ALBERT

Notes: Purpose - To present a model of innovative change in higher education based on research into the factors behind the performance of highly creative historical communities. Design/methodology/approach - The article diagnoses current pressures under which academia is laboring, explains the hothouse effect, and proposes solutions based on the hothouse effect model. Findings - The article proposes restructuring of discipline-based learning, developing new methods of strategic planning, adopting new assumptions about the social role of higher education, exploring modes of perception and cognition that are critical to education, and using digital technology to create learning communities and facilitate accelerated learning models. The model of organizational change emphasizes modest and numerous grass-roots initiatives as the most efficient generator of broad cultural change. Research limitations/implications - The aim is to stimulate pilot initiatives and broad dialog on the issues raised. The research points the way to further work in the dynamics of creativity, the nature of pedagogy, and the future role of the university. Practical implications - Numerous methods are presented for strengthening the relationship of faculty and administration, utilizing technology to create learning communities and transform pedagogy, stimulating faculty collaboration, and planning for the future. Originality/value - This paper provides many fresh and practical ideas useful at an individual, department, or institutional level. The goal is not a specific type of institution or mode of operation. Instead, it the model is flexible and adaptable to creative initiatives of any scope. Ultimately, this article can contribute to revitalizing the ongoing dialog about higher education's future.

Notes: Purpose - To ascertain how scholarship will be impacted by digital media. Design/methodology/approach - This paper breaks down the vocation of scholarship into subsidiary tasks. It examines how their relative importance has changed in the modern era. Finally, it looks at which tasks will be facilitated or complicated by digital media, particularly by the internet. Findings - The tasks of collecting and storing information have been made far faster and easier by digital media. Other tasks such as sorting, evaluating and assessing the implications of information have, however, become more difficult. In consequence, theory has become far more important. Research limitations/implications - The extrapolations in this paper are about broad trends, which may manifest themselves in a variety of ways. Practical implications - In the future, one can expect scholarship to deal less with uncovering new information. Instead, scholars will have to devote more time and effort to ascertaining why information is important. Scholars will be expected to articulate not only their methods but also their purposes. Originality/value - This paper provides useful information on how scholarship will be impacted by digital media.

Notes: Purpose - To provide a past, current and future perspective of transnational higher education for academics and managers engaged in this area of education provision, to heighten awareness of the current trends and issues involved. Design/methodology/approach - An Australian/Hong Kong case study and reference to current literature are used to highlight the main issues concerning this rapidly expanding phenomenon in the provision of higher education. Findings - Identifies and discusses the main issues for consideration when planning new transnational activities, including the need for strategic approaches and risk management. Research limitations/implications - The paper focuses on Australia and the Asian region, although material related to the UK and the USA is included in some sections. Whether a country is the provider or the receiver of transnational education, the issues raised will be relevant. Practical implications - This paper provides a very useful source of information for those currently involved in or planning to become involved in a transnational higher education activity. Originality/value - This paper is timely in that it addresses the recent proliferation of transnational higher education activities by considering the past and present, as well as providing discussion of potential future directions.

Notes: Purpose - The Master of Business Administration (MBA) is becoming increasingly publicly criticised by the likes of Mintzberg and other management writers. Much of their criticism is based on personal experience and opinion rather than any systematic research, and ready-made solutions are proposed as alternatives. This paper (and its counterpart) are the result of a year of research into the future of the MBA. Its purpose is to question whether its current market decline is terminal or if indeed it can be resurrected. Design/methodology/approach - A year-long future study was undertaken at Cranfield School of Management combining a range of traditional research methods and samples including literature review, surveys of alumni, academics and futurists, interviews with recruiters and human resources (HR) managers, a Delphi study with international participants, and interviews and a focus group with business leaders. The results were then analysed and combined to form the pictures developed in this article and its counterpart. Findings - The MBA is positioned here as a qualification that is plagued by market confusion as to what it actually represents and what its value is. A pre-emptive post-mortem is carried out into the future of the MBA and the future senior manager/leader, which highlights the gap between research and practice, league tables, e-learning and attempts at internationalisation as some of the causes of the current malaise. The paper also looks at how some business schools are starting to address these issues in order to maintain the MBA as a valued qualification in the management marketplace. Originality/value - This paper provides a comparison of MBA offerings and potential substitutes. It opens the arena of senior management education for debate by charting the future decline of the MBA, challenging business schools to make changes or witness the death of their cash-cow.

Notes: Purpose - Building on part 1 of this series, this paper aims to look at alternative ways in which business schools can develop the future managers and leaders needed by organisations. It draws attention to an emerging gap in the marketplace and suggests one possible model for addressing it. Design/methodology/approach - A year-long future study was undertaken at Cranfield School of Management combining a range of traditional research methods and samples including literature review, surveys of alumni, academics and futurists, interviews with recruiters and human resource (HR) managers, a Delphi study with international participants, and interviews and a focus group with business leaders. The results were then analysed and combined to form the pictures developed in this article and its counterpart. Findings - Following on from Part 1, this paper proposes a new "élite" qualification for senior managers and leaders to replace the Master of Business Administration (MBA) in the marketplace. This would allow the MBA to become the graduate conversion course in business necessary as an entry point into management. The Master's in Business Leadership (MBL) focuses on the individual rather than curriculum, and is a personal development journey rather than a functional knowledge-based experience, as there is an assumption that this knowledge base is already there prior to the course being undertaken. This paper concludes with a comparative analysis of the MBA, the MBL and the International Master's in Practising Management which Mintzberg has proferred as his alternative to the MBA. Originality/value - This paper provides a comparison of MBA offerings and potential substitutes. It also suggests a new curriculum for senior management education to prepare people for leadership in the future, while repositioning the MBA as a mass graduate conversion programme. By putting forward one possible way forward in the management education market, this paper hopes to open discussion for further development of the international management education sector.

Notes: Purpose - Seeks to outline the impact of the information society on the institutional changes taking place in the public sector. Design/methodology/approach - A veteran of government outlines the impact of the information society on the institutional changes taking place in the public sector. Drawing on his extensive experience and the literature, he provides creative insights into the themes of this special issue. Findings - E-government may prove useful in managing routine tasks, he agrees, but the highly complex, interpersonal nature of government places severe limits on the extent to which public work can be automated. With government outsourcing much of its work to private firms, and corporations required to serve the public interest, there is also a marked overlap of the public versus private domains. The old hierarchies of the past are being fragmented by information systems and the need to involve people in managing complexity, leading to "uncentralized" systems in which initiative and creativity must be exercised at all levels. And the mismatch between geographic boundaries and the criss-crossing nature of real problems creates confusion over how governments should be organized. Originality/value - All of these trends, the author notes, pose paradoxes that mark the distinctive features of government today.

