*Please note that Track 6 is a NEW track, the information below is subject to change.
Much like individuals, the financing needs and the strategic choices made by firms differ widely across different stages of their lifecycles. Young, growing firms with few assets or cashflows have different financing needs and constraints relative to mature firms. Firms also pursue different growth strategies over different stages of their lifecycle – younger firms typically grow via organic investments while older firms grow via mix of organic and inorganic investments (e.g., alliances, joint ventures, mergers and acquisitions).
Finally, as firms mature and grow, they may perhaps even exceed the optimal boundaries and may pursue different options for reducing scope via divestitures, for example, via asset sales, spin-offs or carveouts.
The goals of this course are
(i) to provide an overview of the financing needs, constraints and terms faced by firms over the different stages of their lifecycles and how it impacts their investments and hence growth;
(ii) to discuss different growth strategies, their determinants, and implications over different stages of firms’ lifecycles and
(iii) to provide an overview of exit options available to firms.