George S. Vozikis

Transfer of Technology to Promote Entrepreneurship in Developing Countries: An Integration and Proposed Framework

That entrepreneurship is vitally important to the economic development of a nation Is Indubitable. However, divergent approaches to promoting and fostering entrepreneurial development in the developing countries have been suggested. This paper explores the role of technology transfer to promote entrepreneurship in the LDCs. We argue that entrepreneurial development depends, among other things, on the technology content and context, mode of technology transfer, the recipient countrys level of economic development, and the absorptive capacity of local firms. Propositions and implications are offered to guide future research and practice in international entreprenuership.

Linking Corporate Entrepreneurship to Financial Theory Through Additional Value Creation

The study of corporate entrepreneurship (CE) has principally used accounting measures to gauge a firms CE activities, even though it has increasingly been recognized in entrepreneurial research that more appropriate, theory-based measures are required to provide an accurate picture of a firms CE performance. This study links corporate entrepreneurship to financial theory by advancing additional value creation (AVC) as a better measure of performance for corporate entrepreneurship activities and based on the output of the firm, rather than the usual accounting measures that are input based.

Government Public Policy, Regulatory Intervention, and Their Impact on IPO Underpricing: The Case of Malaysian IPOs

This study examines the impact of government initial public offering (IPO) regulation intending on promoting public policy. The study examines the results of the implementation of a Malaysian government policy in 1976, which mandated that at least 30 percent of any new shares on an IPO offer be sold to the indigenous Bumiputera population or to mutual funds owned by them. The study examined the short‐run and long‐run underpricing of Malaysian IPOs and found that Malaysian IPOs are highly underpriced compared to IPOs in developing countries, creating a market microstructure effect. It also confirmed that the Malaysian governments regulatory intervention in spite of noble public policy intentions appeared to be the significant factor for the emergence of an average first‐day underpricing increase of Malaysian IPOs by 61 percent during the period after the regulatory economic policy was instituted. Furthermore, the study found that this high underpricing persists even for the long run, in contrast to the long‐run performance of IPOs in the United States.

“Harvesting” through Initial Public Offerings (IPOs): The Implications of Underpricing for the Small Firm

The existence of the phenomenon of “underpricing” has been well established for common stock initial public offerings (CSIPOs). However, the extent of underpricing varies from firm to firm. An examination of the prospectuses of different firms reveals that the motivation for going public varies, and that there are three types of offerings: pure primary offerings; pure secondary offerings; and mixed offerings. This study compares the average level of underpricing for pure primary offerings with that of mixed offerings for small firms in the over-the counter (OTC) capital market. The results of the study suggest that there are Implications of the type of offering for both the firm and the selling “harvesting” shareholders as well as the incoming investors.