Notes: Purpose - Highlight the management dilemma disruptive innovation poses and examine what the leading management theorists have to offer as a solution. Design/methodology/approach - The author examines six leading theories of innovation and three alternatives to disruptive innovation. Findings - The leading theories that try to solve the paradox of innovation don't work and the alternatives to disruptive innovation merely delay having to deal with the dilemma. Research limitations/implications - The author reviewed many theoretical approaches to innovation management and selected six for commentary. Practical implications - The author argues that the theorists are looking at innovation in the wrong way. Because innovation is a paradox, the solution lies in rethinking the fundamental assumptions. Originality/value - First article that examines the logic behind the leading disruptive innovation theories and refutes their advice.

Notes: Purpose - Over the last two years, the authors have studied the growth strategies and the supporting operations of nearly 650 companies around the world. While most have the expectation that innovation will drive corporate fortunes, the research makes it clear that building or restructuring business operations to profitably bring new products and services to market is a top priority only for best performing companies but near the bottom of most companies' priorities. Design/methodology/approach - Explains how top-performing global companies are investing in the product development capabilities, the supply chain process infrastructure, and the sophisticated information systems needed to support and synchronize innovation across the value chain. Findings - Research on a subset of the survey base (the 300+ larger companies and business units with revenues ranging from US$200 million to US$10 billion and higher) shows that those that can synchronize complex global value chains - the complexity masters - are up to 73 percent more profitable than the others. Research limitations/implications - Interviews with senior managers at leading firms and case studies on the complexity masters would be of high value. Practical implications - The authors suggest three steps: create innovation - build an idea-generation machine; exploit innovation where and when it matters; and invest in innovation capabilities for creating and sustaining a profit cycle. The four ingredients that make top-performing companies stand out are visibility, flexibility, collaboration, and technology. Originality/value - Lists the best practices - the strategies and tactics - of the most profitable innovators, the elite "complexity masters."

Notes: Purpose - This case investigates how a nonprofit can analyze its earned revenue potential. What changes would be required for the organization's current business units to start making a positive financial contribution? What other opportunities to expand its earned-income efforts exist, and how should they be prioritized? What would it take to implement the new ventures, and how could the nonprofit guard against undertaking initiatives that would subtract more from the organization - in dollars and staff time - than they could possibly add? Design/methodology/approach - A team of consultants from Bridgespan worked with VolunteerMatch, the largest web-based volunteer-matching service in the country, to study how to make its earned revenue ventures generate income for the organization and support its mission. Findings - VolunteerMatch's work on earned income helped it to move forward with its financial goals, and also to strengthen its social mission. Research limitations/implications - VolunteerMatch is a small, talent rich nonprofit with a staff that is comfortable innovating internet-based products and services. Expanding the study to include a variety of nonprofits would provide a better indication of the viability of an earned income strategy in this sector. Practical implications - VolunteerMatch now derives 38 percent of its revenue from its earned income activities, decreasing its reliance on contributions. Originality/value - Few detailed studies exist of the development of earned income operations in nonprofits. This one serves as a guide to best practices for organizations considering this strategy.

Notes: Purpose - CEOs facing the challenge of stimulating innovation must select one or more champions to entrust with that critical mission. Selecting the right manager who will have the leadership skills, charisma and determination to lead a major innovation initiative is one of the most important decisions a CEO has to make. But innovation comes in many different varieties - new product category, new business model, improved customer solution, improved product, process or service offering. So it's appropriate to also ask, "Is a different leadership profile needed for each particular type of innovation?" And also, "How do we choose the best person to lead a particular innovation effort?" Design/methodology/approach - The question, "What qualities does our innovation initiative leader need?" can be addressed in four steps: define innovation leadership and offer a simple classification of innovation leaders based on the focus of their contribution; suggest a broad typology of innovation that reflects both the strategic objectives pursued and the way innovation occurs; describe a number of broad leadership imperatives implicit in each generic innovation effort; and identify some key leadership skills, qualities and styles required for success in each generic type of innovation effort. Findings - This article defines four generic innovation strategies with distinct leadership imperatives. Each of these four strategies requires a different emphasis by management in at least four areas: enabling process, organizational mechanism, cultural trait and people profile. Research limitations/implications - Based chiefly on the author's lengthy experience. Needs analytic study. Practical implications - Explains why top management plays the vital role of hiring the right people to manage each kind of innovation effort. Shows how to match specific types of innovation projects with executives with specific skill sets. By starting with a classic typology of innovation according to its objectives, scope, intensity and boundaries, it defines four generic innovation strategies with distinct leadership imperatives. Originality/value - Shows why top management must fully understand the importance of matching the skills of innovation leaders with the specific tasks and roles they will face in specific situations. Ultimately, it is up to top management to ascertain that it has the necessary cadre of innovation leaders with profiles matched to the company's innovation efforts.

Notes: Purpose - Like many other organizations undertaking strategic alliances, Blue Cross and Blue Shield of Florida, Inc. (BCBSF) needed to effectively monitor alliance activities, or track their return on investment in those activities. Design/methodology/approach - This case shows in detail how BCBSF developed a metrics framework, a standard set of value measures, and introduced a new alliance management software platform. By setting up this process, the company's Alliance Management Group helped the organization manage the value generated through its alliance relationships. Findings - Key lessons learned about alliance software: Start simple and be flexible. Try to capture useful data and look for simple ways to aggregate it. Ensure that metrics are used to guide positive change, not to grade performance. Emphasize benefits of the metrics program to alliance managers. Be realistic about frequency of reporting cycles. Make subjective metrics more rigorous by having multiple points of review and require data to support metric conclusions. Research limitations/implications - This is a case study produced by corporate managers of the firm. It has been peer reviewed but has not been subjected to independent audit. Practical implications - Armed with the new analysis techniques and tools, alliance managers and enterprise alliance groups can gauge critical factors in the relationship that might seem too complex or subjective to measure. In the process, they can generate tremendous benefits and enhance corporate value in terms of operations, strategy and financial performance for both their companies and their partners. Originality/value - By setting up an alliance monitoring system with sophisticated metrics, top management can routinely track: How alliances contribute to incremental revenues, enhanced profits, expanded customer base, and increased market penetration. How an alliance relationship is delivering not only financial, but also strategic value. Whether relationships with alliance counterparts are sound and based on a foundation of trust that will enable them to achieve their business objectives.

