PROJECTS

Over 80 ongoing research initiatives

Overview Finance Leadership Marketing Strategy TOM Other

Research and development
IMD’s Faculty members are actively involved in research projects. Currently we have over 80 ongoing projects, each of them led by one or more Faculty members. Projects span from short-term initiatives that focus on a specific issue to multi-year efforts in understanding an overall theme.

Research projects focus on real world issues. We explore topics that are relevant to executives. We constantly update programs with new insights generated during the research work.

The following table provides you with a short description of IMD research projects. It is not an exhaustive list of research projects presently being conducted, but it presents the largest part of IMD research and course material development efforts.

The projects are divided into six main management areas which include the following expertise:

Finance including Accounting
Leadership including Organization and Behavior, Human Resources
Marketing
Strategy including Change Management, Execution, Growth
TOM including Innovation, Managing Technology and IT, Supply Chain Management
Other including Corporate Governance and Ethics, Economics and Public Policy, Entrepreneurship, Family Business, Globalization

The following table provides you with a short description of IMD research projects including Finance and Accounting expertise. Please click on the title column of any project to expand information.

Project title	Description
Capital Structure and Working Capital Financing	Professor Arturo Bris and Research Associate José Caballero Abstract: The planned output of the project is a research empirical paper on the costs of trade financing around the world, and its implications for capital structure decisions in emerging markets with under-developed financial systems. Contact Arturo Bris
Growth at all Cost: Private Equity as Capitalist on Steroids	Professor Benoit Leleux Abstract: This book offers to de-mystify the private equity investment process from two perspectives: that of the individual or institutional investor considering diversifying its portfolio with investments in this asset class, and that of the entrepreneur considering sourcing money from it. Positioned as a rigorous "general business audience" publication, it seeks to provide a single source reference for anyone considering private equity as an investment class or a source of financing. This includes primarily institutional investors (pension funds, insurance companies, banks), high net worth individuals, independent asset managers, family offices, entrepreneurs, general managers (in particular if considering a buyout) and graduate students. The book is designed to be readable from cover to cover (not just a reference book), interspersed with specific real-life cases, either in the form of short vignettes or slightly longer caselets. The book does not intend to substitute for publications targeting private equity professionals and covering more technical issues, such as deal structures, tax optimization schemes, or other M&A related activities. Nor does it intend to cover much the arbitrage related segments of private equity, which are primarily zero-sum games from a value creation perspective; instead, as indicated by the title, the focus will be on the segments of private equity ultimately supporting economic growth at the company level. Contact Benoit Leleux
Hedge Funds and Insider Trading	Professor Arturo Bris with William Goetzmann Abstract: In the last months, the SEC has started investigations on illegal insider trading activities by hedge funds. Apparently, in their search for abnormal alpha, hedge funds are crossing the line imposed by regulation. The objective of the paper is to use the methodology developed in my paper "Do Insider Trading Laws Work", published in European Financial Management in 2005, to measure insider trading activities in relation to hedge fund penetration in one country. Contact Arturo Bris
Mobilizing Private Investment for SMEs in Emerging Markets	Professor Benoit Leleux Abstract: An extension of the 2005 conference and 2006 book project (now almost completed), the project will again build on a major conference in Geneva in October 2007, organized by CASIN and Geneve Place Financiere. It will include a research project on evaluating SME financing business models, and case studies on recent microfinance efforts. Contact Benoit Leleux
Sovereign Wealth Funds: Investment Choices and Implications around the World	Professor Nuno Fernandes Abstract: This study focuses on a major global issue: the rise of sovereign wealth funds (SWFs). Using the largest data set of their holdings to date, we document a large SWF premium that amounts to 15% of firm value. Using data from 2002 to 2007, we find that firms with higher ownership by SWFs have higher firm valuations and better operating performance. Our results also indicate that SWFs have a stabilizing role in financial markets, and that they do not have a strong demand for firms in high-tech industries or those operating in areas involving intensive research and development. Contact Nuno Fernandes
The Euro and Changeover Rates	Professor Arturo Bris with Augusto Ruperez Micola Abstract: We try to identify the inflationary effects of differences in changeover rates of legacy currencies with respect to the euro. Our main hypothesis is that difficulties in conversion have resulted in higher inflation rates. These difficulties have been reduced by the use of rules of thumb. We construct measures of difficulty of conversion and use detail data on several hundred of items in 22 cities in Europe. We have already produced results, and the next step will be to work on a second draft of the paper. Our main finding is that difficulty of conversion caused differences in inflation across European countries. Additionally, we find that rules of thumb - where available - have made inflation rates lower, and have unidirectional effects - they tend to reduce inflation when applied, not to increase it. Contact Arturo Bris
Upgrading versus Leveraging in Corporate Venture Capital Investments	Professor James Henderson Abstract: The purpose of this paper is to examine the impact of leveraging and upgrading investments in corporate venture capital investing in the telecommunications and telecom equipment sector. Contact James Henderson

The following table provides you with a short description of IMD research projects including Leadership, Organization and Behavior, Human Resources expertise. Please click on the title column of any project to expand information.

