In 2016, Pythagoras Global Fund (Pythagoras), based in the United Kingdom, decided to launch a fund focused on emerging markets, especially those in Brazil, Russia, India, and China (BRIC countries). Pythagoras’s fund manager favoured investing in family-owned businesses, but the investment opportunities in India used ownership structures different than those used in developed markets. The structures in Indian groups altered the cash flow and effective ownership rights in the subsidiary firms, which had ramifications for stakeholders and raised associated governance issues. The fund manager needed to decide which firm to choose by assessing the investment opportunities and evaluating the corporate governance of the companies.
毕达哥拉斯全球：新兴市场基金和家族所有权难题 Pythagoras Global: Emerging Market Funds and the Conundrum of Family Ownership (Simplified Chinese version)
Avinash Ghalke, Ram Kumar Kakani, Harikrishnan Varma
Product #:W33639
Supplier:Ivey
Discipline:Finance, Strategy
Setting:India, United Kingdom, 2016
Subjects:
Industries:
Geography:
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Learning Objectives
- 确定选择投资目的地的因素。
- 描述在公司中使用的控制结构，这些结构引起的问题，以及控制机制如何影响关键所有者和利益相关者。
- 了解家族管理企业中等级制度和遗产所带来的复杂性。
- 确定并分析投资或贷款给家族企业时需要考虑的因素。
This case is useful for undergraduate- and graduate-level courses on corporate strategy, international management, or corporate governance, or for executive training or seminars for mid- or senior-level managers involved in business or financial restructuring or corporate strategy. After working through the case and assignment questions, students will be able to do the following:
- Identify the factors for choosing investment destinations.
- Describe the control structures used in corporations, the issues these structures raise, and how the control mechanisms affect the key owners and stakeholders.
- Understand the complexities and complications introduced by hierarchies and legacies in family-managed businesses.
- Identify and analyze the factors that need to be considered when investing in or lending to family-owned businesses.