Notes: Purpose - This article advocates putting pricing strategy on the CEO's agenda and considers the new concept of pricing execution - the development of pricing strategy and the implementation of the strategy through a combination of leadership, management practice, and software - from the point of view of the senior management team. Design/methodology/approach - New software tools give companies a new way of setting, optimizing, and enforcing pricing changes within the organization. Findings - There has been an explosion of applications in the pricing management space. Pricing execution offers both growing and mature companies a lower-risk approach to revenue, margin, profit, and shareholder-value growth than innovation and acquisitions. Research limitations/implications - A proprietary 2005 Deloitte study of the available applications concludes that no one vendor offers a complete integrated solution. Practical implications - Using software to improve pricing measurement, combined with better pricing execution, can help many organizations generate revenue rapidly. Originality/value - CEOs and other leaders can use the article to educate the senior management team on the opportunity that pricing management represents.

Notes: Purpose - To show how managing the right-of-way asset, a lesson the railroads didn't learn when they gave or bartered it away in the nineteenth century, will be a key to business success in the future. Design/methodology/approach - Businesses large and small, dot.com and brick and mortar, spend years establishing a network of customers, suppliers, creditors, investors, employees, and stakeholders that is, in effect, a right-of-way. Unfortunately, few have understood how to capitalize on their right-of-way, thus leveraging one of the most currently underutilized assets in the economy. Findings - Learn to imagine the effect of disruptive innovation on an established right-of-way and how to discern what capabilities will be needed to take advantage of such potential opportunities. Having invested in building a business or a professional practice or an organization or a network, you have developed associated strategic assets that you need to leverage adequately to provide additional returns. Research limitations/implications - This conceptual paper provides historical research only. Practical implications - Focusing on right-of-way enables companies to see and benefit from the potential customer instead of just the "best" customers. This amounts to a key recognition - that managing access to the customers equals managing the right-of-way, one of the most valuable assets a business can have in a time of growing competition. Originality/value - To understand its true value and possibilities you must first escape the mental trap of limiting your asset management to just the business you think you're in. Then a strategy based on creative leveraging is not only possible, it is desirable.

Notes: Purpose - A High Level Expert Group (HLEG) was set up to consider the topic of converging technologies and to propose to the European Union how to approach it. But the group soon developed communications problems. A few members of the group proposed using scenario methodology to develop a common language. Design/methodology/approach - The HLEG decided that creating four scenarios for Europe in 2020 would provide an explicit framework for discussing the contribution of converging technologies to society and the economy, and thus would ameliorate the communications problems that plagued the group. Findings - Using scenarios to create alternative worlds allowed different views of desirable and acceptable futures to be set in context. The net result was a useful report presented to the European Commission. Research limitations - This case study reports on four scenarios for Converging Technologies for the European Knowledge Society (CTEKs) in the year 2020. Practical implications - Managers of diverse groups could use the same techniques to promote effective communication. Originality/value - Managing diverse groups - such as networked communities - is becoming an important management skill and so is using scenarios to facilitate communication and learning among them.

Notes: Purpose - Most companies focus on using outsourcing to achieve cost cutting. This article urges them instead to consider outsorcings potential for capability enhancement. Design/methodology/approach - Reports on a handful of companies that place outsourcing - onshore or off - in a strategic context. Findings - Leading companies start by analyzing not just where they can outsource to lower costs and improve quality, but which capabilities are vital to their core business. Research limitations/implications - A recent Bain survey of large and medium-sized companies reports that only 10 percent are highly satisfied with the costs they're saving, and a mere 6 percent are "highly satisfied" with offshore outsourcing overall. Practical implications - Outsourcing has become so sophisticated that even functions like engineering, R&D, manufacturing, and marketing can be moved outside. Originality/value - The authors show that it's no longer a company's ownership of capabilities that matters, but rather its ability to control and make the most of critical capabilities. In other words, capability sourcing has become strategic.

Notes: Purpose - To produce rapid innovation, Japanese companies have learned to manage strategic communities for new product development. These communities require the merging and integration of different technologies and the coordination of relationships among all levels of management, alliance partners, and customers. Design/methodology/approach - Through case studies of two Japanese companies, the author examines the successful new product development process practised by these strategic communities and their networks. Findings - As the cases reveal, strategic teams at each company - consisting mainly of cross-functional middle managers from a number of business divisions - formed strategic communities inside and outside the companies that included customers, and then formed networks that transcended the strategic communities' boundaries. In record time, strategic community leaders enabled companies to build new business models aimed at customers and then achieve successful new product development. Research limitations/implications - Two case studies are reported on. The author was directly involved in one of them. Practical implications - As this research indicates, to successfully innovate, companies may need to form strategic communities that are not tied to existing organizational structures or cultures. Superior core technology in the leading-edge high-tech fields of IT and e-commerce continues to spread throughout the world and undergo dramatic changes. Innovative companies that need to establish competitive advantage in the network economy must not try to retain full control over innovative processes under the conditions of conventional hierarchical mechanisms and closed autonomous systems. In other words, companies will from now on probably increasingly require a management that can use networked strategic communities to synthesize superior knowledge that is open and spread out both inside and outside the organization, including customers. Originality/value - Companies will from now on probably increasingly require a management that can use networked strategic communities to synthesize superior knowledge that is open and spread out both inside and outside the organization, including customers.