Project title	Description
Cultural Perspectives Questionnaire	Professors Martha Maznevski, Joe DiStefano and Research Fellow Karsten Jonsen Abstract: Understanding culture is important for many aspects of management, both in single-country and multinational settings. People's cultural backgrounds influence their assumptions about organizational work and how interactions with other people should proceed. Culture's influence, though, is so profound that it often goes unseen. This results not only in deep and difficult conflicts, but also in untapped potential. CPQ Project
Global Mobility	Professor Maury Peiperl Abstract: The purpose of this project is to determine how many professionals are moving across national borders, and between regions of the world, and whether and how this is changing. Beginning with one large global firm, this project will survey large numbers of professionals about their career history, in particular about the countries in which they have lived and worked, and the decisions, positive and negative, they have made about moving across borders. This will be preceded by interviews of corporate executives faced with talent shortages and, in particular, mobility constraints in the company’s talent pool. It will be followed by interviews of a sub-sample of individuals in order to get more substantive stories about mobility. As soon as the first firm’s data is analyzed and reported, the project will expand to include other firms and also individual professionals. If the process is successful and there is sufficient take-up of the results, the project will become an ongoing set of surveys forming a center of excellence at IMD to which companies and other institutions will refer for information on global mobility trends. The first output from this project will be an article on mobility patterns within a single global company. This will include several case studies of individual careers and mobility decisions. The longer-term output will be a series of articles and probably a book on the topic. Contact Maury Peiperl
Organizational Strategies for Growth in China	Professor Vladimir Pucik Abstract: A new research project on organizational strategies for growth in China, investigating leading local and international companies in China – with a particular emphasis on cross-border joint venture and acquisitions. The plan for the first stage is to identify 8-10 companies for further study and then conduct the first round of interviews with key executives. Contact Vladimir Pucik
People Strategies for Global Firms	Professor Vladimir Pucik with Schon Beechler and Research Associate Anne-Valérie Ohlsson Abstract: This project examines new ways for global firms to coordinate the simultaneous demands for global integration and local responsiveness in a highly competitive environment that puts a premium on simplicity, speed and continuous transformation. Old methods of command and control do not work - they are too slow, inflexible, and costly. Various models have been presented to guide this business reconfiguration under labels such as transnational firm, lateral networks, or "front-back" organization. All of these models require radical rethinking of how human resources can add value to the organization. Effective global coordination - expressed best as local learning and global action - is now seen as outcome of a comprehensive set of HR practices that have as an objective the alignment of corporate vision/strategy with individual entrepreneurship. The project is reaching the final stage – book manuscript preparation and final editing. Contact Vladimir Pucik
The Global Challenge: Frameworks for IHRM – 2nd edition	Professor Valdimir Pucik Abstract: Work on updating, streamlining and shortening four chapters from my textbook on International HRM for the second edition due in 2009. The chapters which I will focus on cover structural coordination, performance management, joint venture and alliances, and M&A. Contact Vladimir Pucik

The following table provides you with a short description of IMD research projects including Marketing expertise. Please click on the title column of any project to expand information.

