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Does good corporate governance matter? Best practice in Poland 良好的公司治理重要吗?波兰最佳实践
Pub Date : 2009-01-23 DOI: 10.1108/01409170910927631
M. Aluchna
Purpose – The purpose of this paper is to investigate the relationship between compliance with corporate governance best practice and corporate performance within Poland.Design/methodology/approach – The analysis is based on the regression of corporate governance compliance rating and corporate performance on a sample of Polish public listed companies for years 2004‐2006.Findings – The research indicates that complying with corporate governance best practice in Poland is associated with lower return on investment (the whole sample). However, the tendency changes into negative but statistically insignificant for the second and third years, and positive but statistically insignificant when only rated companies are included in the research sample. The relationship between proxy of Tobin's q and corporate governance rating remains statistically insignificant and is negative for the whole sample and positive for first and third year as well as for rating companies.Research limitations/ implications – The next ...
目的-本文的目的是调查遵守波兰公司治理最佳实践与公司绩效之间的关系。设计/方法/方法-分析基于2004 - 2006年波兰上市公司样本的公司治理合规评级和公司绩效的回归。研究结果-研究表明,在波兰,遵守公司治理最佳实践与较低的投资回报率(整个样本)相关。然而,在第二年和第三年,趋势变为负向,但统计不显著;当只包括评级公司时,趋势变为正向,但统计不显著。托宾q的代理与公司治理评级之间的关系在统计上不显著,在整个样本中为负,在第一年和第三年以及评级公司中为正。研究局限/启示-下一个…
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引用次数: 39
Implementing lean production systems: barriers to change 实施精益生产系统:变革的障碍
Pub Date : 2008-12-12 DOI: 10.1108/01409170910922014
K. Sim, J. W. Rogers
Purpose – The purpose of this paper is help understand why implementing continuous improvement (CI) strategies can be difficult at times. It also addresses the problem of resistance to change within even those firms whose CEO is most fully committed to implementation of CI programs.Design/methodology/approach – The study focuses on a Fortune 500 manufacturing plant located in the Eastern USA. A survey was distributed to both salaried and unionized hourly employees.Findings – Results from the survey show that the problem lies primarily with an aging and high seniority hourly workforce and a lack of committed leadership at this research site. For example, salaried employees consistently provided higher positive ratings of CI initiatives. In addition, higher seniority was directly correlated with negative ratings. Finally, the study found that employees do not feel valued when they contribute to the improvement processes and that 100 per cent of the hourly male employees disagreed that “The Company considers...
目的-本文的目的是帮助理解为什么实施持续改进(CI)策略有时会很困难。它还解决了公司内部抗拒变革的问题,即使是那些CEO最致力于实施CI项目的公司。设计/方法/方法-本研究的重点是位于美国东部的一家财富500强制造工厂。一项调查同时发给了受薪雇员和加入工会的小时工。调查结果-调查结果显示,问题主要在于该研究地点的小时工年龄大、年资高,以及缺乏坚定的领导。例如,受薪员工始终对CI计划提供较高的正面评价。此外,较高的资历与负面评价直接相关。最后,研究发现,当员工为改进流程做出贡献时,他们不会感到受到重视,100%的小时工男性员工不同意“公司认为……
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引用次数: 214
An exploratory study on a new corporate governance mechanism 新型公司治理机制的探索性研究
Pub Date : 2008-12-12 DOI: 10.1108/01409170910922023
Josiane Fahed-Sreih
Purpose – The purpose of this paper is to explore relationships between different governance configurations and firm survival. The objective is to describe the alternative mechanisms through which the owning family takes a stake in the governance of the firm.Design/methodology/approach – The governance systems of 116 family enterprises in Lebanon are examined. The study integrates family, ownership, leadership and the business itself constituting the four structural elements of a family firm's governance system. Then, the study tests four hypotheses whether the family, the ownership, the leadership and the business dimensions influence positively firm survival/longevity. The other hypotheses tested concern the advisory services and the legal form of the board, and how that might affect the survival/longevity of the family firm.Findings – This integrative view allows observation of interactions among the different structures, and the establishment of a coordinating governing structure. Hypotheses testing r...
目的-本文的目的是探讨不同的治理结构和企业生存之间的关系。目的是描述控股家族在公司治理中占有股份的其他机制。设计/方法/方法-研究了黎巴嫩116家家族企业的治理系统。该研究整合了家族、所有权、领导力和企业本身,构成了家族企业治理体系的四个结构要素。然后,本研究检验了家族、所有权、领导和经营维度对企业生存/寿命是否有积极影响的四个假设。测试的其他假设涉及咨询服务和董事会的法律形式,以及这可能如何影响家族企业的生存/寿命。发现-这种综合观点允许观察不同结构之间的相互作用,并建立一个协调的管理结构。假设检验r…
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引用次数: 27
Moderating effect of national attributes and the role of cultural dimensions in technology adoption takeoff 民族属性的调节效应及文化维度在技术采用起飞中的作用
Pub Date : 2008-12-12 DOI: 10.1108/01409170910921998
T. Haapaniemi, S. Mäkinen
Purpose – The purpose of this paper is to focus on the influence of national cultural dimensions on the evolution of national innovation adoption over time. The paper considers the moderating effects of national wealth, population density and illiteracy rate on the role of cultural dimensions in the timing of innovation takeoff in national markets.Design/methodology/approach – The empirical study investigates 137 national innovation adoption time series; the dependent variable being the time it takes for innovation adoption to take off. The independent variables are Hofstede's five cultural dimensions and the moderating variables are gross domestic product (GDP), population density and illiteracy rate.Findings – The outcome of the study shows that cultural dimensions have a greater influence on takeoff time in countries with highly developed economies, dense populations and low illiteracy rates. The study also shows that especially the cultural dimension of individualism has a significant context independ...