Notes: Purpose - To define erotic retailing in the context of shops selling sexually arousing products to women, and the ethical implications of High Street "porno-chic". Its purpose is to assess the moral implications of access to sexual imagery and products in the High Street and examines the boundaries of its acceptability in society. Design/methodology/approach - The approach is inter-disciplinary, with two objectives; firstly to demonstrate the value of archived source materials to explore and structure the research problem in depth and secondly to turn directly to a primary philosophical source, to provide a new ethical approach to the research problem. Findings - The findings demonstrate a typology of erotic retailing, the interrelatedness of the commercial opportunity with social and cultural developments in the late twentieth century and propose a philosophical answer to the ethics of erotic retailing. Research limitations/implications - It is concerned with the development of new theoretical frameworks through the use of complementary research methods. Practical implications - Its practical implications concern the future opportunities for a rapidly expanding field of commercial activity and a solution to the ethical problem of "selling sex". Originality/value - It engages with an emerging area of retailing, exploring and defining an emerging problem concerning the marketing and selling of erotic products and the ethical evaluation of the problem using a philosophical analysis.

Notes: Purpose - Companies operating on the internet need appropriate metrics to make strategic marketing decisions. This paper applies established qualitative research methods to the online environment to evaluate how web managers generate and incorporate web metrics to inform strategic marketing decisions. Design/methodology/approach - Initial theories were developed using a comprehensive literature review as well as exploratory interviews with New Zealand companies. Applying a mixed methodology, the exploratory research used interviews to assess current practice within the industry, refine the research questions and set up the research design. An in-depth case study in the USA evaluated best practices and highlighted issues that affect the use of web metrics. The main data collection utilized case studies to generate the in-depth information necessary for theory building. Findings - The exploratory results showed that companies currently measure web site performance and consumer behaviour online but are still uncertain how best to use those metrics to inform strategic marketing decisions. The in-depth case study showed how web metrics can be used when sufficient resources are available and measuring performance is a priority. Owing to the initially recognized low level of web metrics use, the main research was expanded purposively to selected participants who make greater use of web metrics. Originality/value - This paper applies traditional qualitative research methods to the online environment. Analysis of the case studies and continued research will address the research gap and provide recommendations to web managers as well as attempt to illustrate best practices, solutions to issues and industry benchmarks.

Notes: Purpose - To provide guidance for the formalised analysis of qualitative data and observations, to raise awareness about systematic analysis and illustrate promising avenues for the application of qualitative methodologies in international marketing research. Design/methodology/approach - Conceptually, the nature of qualitative research, globalisation and its implications for the research landscape, text-data as a source for international research and equivalence issues in international qualitative research are discussed. The methodology section applies these concepts and analysis challenges to a real-world example using N*Vivo software. Findings - A 14-step analytic design is developed, introducing procedures of data analysis and interpretation which help to formalise qualitative research of textual data. Research limitations/implications - The use of software programs (e.g. N*Vivo) helps to substantiate the analysis and interpretation process of textual data. Practical implications - Step-by-step guidance on performing qualitative analysis of textual data and documenting findings. Originality/value - The paper is valuable for researchers and practitioners looking for guidance in analysing and interpreting textual data from interviews. Specific support is given for N*Vivo software and its application.

Notes: Purpose - This article introduces a method for assessing network dynamics over time. It integrates a qualitative approach to data collection with a bifocal approach to data analysis, i.e. where data are interpreted with two lenses: qualitative and quantitative. Design/methodology/approach - The dynamics of an entrepreneurial firm's network are analyzed by combining: content and event analysis of case data and network maps with the use of UCINET 6, a software package developed for social network analysis. Findings - In illustrating the bifocal approach, steps related to data collection, preparation and analysis are discussed. The findings show how the bifocal approach captures change in both a network's structure and its interactions, through a firm's life-stages. Research limitations/implications - The primary limitation of the approach is that reliance on UCINET 6 statistics oversimplifies network analysis. Thus, optimal use of the approach is best achieved when the structural patterns generated by UCINET 6 are balanced by qualitative analysis of the interactional dimensions of the network on a longitudinal basis. Future research opportunities include cross-network analysis and examination of the networks of lead entrepreneurs in comparison with one another, over time. Practical implications - The bifocal approach allows examination of network power shifts and identification of opportunities for strategic action and relationship management. Originality/value - This article shows that the application of the bifocal approach facilitates a more meaningful analysis of networks than does a purely qualitative approach. It allows for time-based examination of whole systems of organizations and scrutiny of dimensions pertaining to both network structure and the interactions and relationships between individual actors.

Notes: Purpose - To explore the relationships between emotions and overall team processes and task performance. Design/methodology/approach - The work begins with a literature review of the major studies performed on emotions and their affects on teams. This study then specifically surveys a group of information technology student teams at various stages of a term-long project to determine their level of feelings in 15 separate emotions at each stage. Also measured are effects of emotions on attitudes towards team processes. Regression analysis was used to measure the significance of several hypotheses. Findings - Overall findings specifically measured the five hypotheses. It was found that team emotions at the start of the project are more positive than negative. Negative emotions grow more than positive over the life of the project. Emotions show increased intensity over the life of the project. Initial emotions did not significantly affect overall team processes. Final emotions somewhat affected overall team processes. Research limitations/applications - The small sample size does limit generalizations but the work can serve as a framework for more extensive and industry situated studies. Practical implications - The work suggests issues related to the impact and evolution of emotions on team projects. Practitioners can begin to focus on efforts that can improve emotions and potentially overall team success. Originality/value - There is little work done on the evolution of emotions and their effects on team processes. The paper begins the dialogue on an important aspect of team dynamics.

Notes: Purpose - Functional diversity research has resulted in equivocal findings for group performance suggesting the need for theoretical clarification. A review of previous functional diversity research indicates that high quality productive relationships are a key determinant in the performance of cognitively diverse groups. A theoretical framework is provided that demonstrates that assets embedded in the social structure of group member relationships impact group performance. The primary goal of this paper is to consider the concept of social capital at the group level and explain its role in mentoring the relationship between functional diversity and group performance Design/methodology/approach - These concepts are supported by prior studies and theoretical development rather than empirical evidence. Findings - Social capital is introduced as a moderator in the group performance model improving the group processes of communication, social integration, and coordination. Enhanced group processes in turn lead to elevated group performance. It is argued that social capital offers promise for understanding and improving the performance of functionally diverse groups. Originality/value - This paper offers a bridge between the diversity-group performance relationship. This bridge, social capital, offers a new and exciting means of further examining these key relationships.