Project title	Description
Customer Insight	Professor John Walsh and Research Associate Sophie Coughlan Abstract: We are researching companies that were able to really understand what drives customer behaviour, and to develop products and services to address their latent needs. These companies are going beyond traditional market research and focus groups, which tend to generate incremental innovation at best. Instead they are getting close to their customers, talking to them about the issues that concern them (using a wide variety of techniques), to gain more subtle insights into what it is they are seeking from a particular product or service. In this way, they have been able to come up with radically different approaches which address these needs, and thus increase customer satisfaction. Contact John Walsh
Customer Insights that Matter	Professor Sean Meehan with Patrick Barwise Abstract: Sean Meehan, together with co-author Patrick Barwise, are examining how companies generate great customer insights and then ensure they act on these, allowing the customer insight process to be a central driver of value creation. This work tackles the difficult issue of how so many firms have the data available to them to generate insights, but they fail to do so; how firms having crystalised the insight and articulated it at some level still do not act on it. The main output will be a book published by Harvard Buisness School Press. We anticipate it be published in the first half of 2009. Contact Sean Meehan
Customer Value Creation	Professor Sean Meehan Abstract: This project seeks to better understand the processes through which firms effectively manage the dissemination of market data within firms so that insights are clear and thus provide guidance and motivate firm response - thus creating customer and firm value simultaneously. Contact Sean Meehan
Customer Value Creation Processes	Professor Sean Meehan and Research Fellow Willem Smit Abstract: Market orientation has been described as an organizational culture which most effectively and efficiently creates superior value for customers. This research program is designed to examine whether, and if so, how and under what conditions market orientation leads to superior performance. A working paper describing the findings of some of the field research was published by Marketing Science Institute in 2007. Contact Sean Meehan
Low Cost Competition	Professor Adrian Ryans Abstract: This project focuses on the growing challenge that low cost competitors (companies offering "good enough" product and services at very attractive prices) pose for traditional players in many industries. Cases and other teaching materials on low cost competitors are being developed. They focus on how low cost competitors compete and the lessons they might offer for traditional players. The project also looks at the strategies and tactics that traditional players are using to respond to the low cost challenge. Again cases and other teaching materials are being developed. The final output will be a practitioner-oriented book targeted at executives in companies that face the challenge of low cost competition. Contact Adrian Ryans
Marketing and Privacy	Professor Stuart Read Abstract: Research project on the investigation of the economic impact of privacy loss to consumers and of the investigation of user preferences in privacy loss among employees. Contact Stuart Read
On the Strength of Retail versus Product Brands: Cross-cultural Factors that Affect Brand Perception	Professor Martin Koschat and Research Fellow Willem Smit Abstract: Among marketing practitioners and market observers there is broad consensus that the last few years have been characterized by a power shift from product brands to retail brands. At the macro level this trend finds its expression in the fact that, in the US, Walmart has, in terms of annual revenues, overtaken P&G (as well as pretty much any other firm). In Europe, Carrefour – founded in 1959 – leads venerable Nestle – founded in 1866. At the consumer level, there is plenty of anecdotal evidence suggesting that for the consumer of a packaged good the name on the box matters less than the name on the store where the box was purchased. This view of retailers’ market power is not necessarily shared by marketing academics who often fail to find – what they consider – tangible evidence of such retailer strength. For a selected set of product brands and retail brands, the proposal consists of engaging consumers directly in a systematic exchange that reveals the relative value that they attach to the product and retail brands chosen for this study. A major goal of this inquiry will be to identify factors that can be expected to mediate brand effects such as consumers’ knowledge of the chosen product category, their involvement in shopping transactions and – broadly – the cultural environment in which they find themselves. Contact Martin Koschat

The following table provides you with a short description of IMD research projects including Strategy, Change Management, Execution and Growth expertise. Please click on the title column of any project to expand information.