目的-本文的目的是关注国家文化维度对国家创新采用随时间演变的影响。本文考虑了国家财富、人口密度和文盲率对文化维度在国家市场创新起飞时间中的作用的调节作用。设计/方法/途径——实证研究考察了137个国家创新采用的时间序列;因变量是创新开始实施所需的时间。自变量为Hofstede的五个文化维度,调节变量为国内生产总值(GDP)、人口密度和文盲率。研究结果——研究结果表明,在经济高度发达、人口密集、文盲率低的国家,文化因素对起飞时间的影响更大。研究还表明,特别是个人主义的文化维度具有显著的语境无关性。
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引用次数: 18
Information systems strategy development and implementation in SMEs 中小企业信息系统战略的发展与实施
Pub Date : 2008-12-12 DOI: 10.1108/01409170910922041
M. Wynn
Purpose – The purpose of this paper is to further understanding of how information systems (IS) strategy is developed and implemented in small and medium‐sized enterprises (SMEs).Design/methodology/approach – The purpose utilizes eight case studies, each one covering an 18‐24 month time span. Qualitative research based on first‐hand experience (action‐research), interviews, meeting minutes, Board papers, final reports. Earl's model of IS strategy development is used as a framework for assessing strategy development and implementation.Findings – All three approaches identified by Earl are valid, depending on business context. All eight companies have been successful in their IS investment, some showing significant bottom‐line benefits.Research limitations/implications – Shows value of properly managed IS strategy deployment in SMEs. Should encourage SMEs to adopt mid‐ to long‐term approach to IS, linked to business plan. Models for IS strategy development and alignment could be progressed in subsequent res...
目的-本文的目的是进一步了解信息系统(is)战略是如何在中小型企业(SMEs)中开发和实施的。设计/方法论/方法-目的利用八个案例研究,每个案例涵盖18 - 24个月的时间跨度。定性研究基于第一手经验(行动研究),访谈,会议记录,董事会文件,最终报告。厄尔的IS战略发展模型被用作评估战略发展和实施的框架。发现——根据业务上下文,Earl确定的所有三种方法都是有效的。这八家公司都在他们的信息系统投资上取得了成功,其中一些公司表现出了显著的底线效益。研究的局限性/启示-展示了在中小企业中正确管理信息系统战略部署的价值。应鼓励中小企业采用与商业计划相联系的中长期信息系统方法。IS战略发展和协调的模型可以在随后的研究中进一步发展。
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引用次数: 31
International Human Resource Management: Managing People in a Multinational Context (Fifth Edition) 国际人力资源管理:跨国背景下的人员管理(第五版)
Pub Date : 2008-12-12 DOI: 10.1108/01409170910922050
R. Peretiatko
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引用次数: 4
Distinguishing upside potential from downside risk 区分上行潜力和下行风险
Pub Date : 2008-12-12 DOI: 10.1108/01409170910922005
E. Neave, Michael N. Ross, Jun Yang
Purpose – The purpose of this paper is to develop new tools to interpret changes in risk neutral probability distributions (RNPDs). It distinguishes between changes attributable to upside potential and those attributable to downside risk, and shows that the distinction is supported empirically.Design/methodology/approach – This paper estimates pricing kernels and RNPDs from option price data, then studies the expected excess returns on a fixed‐strategy reference portfolio composed of the claims defined by the RNPDs. The portfolio is disaggregated so that realized returns can be expressed as a value‐weighted average of returns to upside (investment) and downside (insurance) sub‐portfolios, respectively. An upside sub‐portfolio can be interpreted as defining payoffs to a call option, a downside sub‐portfolio as payoffs to a short put position.Findings – Empirical results indicate that the realized excess returns on the reference portfolios are significantly and negatively related to both S&P index growth an...