Notes: Purpose - The purpose of this paper is to propose a systematic and rigorous process of data collection and fieldwork in qualitative research using four empirical studies of customer interactions in new product development (NPD) as examples. The intention is to dispel a misconception that the qualitative research lacks objectivity and methodological robustness. Design/methodology/approach - To collect data for all the four studies a preliminary process of conducting fieldwork was first developed from the extant literature. This preliminary framework was applied in the first study and subsequently revised twice in the second and third study by incorporating necessary changes and additions. Finally, the framework was tested and further refined in the fourth study. Findings - The findings from these four empirical qualitative studies have demonstrated that a theory generating idiographic research such as field interviews could be carried out systematically. These findings also provide a basis for proposing a structured framework for data collection. Research limitations/implications - The paper is based only on business-to-business NPD. Therefore, to increase the applicability of the results more studies are needed in other business and marketing fields. Practical implications - The results offer an in-depth look at specific research activities that can be carried out for efficient idea generation work and the overall NPD efforts. Originality/value - The framework reported in this paper allows for an iterative data collection process from multiple respondents and from multiple sources. This method of data collection is a key issue because product managers tend to interact with the customers and other partners repeatedly and throughout the NPD process. Thus the product managers would find this framework useful for research involving NPD and customer interactions.

Notes: Purpose - The purpose of this article is to discuss the implications of three lessons that leaders can learn from Canada geese to leadership and teamwork in organizations. Design/methodology/approach - Migratory behavior of Canada geese is compared to widespread behavior among leaders and teams in organizations. Findings - The first lesson is: work as a team: Canada Geese migrate long distances flying in V-formation. This formation results in lesser wind resistance, which allows the whole flock to add around 70 percent greater flying range than if each bird flew alone. Geese find out quickly that it pays handsomely to be team players. Second, wise leadership: when the leader at the apex of the V gets tired, it is relieved by another goose. Leaders rotate, empower, delegate, and even step down when it's in the best interest of the team. How often do we see this taking place among organizational leaders? Wise leaders ensure that their followers are well trained and developed in order to achieve true empowerment and smooth succession processes. Third, humane behavior: if a goose drops to the ground when it gets hurt or sick, two of its colleagues go down with it to take care of it until it either gets healthier or dies. In this fast-paced and competitive age, we seldom see managers going out of their way to help colleagues who are in trouble. In organizations, morale, productivity, and loyalty increase when employees are treated humanely. Originality/value - This paper discusses ways that leaders, teams, and organizations can improve performance by applying three lessons learned from Canada geese.

Notes: Purpose - The purpose of this article is to see how women who run their own businesses create and hold together teams within their companies. Design/methodology/approach - A case study was conducted and interviews were carried out with four female owners of small-businesses. Interviews were also conducted with their employees and their customers. The field research resulted in a categorization of the four businesses we studied. Findings - Only one of the companies succeeded in creating a genuine team, the category that we call the "friends". It took them a long time to achieve, which is rarely mentioned in literature on this topic. Creating mutual concepts is a complicated process. The other categories are called "circle of acquaintances", the "family" and the "colleagues". The circle of acquaintances had not succeeded in creating a team amid the turbulence they work within, while the family is not prepared to take the time that is needed to create a team. A process has been started for the staff in the colleagues category aimed at creating a team once they have understood the importance of good internal relations. Practical implications - In practice it takes time to build team-based working methods in small businesses. Employees require training but many small business owners don't think they have time for it. Originality/value - The more collective methods that characterize the friends category are not normally the subject of research into small businesses where focus is usually on the owner of the company. The working methods at this company were more collective than usual and this is not commonly seen in research into this area.

Notes: Purpose - This article aims to examine considerations and strategies for improving team performance in decision-making by teaching teams to use collaborative modeling based on team mental models. Design/methodology/approach - The article describes the nature of shared mental models and collaborative modeling, the potential effects of collaborative modeling on team performance, and a perspective on communication imperatives that facilitate collaborative modeling. The articles builds upon this information to suggest five imperatives for teams to help them develop collaborative modeling skills Findings - The article offers strategies in the form of five imperatives for teams to observe in order to build skills in collaborative modeling and improve team performance by improving team members' ability to effect collaborative modeling to accomplish team tasks and goals. Originality/value - Research over the years in mental modeling and communication has created a powerful argument that effective communication and shared mental models improves team performance. However there is little about application of this concept in the literature. The next step for researchers is to develop application models for collaborative modeling and test those models through empirical research. This paper offers an application model based on imperatives to be observed by decision-making teams in order to facilitate the creation of shared mental models of team tasks and processes.

Notes: Purpose - This research aims to identify various organizational-level factors influencing support for cross-functional new product development (NPD) teams. Design/methodology/approach - A total of 2,500 questionnaires where mailed in 2003 to managers of product development from Canadian and US manufacturing organizations operating in the machinery, computer, electronic product, electrical equipment, and transportation equipment manufacturing industrial sectors. A total of 269 usable questionnaires were returned for a response rate of 11.1 percent. Findings - Results of performing regression analysis indicate that the quality of communication between the functional disciplines involved in NPD activities, perceived risks and complexity of using cross-functional NPD teams, and the complexity of the organization's NPD activities all influence organizational support for cross-functional NPD teams. Based on the qualitative data, additional reasons why cross-functional NPD teams may not be supported in organizations are identified and discussed. Research limitations/implications - The major limitation of this study is that the respondents are NPD managers. These managers commented on the extent that support for cross-functional NPD teams exists at the team, departmental, and senior management levels. Future research should focus on gauging organizational support for cross-functional NPD teams by directly surveying team members, functional managers, and senior managers. Practical implications - This study identifies various organizational-level factors influencing support for cross-functional NPD teams. Originality/value - This research is of value to managers using or implementing cross-functional teams, as it indicates potential organizational-level factors that may facilitate or hamper the usage of such teams. To researchers, it provides a starting point in studying the determinants of support for cross-functional NPD teams, and cross-functional teams in general.