Project title	Description
Cluster Advantage and Willingness to Pay	Professor James Henderson Abstract: An examination of wine industry data to determine the impact of cluster organization on the quality variance and price variance per unit of quality in the wine industry. Contact James Henderson
Fight the Power: How Radical Organizations Effect Institutional Change through Campaigns against Corporations	Professor Michael Yaziji Abstract: How can and do small, resource-poor, and ideologically unconventional organizations challenge and change dominant institutions? The present paper takes a step toward answering these questions by focusing on how NGOs strategically leverage an institutional competitive advantage in their campaigns against dominant ideologies. Specifically, I test and find support for hypotheses which hold that ideological radicalism leads to more institutionally-homogenous resource providers for the focal organization and this in turn increases their range of strategies and tactics and increases their efficacy in changing institutions. The empirical setting for the study is the global population of social movement organizations that have campaigned against major corporations in the last five years. Contact Michael Yaziji
Global Trends	Professor Tom Malnight Abstract: Global Trends 2008: The project will include updating the global trends posters/database/CDs/ presentations and involve working on a new survey for OWP. However, the key focus will be on extending the scope and focus of global trends activity beyond data and analysis to develop a framework and approach for identifying patterns and implications for businesses from the trends – implications which will impact strategic decision-making and the resulting organizational architecture. This will require a combination of desk and field research, as well as interactions with a network of organizations to be able to push our thinking into even more useful forms for our clients. Our clients are already excited about the work we have done to help them understand the trends better – what they really want now are frameworks, approaches, tools that will really help them to translate trends into their business decisions and strategies, as well as helping them cascade this understanding through their organizations. The research output will include teaching materials (and toolkits) for ASM, OWP 2008, discovery and marketing events/materials and may be adapted for some in-company programs. There will also be a series of articles, PFMs, TCs, a CD and hopefully press coverage as we extend the survey coverage and capabilities. Contact Tom Malnight
Managing Corporate Venturing Work	Professors Benoit Leleux and James Henderson Abstract: The purpose of this book is to better understand the challenges of managing corporate ventures both internally and externally. Despite the growing research (especially CVC) the number of managerial books on the topic is rather sparse. Given the distinct dissatisfaction with corporate venturing as a management tool (Bain 2001), a definitive understand of how to make corporate venturing work is greatly needed. Contact Benoit Leleux
Managing the New Product Launch Process	Professor Jean-Philippe Deschamps Abstract: This on-going project focuses on the various stages of the product launch and deployment process (launch strategy, planning and preparation; product launch, roll-out and deployment; and launch feedback) and their synchronization with the product development process. The first part of this research has resulted in three cases: "Logitech: Getting the io Digital Pen to Market" - IMD, 2003 "Philips Sonicare: Developing a Launch Strategy to Go Global" - IMD, 2004 "Medtronic's Deep Brain Stimulation-Turning a Revolutionary Therapy into "Standard of Care" – IMD, 2006 The next step will be another case in the high-tech medical equipment industry (planned for June 2008). Contact Jean-Philippe Deschamps
Non-Predictive Strategy	Professor Stuart Read and Research Fellow Willem Smit Abstract: In 2006, the “What to do Next” simulation was developed and the first revision is available online. Data collection was started and used in class as well. 2007 will bring a refinement version of the simulation and will see the beginning of written work based on the data. More generally, my work on non-predictive strategy is sufficiently broad that I will have the manuscript for a book on the topic. Contact Stuart Read
Role of the Network Lead Company in Managing Strategic Partners	Professor Bettina Buechel Abstract: This research contributes to the intra-organization, inter-organization, and new product development (NPD) management literature by studying the impact of a firm’s internal organization design on the communication and performance of NPD projects conducted with strategic alliance partners (alliance’s NPD projects). We identify the role the industry and alliance’s NPD project characteristics play in determining the intensity of communication required between the alliance’s NPD project partners. Then, we examine how the internal organization design impacts the actual intensity of communication of the alliance’s NPD project. This research is now in the phase of designing the questionnaire and sending it out for data collection. Planned output: Article for AMJ or SMJ or JM in 2009. Contact Bettina Buechel
