Purpose, originality and value – This dissertation aims at fulfilling one major gap: the lack of academic literature on the Purchase Order Finance solution. Particularly, a complete and structured study on the decisional variables influencing the players’ adoption decision is missing and there is a lack of detailed description of all the possible steps of the Purchase Order Finance funding process. Thus, the goal of this study is to investigate and analyse the Purchase Order Finance solution from the worldwide financial service providers’ perspective to fill the two previously mentioned gaps. Design, methodology and approach – To conduct the study, a multi-step research process has been followed. The starting point was the literature review, fundamental to identify the existing gaps in the Purchase Order Finance literature. Secondly, a sample of worldwide financial services providers has been defined and used as main source of information for the secondary data collection process, using their websites as reference source. The combination of the information collected has led to the development of the Preliminary Research Framework, that was useful to define the methodology to design the multiple case studies, developed conducting semi-structured interviews. At the end, thanks to data triangulation through multiple data sources, it has been possible to develop a Research Framework and some archetypes, fundamental to achieve the sought objectives. Findings – The twofold outputs of this dissertation are (1) the identification of the decision variables that need to be considered by each actor involved in the Purchase Order Finance process, analyzed according to the nature of the information and the nature of the role of each actor, and (2) the identification of the recurrent archetypes characterizing the Purchase Order Finance funding process and their evaluation and comparison. Six representative, explanatory and not mutually exclusive archetypes have been identified, presented and compared among each other: (1) Finished Goods – In-House Factoring, (2) Unfinished Goods – In-House Factoring, (3) Finished Goods – Third-Party Factoring, (4) Unfinished Goods – Third-Party Factoring, (5) Finished Goods – No Factoring, (6) Unfinished Goods – No Factoring. Practical and managerial implications – While the theory building approach makes the findings particularly relevant under a theoretical contribution perspective, this study is developed with the final purpose to address practitioners and real-world companies as the main beneficiaries and end-users of the research. The two outputs of this study can guide the different players involved in the solution adoption decision: the financial service providers can better understand which of the different characteristics of the POF solution to include in their offering to satisfy at best the POF market demand, while the real-world companies, that act as clients, suppliers and end customers involved in a typical Purchase Order Finance transaction, can better distinguish the different offerings on the market to choose the alternative that fits best their own corporate needs. Limits and future research – Since this paper presents some inevitable limitations, the key decisional variables identified for each POF player and the recurrent archetypes regarding its funding process need to be periodically reviewed by improving the existing research to cover the widespread lacuna and to update the information collected. Overall, ongoing research will certainly contribute to the creation of a general and overarching theory on Purchase Order Finance, addressing the solution from a more holistic point of view.
Scopo, originalità e valore – Questa tesi ha lo scopo di colmare una rilevante lacuna: la mancanza di letteratura accademica sulla soluzione di Purchase Order Finance. In particolare, l’obiettivo di questo studio è quello di colmare la mancanza sia di uno studio completo e strutturato sulle variabili decisionali che influenzano gli attori nell’adottare la soluzione di Purchase Order Finance, che di una descrizione dettagliata delle fasi caratterizzanti il processo di finanziamento, investigando ed analizzando la soluzione di Purchase Order Finance dal punto di vista dei providers finanziari. Design, metodologia e approccio – Il processo di ricerca seguito in questo studio è basato su più fasi. Il punto di partenza è stato l’analisi della letteratura, fondamentale per identificare le lacune esistenti nella letteratura della soluzione di Purchase Order Finance. In seguito, è stato definito un campione globale di providers finanziari i cui siti aziendali sono stati utilizzati come fonte principale di informazione secondaria. La combinazione delle informazioni raccolte ha permesso di delineare il Modello di Ricerca Preliminare, che è servito per individuare la metodologia da adottare per definire i casi di studio, condotti tramite interviste semi-strutturate. In conclusione, grazie alla triangolazione dei dati, sono stati sviluppati sia il Modello di Ricerca, che diversi archetipi, entrambi fondamentali per raggiungere gli obiettivi prefissati. Risultati – Il duplice output di questa tesi è (1) l’identificazione delle variabili decisionali che ogni attore coinvolto nel processo della soluzione di Purchase Order Finance deve considerare, approfondite dal punto di vista della natura delle informazioni e della natura del ruolo di ciascun attore, e (2) l’identificazione degli archetipi ricorrenti caratterizzanti il processo di finanziamento della soluzione di Purchase Order Finance, la loro analisi e il loro confronto. In particolare, sono stati individuati sei archetipi rappresentativi, esplicativi e non mutualmente