Notes: Purpose - To provide an alternative paradigm to traditional group development research in understanding how group performance is constructed through conversation by its members. Design/methodology/approach - In this qualitative field study, empirical data was collected on the performing stage of two work groups. Searle's speech act categories were used to analyze the conversation of group members. Using grounded theory a model is inductively constructed by examining the individual communication pieces (i.e. speech acts) and putting those pieces back together into a coherent frame. Findings - This study proposes that during the performing stage of work group talk, a unique type of describable verbal behavior, termed concrescent conversation, is present which enables group member's ability to "contribute to task success" - being a more productive group. Practical implications - How productive groups are is a highly relevant issue to managers in complex organizations. In the new workplace, groups are the primary work unit used to achieve business goals. Understanding how groups develop and how to improve their performance is of primary interest to managers and leaders of successful organizations. Originality/value - What is required to make groups productive? Taking a social constructionist's perspective to this question means acknowledging the social constructionist's view that conversation helps produce reality and that group productivity is a communication-driven phenomenon. The study explores conversation's role in one phase of Tuckman's group development model - the performing stage. The goal is to extend the understanding of group performance and to be better able to create and sustain productive groups

Notes: Purpose - The main purpose of the study was to assess students' perceptions of cognitive, affective, and interactive benefits in a business process re-engineering (BPR) course using five adopted teaching tools: role-playing, case studies, group assignments, electronic collaboration, and invited lecture. Design/methodology/approach - A list of 18 closed-ended questions and one open-ended question was distributed to a sample of 46 undergraduate students at the University of Bahrain's College of Business Administration who participated in the study. Findings - Descriptive statistics (mean scores) revealed that role-playing was the most useful technique in the improvement of students' cognitive, affective, and interactive skills, followed by group assignments, case method, invited lecture, and electronic collaboration respectively (except for the improvement of cognitive skills where the invited lecture prevailed over the case method). ANOVA results revealed that there were no significant differences in perceptions of cognitive benefits between most teaching tools. The only significant variations detected were between the web-based tool on the one side and the rest of tools on the other. Significant differences were also found in perceptions of affective and interactive benefits for almost all teaching tools. Originality/value - The best practices resulting from the adopted teaching process are expected to form a blueprint for benchmarking design of a BPR course or a course in other business subject areas.

Notes: Purpose - There appears to be an ever-insatiable demand from markets for organisations to improve their products and services. To meet this, there is a need to provide business process improvement (BPI) methodologies that are holistic, structured and procedural. Therefore, this paper describes research that has formed and tested a generic and practical methodology termed model-based and integrated process improvement (MIPI) to support the implementation of BPI; and to validate its effectiveness in organisations. This methodology has been created as an aid for practitioners within organisations. Design/methodology/approach - The research objectives were achieved by: reviewing and analysing current methodologies, and selecting a few frameworks against key performance indicators. Using a refined Delphi approach and semi-structured interview with the "experts" in the field. Intervention, case study and process research approach to evaluating a methodology. Findings - The BPI methodology was successfully formed and applied by the researcher and directly by the companies involved against the criteria of feasibility, usability and usefulness. Research limitations/implications - The paper has demonstrated a new knowledge on how to systematically assess a BPI methodology in practice. Practical implications - Model-based and integrated process improvement methodology (MIPI) methodology offers the practitioner (experienced and novice) a set of step-by-step aids necessary to make informed, consistent and efficient changes to business processes. Originality/value - The novelty of this research work is the creation of a holistic workbook-based methodology with relevant tools and techniques. It extends the capabilities of existing methodologies.

Notes: Purpose - This article offers an approach to building a high-level business process view of the enterprise, based on cognitive mapping techniques and the principles of modularity. Design/methodology/approach - A case study illustrates how these maps can be used in action learning and executive leadership development programs as a means of aligning enterprise leadership by implementing a cross-functional process view from the top down. Findings - This enterprise map shows both the customers' and the business's processes and their interrelationships, which helps align business strategy to process strategy, design and ownership. Research limitations/implications - The authors suggest that future case analysis research be conducted in other private sector industries using the same model. Practical implications - Building the business process view is a critical first step in business process orientation, an organizational philosophy closely linked to "systems thinking". It can link business strategy and customer needs to all the aspects of process design and management in a very powerful and visual way. This is the foundation for the success of corporations tomorrow by providing a clear view of the interrelationships inside and outside the company and by establishing a common language for change management. Originality/value - This paper offers a unique approach for using cognitive mapping techniques and the principles of modularity to help align business strategy to process strategy, design and ownership.

Notes: Purpose - To determine what criteria are used in enterprise resource planning (ERP) selection process and what criteria are the most important for firms. Design/methodology/approach - Through an extensive literature review, 15 selection criteria for the ERP selection process were identified and two were added after initial interviews. A questionnaire including these criteria was formed to secure data from companies. A single informant method was used for each company. To measure the importance of various critical factors a five-point Likert scale was used in the questionnaire. Findings - Fit with parent/allied organisation systems is identified as the most important selection criterion. Cross-module integration, compatibility between other systems, and references of the vendor are identified important factors respectively. Statistically significant differences were also determined between companies using MRP/MRPII versus those using own or no program for "better fit with organisational structure" and "fit with parent/allied organisational systems" criteria. Research limitations/implications - The effect of each selection criterion on ERP implementations failure rates is still to be investigated. Practical implications - Useful information about selection criteria on ERP systems for both vendors and firms planning to use these systems. Originality/value - Two new selection criteria were proposed for the ERP system selection process and some important differences between the criteria used by firms from developed countries and developing countries are determined.

Notes: Purpose - As the number of organizations that have implemented enterprise resourceplanning (ERP) systems unsuccessfully increase, it is necessary to establish the impediments in ERP implementations and the extent to which these impact the success of ERP projects. This study aims to identify the critical impediments that large organizations face in the implementation of ERP systems, and the impact of these impediments on overall success of ERP projects by a survey of Fortune 500 organizations. Design/methodology/approach - A survey was prepared based on 47 impediments identified from previous ERP implementation studies. Findings - This study finds that most of critical impediments are from functional coordination problems related to inadequate support from functional units and coordination among functional units, the project management related to business process change, and change management related to resistance of users. In this study, impediments are categorized based on project phases, and differences in the impediments the organizations faced between less successful and more successful organizations are found. Originality/value - This research provides significant implications for industry managers engaged in large-scale enterprise system implementations. Our survey results suggest that understanding new requirements for ERP implementation such as functional coordination is more critical issues than understanding technical features of ERP system.