Strategic Experiments	Professor Bettina Buechel Abstract: The definition of strategic management that has emerged in recent years argues "the field of strategic management deals with the major intended and emergent initiatives taken by general managers on behalf of owners, involving utilization of resources, to enhance the performance of firms in their external environments" (Nag et al., 2007). While this definition was inductively derived from the field, practice actually shows that strategy consists of a portfolio of strategic initiatives that a company has underway at any point in time (Burgelman and Grove, 2007). To ensure the success of the various strategic initiatives, it is surprising to see how little attention has been paid to strategy evaluation and the practice of strategy evaluation in the context of strategic initiatives. The practice has instead, mostly been left to strategy management consultants and top management teams. The gap between this important practical issue and academic research certainly needs addressing. Planned Output: Paper to be presented at the Strategic Management Society Conference 2008. It will also lead to a new session on the use of pilots for strategy evaluation purposes. Contact Bettina Buechel
Stratinex – Strategic Initiative Simulation with Prendo	Professor Bettina Buechel Abstract: The simulation is designed to highlight 4 of the 7 insights from the "Smarter Execution" book: "Smarter Execution" Book Insights - Seven Insights to the Successful Execution of Strategic Initiatives 1. Focus first (Strategy) - out of scope 2. Pick the best team (OB) - out of scope 3. Set the course (scope) PM - out of scope 4. Set up to Win (get organization commitment and energy) Change Management - in-scope 5. Think it through (mentally rehearse the execution steps) Project Management - in-scope 6. All aboard (get team and organization support) Change Management - in-scope 7. Follow-through (monitor progress) Project Management - in-scope Learning Outcomes: Understand the intertwined role of project and change management - you need to do both to be successful Understand that the value of strategic initiatives can go down if stakeholders are not sufficiently bought in Contact Bettina Buechel
Sustaining Profitable Growth	Professor Bala Chakravarthy and Peter Lorange Abstract: The next phase of this project will not only be focused on financial performance but also on sustainable development. The intent is to do some exploratory case studies surfacing the dilemmas in achieving both and begin to conceptualize how these may be resolved. There will also be some follow up journal articles. Contact Bala Chakravarthy
Toward a Theory of Social Risk: Antecedents of Normative Delegitimation	Professor Michael Yaziji Abstract: In this article, I introduce the concept of normative delegitimation - the process by which an organization's normative legitimacy is diminished through challenges by outside organizations. I frame the phenomenon as a unique form of firm exposure, social risk- exposure to possible loss and/or constraints on strategic choice resulting from normative delegitimation challenges by external organizations. Using the context of social movement organizations' normative delegitimation challenges of firm behavior, I put forward propositions concerning firm, institutional, and socioeconomic antecedents that drive social risk. After this analysis, I consider extensions to the theory - particularly in terms of inter-organizational dynamic processes and the strategic management of social risk. Contact Michael Yaziji
Venturing: an Experiment on Uncertainty	Professor Stuart Read Abstract: What have expert entrepreneurs learned about making decisions in the uncertain setting of new venture creation? That seemingly simple question has provided the basis for more than six years of research involving hundreds of participants, summarized in this technical note. To provide a preview, the simple answer to the question is that expert entrepreneurs have learned something unique – something that other business people have not. So much so, that compared with the approaches common to novice business people, or expert corporate managers, expert entrepreneurs completely invert many aspects of both the uncertain problem and the solution to the problem. In this technical note, we will describe the experiment we conducted to arrive at this bold statement, the results we found, and the implications for anyone facing an uncertain situation. Contact Stuart Read Project full text (PDF, 370KB)
Vertical Integration	Professor James Henderson with Augusto Ruperez Micola Abstract: The purpose of this paper is to challenge the conventional wisdom of the benefits of outsourcing. The paper will focus on when vertical integration makes sense especially in process based industries. Furthermore, we would like to test the success of vertical integration decisions in process based industries. Contact James Henderson

