A week in Harvard - Global financial decision making
Thursday we spent with Associate Professor Mihir Desai. He is both a professor of finance at HBS, and the chair of their doctoral programs. Professor Desai's expertese lies in tax policy, international finance, and corporate finance. This was the most educational day of the week. We didn't go through any general lecture material, but everything we discovered was through the cases.
First, Shangai General Motors case walked us through the difficult decisions on how to expand to foreign countries. When General Motors wanted to go to the Chinese market, they chose a JV approach. A joint venture has certain advantages and disadvantages. GM needed to think about govenment issues, currency issues, local connections, suppliers, retailers, risk sharing, experience, WTO influence, cash flow issues, local competition, copy products etc.
Then, Asahi Glass company was struggling with a currency issues related to the Japanese Keiretsu model of a symbiotic relationship with their bank.
Our third case was an interesting, almost soap-opera like, endeavours of Ron Lauder, CME, Czech Savings Bank, CET21, CNTS and TV Nova in the new East-European TV advertisment business. The story is too long to be written here, but was an example of how one should not put their trust on a signle, local individual.
We drew both a horizontal and a vertical organization structure for a global company, and listed benefits and drawback of each. Later in the day we came to the conclusion that neither is sufficiently good, and drew a model of the current global company consisting of the idea that any function can be on any location where it makes most sense (profit).
First, Shangai General Motors case walked us through the difficult decisions on how to expand to foreign countries. When General Motors wanted to go to the Chinese market, they chose a JV approach. A joint venture has certain advantages and disadvantages. GM needed to think about govenment issues, currency issues, local connections, suppliers, retailers, risk sharing, experience, WTO influence, cash flow issues, local competition, copy products etc.
Then, Asahi Glass company was struggling with a currency issues related to the Japanese Keiretsu model of a symbiotic relationship with their bank.
Our third case was an interesting, almost soap-opera like, endeavours of Ron Lauder, CME, Czech Savings Bank, CET21, CNTS and TV Nova in the new East-European TV advertisment business. The story is too long to be written here, but was an example of how one should not put their trust on a signle, local individual.
We drew both a horizontal and a vertical organization structure for a global company, and listed benefits and drawback of each. Later in the day we came to the conclusion that neither is sufficiently good, and drew a model of the current global company consisting of the idea that any function can be on any location where it makes most sense (profit).
May I add that pretty interesting was to elloborate change of corporate country identity and ways like modern companies are distributing their CxO functions around the globe. Such a thing as HQ will partually dissapear and corporates are ubiqious, legal home in one country, finance home in an other country, operative home in third country and many companies have done it already, they just done be too informative about it. In a way it is corporate restructuring and sometimes relative straight forward way to increase shareholder value
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The company that wins today is the one that makes the best decisions and is able to act on them quickly.In larger organizations, formal decisions-making practices are owned by various professionals.
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I imagine joint ventures have become more risky and difficult since the world financial situation has become more complex and in this case especially, the US and Chinese economy so interdependent.
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