Notes: Purpose - Globalization and digitalization have led to the need for a different view of international business. Computer technology, especially in the form of enterprise systems, presents the opportunity to apply best (or at least better) practices. Twentieth century enterprise systems were focused on internal optimization. Twenty-first century enterprise systems need to be much more open, and to focus on the demand chain, driven by serving customers better. To better fulfill this need, this paper aims to present a method for evaluation of business process alternatives focusing on demand chain needs. Design/methodology/approach - A method integrating decision making and system approach principles is presented that includes use of soft systems approaches to identify goals and interrelationships among system parts, generation of alternatives, analysis of alternative performance on goals, refining alternatives to better satisfy goals, and multiple criteria selection analysis to recommend choice. Findings - The method is demonstrated on a small business process design. This process can allow broader consideration of organizational goals and focus on customer demands. Originality/value - The paper demonstrates how such a method might work to better support the design of enterprise systems in this dynamic new environment.

Notes: Purpose - In this paper we present a roadmap for the elicitation of business rules based on different stakeholders' perspectives, in order to facilitate the processes of structuring, organizing and expressing business tactic and policy in a way that it is close to the business milieu and stakeholders' viewpoints. Design/methodology/approach - This paper has derived from a combined research practice. Initially, the development of a roadmap for understanding different stakeholders' perspectives and for identifying their views on business tactics and policies was based on well-grounded work on enterprise goal modelling, combined with a theoretical study of business rule - related concepts. The outcome of this work was tested against a real business case dealing with the development of an electronic procurement system in the pre-fabricated construction sector. Findings - As a conclusion, the paper put forward a comprehensive methodological framework for dealing with rule-intensive projects. The proposed roadmap can help IT practitioners in collecting and organizing business rule statements that apply within a particular organization, either towards the implementation of change on a business level, or in the context of specifying the (existing or future) functionality of supporting information systems (IS). Research limitations/implications - The rule roadmap presented here has been coupled with a modelling approach for expressing rules in a structured, consistent manner and for organizing them in a rule repository. Future work includes the extension of this approach to cover design and implementation as part of rule-centric information systems engineering. Practical implications - Therefore, the overall contribution of this work relates to the provision of guidance for identifying business policy and tactics at an intentional level (through the investigation of the rationale behind them) and for transforming relevant models to the operational level, where business rules are linked to business processes, information and systems. Originality/value - Although the business rule concept has been examined from different points of view over the past years, the paper attempts to bridge the gap between approaches that see rules as extensions of business goals, other approaches that consider rules as limitations on the way business activities are performed, and finally, approaches according to which rules constrain the creation, modification and deletion of information entities.

Notes: Purpose - Organizations of today are becoming ever more focused on their business processes. This has resulted in an increasing interest in using best practices for business process re-engineering. Two problems arise in connection to using best practices: how to find a best practice that suits particular purposes, and how to ensure that the process from the best practice has the same nature as the process under re-engineering. The purpose of this paper is to address these issues. Design/methodology/approach - The paper suggests using business process patterns, i.e. relatively high level business process models, for making near formal comparison of business processes. The paper analyzes widespread modeling techniques to find out which of them suits the task of building patterns for comparison. Based on this analysis, the state-flow modeling technique is chosen and first steps towards formal definition of business process patterns based on this technique are suggested. Findings - A pattern is defined based on the notions of state space, goal, as a surface in the state space, and valid movements towards the goal. A thinkable procedure of constructing patterns is demonstrated on two real-life examples. A hypothetical procedure for comparing process is suggested but it still needs to be verified in practice. Originality/value - The originality of the paper is the way the patterns are formulated and the underlying model, the state-flow view of processes, upon which the patterns are founded.

Notes: Purpose - The paper aims at providing a conceptual framework based on clearly defined concepts and notions, which integrates goals into process modeling and specifically distinguishes goals from soft-goals or business measures. The application of this framework facilitates a systematic use of soft-goals in process design. Design/methodology/approach - The framework is developed on the basis of Bunge's well-established ontology. It is applied to processes taken from the SCOR supply chain reference model for demonstration and evaluation. Findings - Applying the framework to the SCOR processes resulted in a set of focused relations between soft-goals and processes, as opposed to the ones suggested originally in the SCOR model. This demonstrates the usefulness of the framework in process design. Research limitations/implications - The approach presented in the paper is still rather a theoretical framework than a fully validated procedure. It should be tested on larger-scale cases in more practical settings and evaluated accordingly. Practical implications - Applying the clearly defined concepts of the framework and the suggested analysis procedure is expected to lead to focused and applicable measures tied to business process during process design, and provide a basis for process measurement requirements to be supported by an information system. Originality/value - The contribution of the paper is both theoretical and practical. It provides clear-cut ontology-based definitions to concepts which so far have been assigned fuzzy and ambiguous meaning and uses these definitions for systematically tying business measures to business processes.

Notes: Purpose - The purpose of this paper is to address two questions: what is the difference between relationship processes and purely product-oriented processes? And to answer this question we should bear in mind what we mean by relationship, and why a customer is willing to establish and maintain a relationship at all. Design/methodology/approach - An empirical analysis subjected the motives of customers and factors for the establishment and expansion of customers' relationships. In this context the relationship motives and factors can act as base to derive strategic goals of CRM and relationship processes in a further step. Findings - Based on strategic relationship goals the paper will give answers to a systematic identification and engineering of relationship activities and processes. Thereby relationship-oriented activities complement present product-oriented processes. In contrast to this we derive purely relationship-oriented processes as well, such as the customer recovery process. Such processes do not target product sales any more than rather the sustainability of relationship (in particular to valuable customers). Originality/value - The benefit of the paper is an integrated and goal-oriented derivation and design of relationship processes and activities. An example in financial services illustrates the approach and shows its application in parts.

Notes: Purpose - This paper investigates the potential of dynamic process modelling as an approach for addressing the problem of information systems (ISs) evaluation in the context of organisational change. Design/methodology/approach - A real-life case study is discussed, showing how dynamic simulation models that incorporate the effects of a proposed IS on existing business processes can help analysts and decision makers arrive at more informed choices for system design and evaluation. Findings - Based on the case findings, we postulate that the design and implementation of organisational systems could be augmented by the development of dynamic process models depicting business operations before and after the introduction of an IS, and the subsequent experimentation with such models to achieve maximum fit between organisational needs and system capabilities. Research limitations/implications - The study findings imply that dynamic process modelling may be of help in the endeavour of developing ISs that are aligned with the overall business strategy and objectives. Originality/value - Shows how dynamic simulation models that incorporate the effects of a proposed IS on existing business processes can help analysts and decision makers arrive at more informed choices for system design and evaluation.