The following table provides you with a short description of IMD research projects including Innovation, Managing Technology and IT, Supply Chain Management expertise. Please click on the title column of any project to expand information.

Project title	Description
Building a Strong Global Brand: "Shimano Inside"	Professor Kazuo Ichijo Abstract: Shimano is the leading bicycle component production company in the world. Shjmano’s innovative products are used in various kinds of bicycles such as road racers and mountain bikes. Since they are so dominant in the bicycle industry, people call it "Shimano Inside", just as "Intel Inside". Shimano is literally a global company and has production locations in Japan, China, Singapore, Malaysia, Indonesia, and the Czech Republic. In order to facilitate knowledge sharing across regions, Team Shimano Concept was developed and implemented at Shimano. By this concept, Shimano could transfer global best practices very effectively and efficiently. As a result, Shimano could become a global brand. This research tries to clarify the process, and enablers for creating global brand with a focus on global knowledge sharing. Contact Kazuo Ichijo
Co-Innovation	Professor Jean-Philippe Deschamps Abstract: This on-going project focuses on the challenge of innovating together with a partner (a supplier; a customer; a competitor; a research organization, etc). The first part of this research has consisted in studying a "failed" case of co-innovation between a machinery manufacturer and one of its key customers (confidential, unpublished case), and then a successful case, the alliance of Sara Lee Douwe Egberts and Philips for the development and marketing of a new coffee system: "Senseo - Establishing a New Standard in the Home Coffee Market" (IMD, 2004). The third part has led to studying a co-innovation case by a coalition of partners to establish a new "system" business: "TiVo: A Business System/Model Innovation", included in the upcoming book: "Innovation Leaders: How Senior Executives Promote, Steer and Sustain Innovation", to be published in May 2008 by Wiley/Jossey-Bass. Contact Jean-Philippe Deschamps
Customer - Supplier Attractiveness Research	Professors Carlos Cordon Abstract: Many Fast Moving Consumer Goods (FMCG) companies are discovering that innovation, time to market, price performance and quality depend at least as much on the efforts of their suppliers as on internal competencies. Often innovations with big potential originate from the suppliers. But if a supplier has an innovative idea, to which customer will that idea be presented? Which customers are most attractive to a given supplier? More importantly – for the customer – how does it become attractive to the smartest suppliers? These are the basic issues to be explored in this research. The FMCG companies are going through a process of consolidation, including end-producers, their suppliers, and their customers. Many FMCG companies are reducing the number of suppliers in the hunt for improved cost efficiency. It is in the interest of both end producers and their key suppliers to understand how to capitalize on the challenges in these critical relationships. We believe customer-supplier attractiveness and a better understanding of dyadic relationships are crucial. How does a company become attractive from the suppliers viewpoint and vice-versa? How do companies transform buyer-supplier relationships into true win-win situations? The underlying mechanisms for achieving these goals - and thereafter maintaining them - are key research objectives of high interest to our research team. Therefore: "We explore how firms can benefit from the suppliers' competencies by being an attractive customer - and vice-versa: how suppliers can develop new competencies by working with attractive customers." The research is conducted primarily through case studies/structured interviews and secondly through an extensive on-line survey. Hence, we now invite FMCG companies and selected suppliers (e.g. dyads) to participate in the project. To focus the research and subsequent analysis, the suppliers will be limited to packaging companies. That is, the research will focus on multiple dyads between FMCG firms and their key packaging suppliers. Contact Carlos Cordon
How Growth Oriented Companies Globalize Best Practice Knowledge from Local Innovation: From a Multi-Local, International to a Locally Flexible, Global Company	Professor Don Marchand Abstract: This project aims at understanding how some companies develop, share and embed best practice knowledge from local innovations in markets and operations into the global processes, culture and IT capabilities of the firm. How do companies achieve the right mix of local business flexibility and global/regional standardization as they grow organically and through mergers and acquisitions? What are the dilemmas that managers in these companies face and how do they address them? Contact Don Marchand