目的-本文的目的是开发新的工具来解释风险中性概率分布(rnpd)的变化。它区分了归因于上行潜力的变化和归因于下行风险的变化,并表明这种区分是有经验支持的。设计/方法/方法-本文从期权价格数据估计定价核和rnpd,然后研究由rnpd定义的索赔组成的固定策略参考投资组合的预期超额收益。投资组合被分解,因此实现的回报可以分别表示为上行(投资)和下行(保险)子投资组合的价值加权平均回报。上行子投资组合可以解释为看涨期权的收益,下行子投资组合可以解释为看跌期权空头头寸的收益。实证结果表明,参考投资组合的已实现超额收益与标普指数增长和…呈显著负相关。
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引用次数: 4
Flaws in Brazilian take‐back program for pesticide containers in a small rural community 巴西一个小农村社区农药容器回收计划的缺陷
Pub Date : 2008-12-12 DOI: 10.1108/01409170910922032
M. M. Veiga
Purpose – The purpose of this paper is to examine the flaws of the take‐back program for empty pesticide containers implemented by the Brazilian chemical industry, which despite its overall success, is not working in the selected small rural community.Design/methodology/approach – This is an exploratory single‐case study indicating that the outcome of the Brazilian take‐back program still requires clarification.Findings – The Brazilian take‐back program for pesticide containers targets large rural communities where economies of scale can operate. It is not possible to use the same reverse logistics strategy for both large and small rural communities.Research limitations/implications – Despite the fact that this exploratory single‐case study might not be generalized to other small rural communities without further research; it indicated some implications for the development of other take‐back programs.Originality/value – The paper shows that an efficient take‐back program for pesticide containers should be...
目的-本文的目的是研究巴西化学工业实施的空农药容器回收计划的缺陷,尽管该计划总体上取得了成功,但在选定的小型农村社区并不奏效。设计/方法/方法-这是一项探索性的单例研究,表明巴西收回计划的结果仍需澄清。巴西的农药容器回收项目针对的是可以实现规模经济的大型农村社区。不可能对大小农村社区都使用相同的逆向物流策略。研究局限性/影响-尽管事实上,如果没有进一步的研究,这一探索性的单一案例研究可能无法推广到其他小型农村社区;这对其他回收计划的发展也有一定的启示。原创性/价值-本文表明,一个有效的农药容器回收程序应该是…
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引用次数: 10
Monte Carlo simulation and a value‐at‐risk of concessionary project 蒙特卡罗模拟和特许权项目的风险价值
Pub Date : 2008-10-03 DOI: 10.1108/01409170810920620
Xiaofeng Du, Amory N. Li
Purpose – The purpose of this paper is to propose a comprehensive approach to the valuation of an infrastructure concession right and quantitative risk management projects in the People's Republic of China.Design/methodology/approach – The paper outlines a methodology, incorporating an economic model to appraise the dynamic value and risk of concession investment in the context of the design of concession contracts.Findings – The framework of the study simulates the present value of net cash flow and identifies probability with different parameters in concession contracts as a way to establish a correlation between parameters and net present value distribution. Moreover, the paper uses the technique of value‐at‐risk to set up an economic model to appraise the dynamic value and risk of a concession investment and analyse the key issues in the concession contracts design phase.Research limitations/implications – It is difficult to estimate precisely the distribution of parameters in the model. In particular...
目的-本文的目的是提出一种全面的方法来评估中华人民共和国的基础设施特许权和定量风险管理项目。设计/方法/方法-本文概述了一种方法,结合经济模型来评估特许合同设计背景下特许投资的动态价值和风险。研究结果-该研究的框架模拟了净现金流的现值,并确定了特许合同中不同参数的概率,以此建立参数与净现值分布之间的相关性。此外,本文运用风险价值技术建立了特许经营投资动态价值和风险的经济模型,并分析了特许经营合同设计阶段的关键问题。研究限制/启示-很难准确估计模型中参数的分布。特别是……
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引用次数: 10
An empirical evidence of small business financing in China 中国小企业融资的实证研究
Pub Date : 2008-10-03 DOI: 10.1108/01409170810920666
Junjie Wu, Jin Song, Catherine Zeng
Purpose – The purpose of this paper is to provide empirical quantitative evidence concerning small business financing in China and highlight the financing problems faced by small to medium‐sized enterprises (SMEs) in developing their businesses.Design/methodology/approach – A semi‐structured questionnaire survey was conducted to collect data from a sample of 60 small businesses in three cities in China. Descriptive methods and the SPSS statistical software package were used to analyse the data and interpret the results.Findings – The data gathered covered current topic in research including the capital structure of SMEs at start‐up, the types and extent of funding shortage, the preference of financial resources as SMEs grow, the significant factors, which help SMEs secure bank loans and the influence of a firm's size, age and the like. The findings generally support financial theories and previous studies about SMEs but also offer the basis for new arguments about financing SMEs in China.Research limitati...
目的-本文的目的是提供有关中国小企业融资的实证定量证据,并突出中小企业在发展业务时面临的融资问题。设计/方法/方法-采用半结构化问卷调查,从中国三个城市的60家小企业中收集样本数据。采用描述性方法和SPSS统计软件包对数据进行分析和结果解释。调查结果-收集的数据涵盖了当前研究的主题,包括中小企业在初创阶段的资本结构、资金短缺的类型和程度、中小企业成长过程中对金融资源的偏好、帮助中小企业获得银行贷款的重要因素以及企业规模、年龄等的影响。这一发现总体上支持了金融理论和以往关于中小企业的研究,但也为有关中国中小企业融资的新论点提供了基础。研究limitati…
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引用次数: 158
期刊
Management Research News
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