company itself has to lead the chase and try to catch up? In other words, does the company need to act or to react? In a study of the expansion strategies adopted by 20 leading US groups, ROBERT N. PALTER and DEV SRINIVASAN17 found that those firms that acted the most aggressively were the most successful. None of the companies whose collaborative ventures succeeded got together to pursue a defensive strategy. On the contrary, companies that engage in successful cooperation clearly believe that such activities only make sense if they can actively and aggressively improve their market position as a result.