Innovation and Leadership	Professor Jean-Philippe Deschamps Abstract: This on-going research deals with the specific characteristics and behavioral attributes of "innovation leaders", those critical senior executives, whatever their function, whom top management sees as the linchpins of its innovation process and the "evangelists" of an innovation and entrepreneurship culture. The first outputs of this research have been: The shooting and editing of videotaped interviews of innovation leaders A chapter on "Innovation and Leadership" that was published in the "International Handbook of Innovation", by Elsevier Sciences in 2003 A case: "Innovation Leadership at Logitech" - IMD, 2003 A case: "New Business Creation at Tetra Pak - Reinventing the Food Can" - IMD, 2004 An article on: "The Leadership Imperatives of Innovation Strategies" The most recent output will be the book: "Innovation Leaders: How Senior Executives Promote, Steer and Sustain Innovation", to be published in May 2008 by Wiley/Jossey-Bass. Contact Jean-Philippe Deschamps
Innovative Competition for Avoiding Commoditization of Consumer Products	Professor Kazuo Ichijo Abstract: Nowadays many companies are suffering from the commoditization of their products. However, recently Japanese companies Shiseido and Kao rescued their shampoo from the commoditization by means of innovative competitions among them. Kao, one of the leading Japanese consumer goods (toiletry goods) developed a very innovative shampoo called "Asience". Asience is named after Asia, and is developed by the integration of high technology and oriental natural materials. Asience is a premium shampoo and it has become a very popular product not only in Japan but also in other Asian countries. Asience stimulated Kao’s competitor Shiseido. Seeing the success of Asience, Shiseido developed the premium shampoo "Tsubaki". Tsubaki has become a big "hit" in Japan and other Asian regions. Contact Kazuo Ichijo
Innovation Governance	Professors David Robertson Abstract: Innovation governance is the allocation of innovation responsibilities and decision rights inside and outside the company. The goal of good governance is to find and choose the right innovation problems to solve, maximize the resources available to solve those problems, and assign those resources to the problems. Innovation governance is not the same as innovation leadership - governance is about creating the environment where innovation leaders have the authority, resources and skills they need to succeed. This research project is focused on understanding and quantifying the impact of good innovation governance practices. We already have completed cases at CarMax, McDonald’s, Ducati, LEGO, Disney, and Alessi. We also wrote case vignettes about Cailler, Xerox PARC, and Philips. We will do a few more cases at LEGO as well as cases at Solvay, BT, Canon, Volvo Cars, Best Buy, and a few others. Contact David Robertson
Innovation-led Growth	Projessor Georges Haour Abstract: The aim is to carefully assess the current activities and plans of firms in the area of offshoring Innovation/R&D activities to China. This will focus on companies in the healthcare sector (pharma, biotech/medical technology). This will be done by interviews in Switzerland as well as France and the UK. Contact Georges Haour
Managing Supply Chain Interfaces	Professor Ralf Seifert Abstract: This project will examine generic supply chain interface challenges and feature select best practice studies in topics such as: Supply Chain Portfolio Management Supply Chain Performance Measurement Supply Chain Transformation The research will combine managerial insights from stylized quantitative modelling and case examples. The output of this project will be managerial articles and teaching materials. Contact Ralf Seifert
Senior Executive Perspectives on Building Value with Information, People and IT: A Knowledge-Based Approach to Business Value Creation	Professor Don Marchand Abstract: This project focuses on how senior executives perceive business value and how they view the role of information, people and IT capabilities in value creation. The objectives of the project are three: first, to develop a framework for understanding business value creation in the firm around creating business opportunity, control, knowledge creation and conversion; second, to understand how information, people and IT capabilities are developed to convert human knowledge capital into structural capital for the company; and third, to focus on how high performance companies develop alternative paths or business options to create and sustain business value. Contact Don Marchand
Supplier Relationship Management book	Professors Carlos Cordon Abstract: This research develops frameworks and models to define, understand and implement Supplier Relationship Management in organizations. It is based on the concept that companies must have the biggest part of their spending with a few key suppliers with whom they work together developing joint superior practices. For years executives and researchers have argued that collaborative relations lead to better financial results, more innovation and much less problems. However, there is not consistent understanding of what creates sustainable growth relations with suppliers. This project addresses that void by developing understanding and frameworks to create and nurture such type of relations. Contact Carlos Cordon

