Purpose The purpose of this paper is to identify the business model components and related attributes of biotech spin-offs activity that are key to the implementation of the internationalization strategy. Design/methodology/approach The paper is based on a multiple case study analysis including business models of seven biotechnology spin-offs traded on the Warsaw Stock Exchange. Based on the literature review the authors identify the key attributes of the business model for the commercialization of R&D outcomes. The authors conduct an analysis taking into consideration the determinants of biotech spin-off activity. The authors also measure the internationalization strategy implementation with the use of indicators identified in the empirical research literature review. Findings According to the results, the authors identified that international cooperation in research projects and partnering, as well as international experience in the management board and tacit knowledge, play a facilitating role in the business model for the commercialization of biotech spin-off research findings. The cost advantage on the global market, tax advantages and support of venture capital are the key to the exploitation of profit potential on the global market. An important component of the business model specific to companies conducting R&D activities is to ensure firm survival activities by funding research grants to makes R&D possible prior to commercialization. Research limitations/implications The main limitation of this study is the small magnitude of the sample, particularly as only two of the seven analyzed spin-offs realized their profit potential on the global market. Practical implications The findings are important for the development of business models of new biotech ventures. Research results can be used as recommendations for universities on how to effectively build a business model for the commercialization of biotech spin-offs on the basis of R&D outcomes for the internationalization strategy. Originality/value The paper’s uniqueness results from the synergy of combining three research areas: components of business models for commercialization; attributes of biotech R&D activity; and indicators measuring the internationalization strategy implementation. The results can contribute to the existing body of knowledge on business models for the commercialization of R&D outcomes in the context of internationalization. The value of this paper is an extended knowledge of the internationalization of biotech ventures based on R&D outcomes.
The paper aims to assess the International Financial Reporting Standard (IFRS) 16 “Leases” impact on the lessees’ financial situation. The study was conducted on the financial data for 2018–2019 of 494 companies listed on the Warsaw Stock Exchange using the difference-in-differences (DID) method. The hand-collected data on lease usage retrieved from the financial statements and the data for financial ratios obtained from the Orbis database were used. The research sample includes 308 preparers under IFRS and 186 entities applying accounting policies under the Polish Accounting Act. It is shown that the IFRS 16 implementation resulted in a significant increase in the debt-to-equity and debt-to-total assets ratios of lessees and a decrease in the profitability. We identified significant leverage increase in the trade and services sectors. The results confirm the conclusions of previous studies based on estimates, whose authors expected a significant differential effect of IFRS 16 implementation between industries.
We aim to identify the role of revenue diversification and the municipally owned companies’ financial flexibility in shaping the short‐term and the long‐term debt of municipalities in Poland and this debt's repayments. To reflect the impact of this agency relationship on the municipalities’ debt, we consider explanatory variables from two sectors: public and corporate finance. We merge data retrieved from the Local Data Bank, the financial and budget statements of municipalities, and the municipally owned companies’ financial and ownership data from the ORBIS database. We use the ordinary least squares method for cross‐sectional data and the ordinal logit model to estimate a firm's unused debt capacity. We show that a municipally owned company's leverage extends the long‐term debt capacity of municipalities via off‐balance sheet financing. The municipally owned companies’ financial flexibility helps municipalities increase their revenue diversification and shape their debt to cover capital spending despite limited fiscal autonomy under fiscal debt constraints. Unlike revenue diversification in the USA, revenue diversification in Poland does not allow Polish municipalities to reduce short‐term debt. We contribute to the literature by exploring the role of the municipally owned companies’ financial flexibility (leverage and unused debt capacity) in shaping a municipality's debt capacity.
In this article, we study the substitution between leasing and bank loans in financing the investment of small companies. The analysis is based on financial information about Polish companies listed on NewConnect, which used financial leasing in the period of 2012–2016. We argue that leasing and bank loans are the substitute in financing the investment of small companies. We estimate the probability of financial leasing and its size using the tobit and logit models. We find that financial leasing and bank loan, for Polish small companies, are complementarity. Our empirical results indicate that financial leasing and bank loans are complementary sources of financing investment in fixed assets. Also the higher the usage of financial leasing, the higher the likelihood that the enterprise is indebted because of long-term bank loan – complementarity.
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