esclusivi che vengono quindi presentati e confrontati tra loro: (1) Finished Goods – In-House Factoring, (2) Unfinished Goods – In-House Factoring, (3) Finished Goods – Third-Party Factoring, (4) Unfinished Goods – Third-Party Factoring, (5) Finished Goods – No Factoring, (6) Unfinished Goods – No Factoring. Implicazioni pratiche e manageriali - Se da un lato l’approccio “theory building” rende i risultati ottenuti particolarmente interessanti dal punto di vista teorico, questo studio si rivolge in primo luogo ad aziende reali operanti sul mercato in qualità di principali beneficiari e fruitori finali della ricerca. I due outputs conseguiti si propongono di guidare i diversi attori coinvolti nel prendere decisioni in merito alla soluzione di Purchase Order Finance: i providers finanziari possono capire quali caratteristiche della soluzione includere nella loro offerta per soddisfare al meglio la domanda di mercato, mentre le aziende reali, in veste di clienti, fornitori o clienti finali coinvolti in una tipica transazione di Purchase Order Finance, possono distinguere le diverse proposte sul mercato e scegliere l’alternativa che meglio soddisfa i bisogni dell’azienda. Limiti e ricerche future – Questa tesi presenta inevitabili limitazioni e pertanto, sia le variabili decisionali identificate per ciascun attore coinvolto che gli archetipi ricorrenti riguardanti il processo di finanziamento, richiedono di essere periodicamente riviste al fine di migliorare la ricerca esistente colmando le lacune presenti ed aggiornando le informazioni raccolte. Complessivamente, una ricerca continua contribuirà certamente alla creazione di una generale e omnicomprensiva teoria sul Purchase Order Finance, affrontando la soluzione con un approccio più olistico.
The purchase order finance solution : a worldwide analysis on decisional variables and recurrent archetypes
RAVANETTI, ANNA;GENERALI, FRANCESCA
2016/2017
Abstract
Purpose, originality and value – This dissertation aims at fulfilling one major gap: the lack of academic literature on the Purchase Order Finance solution. Particularly, a complete and structured study on the decisional variables influencing the players’ adoption decision is missing and there is a lack of detailed description of all the possible steps of the Purchase Order Finance funding process. Thus, the goal of this study is to investigate and analyse the Purchase Order Finance solution from the worldwide financial service providers’ perspective to fill the two previously mentioned gaps. Design, methodology and approach – To conduct the study, a multi-step research process has been followed. The starting point was the literature review, fundamental to identify the existing gaps in the Purchase Order Finance literature. Secondly, a sample of worldwide financial services providers has been defined and used as main source of information for the secondary data collection process, using their websites as reference source. The combination of the information collected has led to the development of the Preliminary Research Framework, that was useful to define the methodology to design the multiple case studies, developed conducting semi-structured interviews. At the end, thanks to data triangulation through multiple data sources, it has been possible to develop a Research Framework and some archetypes, fundamental to achieve the sought objectives. Findings – The twofold outputs of this dissertation are (1) the identification of the decision variables that need to be considered by each actor involved in the Purchase Order Finance process, analyzed according to the nature of the information and the nature of the role of each actor, and (2) the identification of the recurrent archetypes characterizing the Purchase Order Finance funding process and their evaluation and comparison. Six representative, explanatory and not mutually exclusive archetypes have been identified, presented and compared among each other: (1) Finished Goods – In-House Factoring, (2) Unfinished Goods – In-House Factoring, (3) Finished Goods – Third-Party Factoring, (4) Unfinished Goods – Third-Party Factoring, (5) Finished Goods – No Factoring, (6) Unfinished Goods – No Factoring. Practical and managerial implications – While the theory building approach makes the findings particularly relevant under a theoretical contribution perspective, this study is developed with the final purpose to address practitioners and real-world companies as the main beneficiaries and end-users of the research. The two outputs of this study can guide the different players involved in the solution adoption decision: the financial service providers can better understand which of the different characteristics of the POF solution to include in their offering to satisfy at best the POF market demand, while the real-world companies, that act as clients, suppliers and end customers involved in a typical Purchase Order Finance transaction, can better distinguish the different offerings on the market to choose the alternative that fits best their own corporate needs. Limits and future research – Since this paper presents some inevitable limitations, the key decisional variables identified for each POF player and the recurrent archetypes regarding its funding process need to be periodically reviewed by improving the existing research to cover the widespread lacuna and to update the information collected. Overall, ongoing research will certainly contribute to the creation of a general and overarching theory on Purchase Order Finance, addressing the solution from a more holistic point of view.| File | Dimensione | Formato | |
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https://hdl.handle.net/10589/137143