The following table provides you with a short description of IMD research projects including Corporate Governance and Ethics, Economics and Public Policy, Entrepreneurship, Family Business and Globalization expertise. Please click on the title column of any project to expand information.

Project title	Description
Chinese Entrepreneurship	Professors Winter Nie and Katherine Xin Abstract: The privately owned enterprises in China are a formidable force in shaping the world's second largest economy. Chinese entrepreneurship has had a long history. Its success is widely demonstrated in Chinese communities in South-East Asian countries. However, between 1949 and 1980, entrepreneurship was systematically suppressed in China since entrepreneurship does not easily conform to the communist ideology and was thus often labelled capitalistic. At the end of the 1970s, the entrepreneurial spirits that infused modern day Chinese private enterprises was once again released from artificial confinement. As the then paramount leader Deng Xiaoping put it, "To get rich is glorious". Entrepreneurs who are hard working, creative, and familiar with the local markets are at the core of the Chinese private enterprises. They are strong forces in driving the phenomenal economical growth in China. They are successful at marketing and exporting goods to other countries. They accumulate wealth at an amazing speed and now comprise the middle and upper class of Chinese consumers. Most important of all, they can be critical partners as well as fierce competitors for MNCs both in China's domestic market and in the global market. To understand China's economic growth, we need to understand these people. Consider Dannone, the French food group giant that raked in over $1 billion in revenues in China in 2003. Their success is directly attributable to a series of partnerships forged with leading Chinese entrepreneurs, most notably the Hangzhou Wahaha Groups. Wahaha is a leader in the bottled water market and it competes directly with Coca Cola and Pepsi in China. It is fair to say that, outside of a few major metropolitan areas, Wahaha is actually winning the battle. The output of this project will be a book, focused on small - and medium-sized enterprises and their entrepreneurs all over China. Through semi-structured interviews, we intend to use their stories to piece together the essence of Chinese Entrepreneurship. Contact Winter Nie
Chinese Firms go Global	Professor Winter Nie Abstract: In recent years, a handful of Chinese firms are actively expanding beyond their domestic markets. A few notable examples include Huawei, Haier, Lenovo, etc. How do Chinese firms go global? There appear six distinctive ways. First, finding a local partner and building partnership in a new market have been the way Huawei entered Russia, Middle-East and South-East Asia. Second, buying a well-known brand is the path Lenovo is taking. Third, building its own factories and focusing on the niche market are how Haier entered US market. Fourth, acting as the world’s manufacturer/OEM is Galanz’s model to reach the rest of the world. Buying the assets seems to be a common method for resources-based companies such as CNPC to secure the resources from the other parts of the world. The questions are why Chinese firms go global and why they adopt a particular model to go global and what challenges face those firms. What are the implications for MNCs? The output of this project will be a book. Contact Winter Nie
China Futures	Professor Bill Fischer and Research Associate Rebecca Chung Abstract: This book traces China’s emergence on the world commercial stage and using the output from China Future’s survey and the model that is embedded in it, looks at likely future scenarios for China, and discusses the competitive and managerial implications of each. Contact Bill Fischer
Entrepreneurial Finance: Creating Value in the Entrepreneurial Firm	Professor Benoit Leleux Abstract: Book project initiated with Professor J. William Petty, W.W. Caruth Chair of Entrepreneurship (Baylor University). The origin for the proposed book comes both from the growing significance of the subject matter over the past decade and the authors’ personal interest and experience in the field. The growing interest in entrepreneurial finance as an area of study is in large part due to the significant growth in the number of company startups - over one million last year in the U.S. The interest is also a function of the increasing size of the private equity markets, a primary source of financing for high-potential entrepreneurial firms. Contact Benoit Leleux
Forum for Corporate Sustainability Management	Professor Ulrich Steger Abstract: The Forum for Corporate Sustainability Management (CSM) is IMD’s corporate sustainability research initiative. Corporations participate in the forum to build a sustainable business advantage through social and environmental strategic action. CSM initiative
Global Corporate Governance	Professors Ulrich Steger and Paul Strebel Abstract: Based on IMD's long tradition in empirical research on Boards and Corporate Governance, a new Global Corporate Governance research initiative directed by Ulrich Steger was launched in Autumn 2001. The backbone is an extensive empirical investigation into different types of Corporate Governance systems (not so much legal, but practical) in a variety of industries and countries and a focus on the "hot topics" of Board Leadership: conflict detection and resolution, the "space" of the Board vs. Managements, the value added functions and effective processes. Based on cases, surveys and interviews globally, it identified principal dilemmas of Boards and four distinct clusters of Corporate Governance systems in a contingency framework. The first round of results is published in a book "Mastering Global Corporate Governance" (Wiley, April 2004), a series of case studies and several articles. The research in 2007 focused on: The Role of Boards in Corporate Evolution and Strategy Formation Corporate Governance in Joint Ventures and Subsidiaries with external Shareholders Board Information Systems. Book output for 2008 will be the "Corporate Governance – Concepts and Cases" (Wiley/Blackwell, March 2008) Emerging issues comprehend: appropriate leadership behavior in the Boardroom, supporting governance processes and structures in the company (the "Corporate Governance Officer" as Process Manager), and Corporate Governance in different business models and ownership types. The research team is supported by Dr. Oliver Salzmann, Christoph Nedopil and Gertrud Erismann-Peyer as Executive in Residence, and can draw on a network of additional researchers when needed. Contact Ulrich Steger
Globalization of Third World Multinationals: an Exploratory Study	Professor Bala Chakravarthy Abstract: Examining the utility of existing theories and proposing alternative frameworks where needed. The initial focus will be on Indian MNCs. The aim here would be to write some exploratory case studies and a working paper capturing the early learning from this project. Contact Bala Chakravarthy
Making the Entrepreneur	Professor Stuart Read and Research Associate Anne-Valérie Ohlsson Abstract: Book project on decision-making under uncertainty and effectual (non-predictive) strategy. This topic has already made its way into the classroom in the PED, MBA and BOT, and has seen much request for more complete treatment in the form of a book. Contact Stuart Read
New Ventures and Attitudes to Risk	Professor Benoit Leleux Abstract: This research paper builds on Birley, Leleux and Muzyka (1996) to analyze the venture risk attributes and their perceptions by various categories of investors, notably venture capitalists, corporate managers and family businesses. The hypothesis is that investor groups differ in their mental definitions and perceptions of risk, leading to quantitatively different evaluations of objectively similar investment opportunities. These differences may be driven by prior experiences, group dynamics, culture, psychological factors, and governance issues. For example, anecdotal evidence seems to indicate that large, established family businesses are rather active and aggressive venture investors, but little is known about how the family element affects their perceptions and willingness to assume risk. Contact Benoit Leleux
World Competitiveness Yearbook	Professor Stephane Garelli Abstract: The World Competitiveness Yearbook (WCY) ranks and analyzes the ability of nations to create and maintain an environment in which enterprises can compete. It means that we assume that wealth creation takes place primarily at enterprise level (whether private or state owned) - this field of research is called: "competitiveness of enterprises". However, enterprises operate in a national environment which enhances or hinders their ability to compete domestically or internationally - this field of research is called: "competitiveness of nations" and is covered by the WCY. WCC research center