Praxis and doctrine agree on the importance of innovation for the competitiveness and profitability of the firm. Innovation is considered as a leverage to start a virtuous circle that improves company performance and,...Praxis and doctrine agree on the importance of innovation for the competitiveness and profitability of the firm. Innovation is considered as a leverage to start a virtuous circle that improves company performance and, consequently, reduce financial constraints for its development. Being creative is definitely the first mechanism that leads to innovation. Creativity spreads from both the individuals that work in the firm and from the social processes and contextual factors that characterize individual relationships within the company. Relational capital is the second mechanism that brings innovation. Relationships with clients, suppliers, competitors, producers of complementary products, public and private research institutions provide creative elements that, once screened, give rise to innovation. The first mechanism requires the firm to be creative on its own as innovations come directly from within the organization （＂closed innovation＂ model）. In the second, the firm must get in touch with potentially innovative idea~ coming from outside （＂open innovation＂ model）. Doctrine and praxis point out that firms, which do not stop at the first mechanism of innovation, turn out to be more innovative. The paper is structured as follows. In the first part, a theoretical framework is provided, describing the main findings, in the literature, in terms of relationships among innovation, creativity and relational capital. The second part is based on the analysis of two case studies. The first case （Coswell）, the very different degree of success （in terms of generated income） of its products seems to be tightly related on how much ＂relational capital＂ is ＂inside＂ the innovation. In the second case （Pastificio Rana） shows that innovation resulting from relational capital allows the company to excel against its far bigger and financially superior competitors.展开更多
Profitability has always been considered as a primary indicator of dividend payout by a company. There are factors other than profitability namely cash flows, debt equity ratio, retained earnings, sales growth, share ...Profitability has always been considered as a primary indicator of dividend payout by a company. There are factors other than profitability namely cash flows, debt equity ratio, retained earnings, sales growth, share prices of a company, capital expenditure and beta etc. that also affect dividend decisions of an organization. Existing literature suggests that dividend payout is positively related to profits, cash flows while CAPEX （capital expenditure） retained earnings, sales growth, share prices, beta, interest paid and debt equity ratio have inverse relationship. A set of 21 key variables have been identified that affect the dividend payout of a firm. Researchers in the past have used several proxies to represent these determinants. Authors have tried to find out which proxy variable is most relevant in the present scenario. The paper attempts to give a focused overview of the important dividend theories and empirically analyze the determinants of dividend behavior of Indian FMCG （Fast moving consumer goods） sector. The relationship between key variables has been explored with the aid of statistical techniques of factor analysis. Thus, the main theme of this study is to examine the various factors that influence the dividend policy decisions of FMCG firms in India.展开更多
文摘Praxis and doctrine agree on the importance of innovation for the competitiveness and profitability of the firm. Innovation is considered as a leverage to start a virtuous circle that improves company performance and, consequently, reduce financial constraints for its development. Being creative is definitely the first mechanism that leads to innovation. Creativity spreads from both the individuals that work in the firm and from the social processes and contextual factors that characterize individual relationships within the company. Relational capital is the second mechanism that brings innovation. Relationships with clients, suppliers, competitors, producers of complementary products, public and private research institutions provide creative elements that, once screened, give rise to innovation. The first mechanism requires the firm to be creative on its own as innovations come directly from within the organization （＂closed innovation＂ model）. In the second, the firm must get in touch with potentially innovative idea~ coming from outside （＂open innovation＂ model）. Doctrine and praxis point out that firms, which do not stop at the first mechanism of innovation, turn out to be more innovative. The paper is structured as follows. In the first part, a theoretical framework is provided, describing the main findings, in the literature, in terms of relationships among innovation, creativity and relational capital. The second part is based on the analysis of two case studies. The first case （Coswell）, the very different degree of success （in terms of generated income） of its products seems to be tightly related on how much ＂relational capital＂ is ＂inside＂ the innovation. In the second case （Pastificio Rana） shows that innovation resulting from relational capital allows the company to excel against its far bigger and financially superior competitors.
文摘Profitability has always been considered as a primary indicator of dividend payout by a company. There are factors other than profitability namely cash flows, debt equity ratio, retained earnings, sales growth, share prices of a company, capital expenditure and beta etc. that also affect dividend decisions of an organization. Existing literature suggests that dividend payout is positively related to profits, cash flows while CAPEX （capital expenditure） retained earnings, sales growth, share prices, beta, interest paid and debt equity ratio have inverse relationship. A set of 21 key variables have been identified that affect the dividend payout of a firm. Researchers in the past have used several proxies to represent these determinants. Authors have tried to find out which proxy variable is most relevant in the present scenario. The paper attempts to give a focused overview of the important dividend theories and empirically analyze the determinants of dividend behavior of Indian FMCG （Fast moving consumer goods） sector. The relationship between key variables has been explored with the aid of statistical techniques of factor analysis. Thus, the main theme of this study is to examine the various factors that influence the dividend policy decisions of FMCG firms in India.