Notes: Purpose - The goal is to examine the relationship between business process improvement initiatives (BPII), information systems (ISs) integration, and customer focus. Design/methodology/approach - The data for the study were collected at the divisional levels from a list of "Fortune 500" firms. A total of 1,100 questionnaires were mailed to divisional managers and 115 responses were used for the data analysis. Findings - The results of this study support the hypotheses that BPII directly affects customer responsiveness and product/service innovation. In addition, data integration and communication networks flexibility are found to significantly affect customer responsiveness and product/service innovation. Communication networks connectivity did not have any significant effect on customer responsiveness and product/service innovation, respectively. Data integration, intrafirm networks connectivity and networks flexibility are found to significantly mediate the relationship between BPII and customer responsiveness and BPII and product/service development, respectively. Interfirm networks connectivity was not found to significantly mediate the relationship between BPII and customer responsiveness and BPII and product/service development, respectively. Research limitations/implications - The sample consists of divisions of Fortune 500 firms. Second, the study is cross-sectional; therefore, it lacks the predictive power to find the long-term effects of BPII and IS integration on customer focus. A longitudinal study can be a future research endeavor to validate the results of the study. Originality/value - To business managers, the study clarifies the role of IS integration in customer focus.

Notes: Purpose - This paper presents an analysis of the impact of electronic commerce on firms in the telecommunications equipment industry. Design/methodology/approach - Using the OECD's value chain methodology, electronic commerce initiatives identified in the optical connectivity value chain were analyzed for each of the four layers of the chain, namely network operators, system integrators, assemblers and sub-assemblers. Findings - The findings from our case studies indicate that electronic commerce initiatives primarily influence process and relational innovations through supply chain collaboration. The real benefits of electronic commerce come from end-to-end visibility in the supply chain, and from the implementation of demand-pull strategies for all levels of the optical connectivity equipment value chain. Research limitations/implications - Future research should concentrate on the impact of various emerging electronic marketplaces in demand-driven integrated supply chains. Originality/value - Results reveal to managers how e-commerce can strengthen business relationships in the supply chain and how it can trigger information visibility through collaborative electronic tools.

Notes: Purpose - Most of the process models concentrate on who does what, when, i.e. on the description of the operational performance of tasks. The goal driven approaches try to establish a close relationship between the "whys" and the "whats". The former captures the strategic goals of the organisation whereas the latter tells us how they are achieved through tasks carried out by actors. In addition, managers do not naturally make the distinction between what to achieve (the goal) and the manner to achieve it (the strategy). This confusion often leads to the expression of manners as goals. In order to make clear the fundamental distinction between these two concerns and to master the complexity of process modelling, this paper seeks to propose a goal-perspective, the map-driven process modelling approach. Design/methodology/approach - The map representation system conforms to goal models in the fact that it recognises the concept of a goal but departs from those by introducing the concept of strategy to attain a goal. Findings - A business and its supporting system change in a concurrent way. In order to help the propagation of the intentional changes onto operational ones, we adopted the two levels hierarchical spiral process model. The intentional spiral deals with the production of the business process models using the map formalism and the operational one deals with the specifications of the supporting systems. Originality/value - A business process is defined in terms of goals and strategies of reaching these goals. The approach allows choosing an appropriate level of details when analysing and redesigning business processes.

Notes: Purpose - In Sweden there is an ongoing debate on ways to enhance accountability and transparency in order to avoid future scandals both in private companies and local government. Until now the debate has had clear political overtones, and there are no generally accepted methods for analysis of this issue. The purpose of the article is to survey and analyze the chain of accountability to be reviewed by the auditors and through the use of principal-agent (PA) theory to identify the problems that may arise in holding persons accountable. Design/methodology/approach - The paper shows how PA theory can be used to structure and analyse the intricate situation in Swedish local government. The model is particularly suitable in complex systems of accountability. Therefore, the paper explores two cases where the outcomes were discharge from liability. Based on the two case studies, the paper extends the empirical investigation to a list of 63 qualified audit reports in local government for 2002 and 2003. Findings - PA theory facilitated the understanding and structuring of the complex accountability situation and helped to identify important weaknesses in the system. The analysis underscored that neither better accounting nor better auditing systems alone will resolve the dilemma in improving accountability. The link between auditors and elected officials and civil servants needs to be investigated and clarified. Among other things, this means that the focus of today's debate should shift toward the lack of clear responsibilities within local governments. Research limitations/implications - This paper explores an area of research where few studies have previously been conducted - therefore, the paper is to some extent exploratory. In the future the number of empirical examples could be increased, and the different problems in the system of accountability in local government could be discussed in more detail. Practical implications - This research paper is based on an empirical investigation - as far as we know no such study has previously been performed in Sweden The principle of public access to information in Sweden provides unique opportunities for openly studying the work of auditors in the system. Originality/value - The research shows that PA theory may be used to structure complex issues of accountability. In addition, the study recommends a new focus for the debate on accountability.

Notes: Purpose - Through a case study of the Jiangsu Little Swan Group Company in the People's Republic of China aims to describe the transition from initial attempts at imitation of products through to the realisation that innovation would need to be purchased Design/methodology/approach - Relates the ensuing strategic alliance between the Jiangsu Little Swan Group Company and Matsushita of Japan, the acquisition of critical technology, and finally, the development of the company' own R&D culminating in over 150 technology patents by the end of the year 2002. Findings - Finds that Little Swan has demonstrated that it is possible to successfully make an extraordinary revolutionary shift from one industry into another. Originality/value - The case of Little Swan clearly demonstrates that innovation can be successfully integrated into a firm from external sources through direct acquisition.

Notes: Purpose - The study examines the consumer perceived performance risk in successive product generations. Design/methodology/approach - The results are based on ten focus group interviews. We divide risk into two different levels based on its criticality (attribute and functionality) to be able to assess more than its mere presence in an innovation. Findings - The study shows performance risk to differ between generations representing different innovation levels, and that this risk is moderated by whether the consumer has usage experience of the original innovation. The results show that the risk consumers perceive is more critical in a modified successor than in an original innovation provided that consumers have usage experience of the latter one. Practical implications - This study has implications for companies aiming at reducing consumer perceived risk in innovative product launches. Originality/value - Perceived risk is an important construct in innovation adoption research. Although it has been used to measure and predict individual adoption patterns towards a single innovation, little research has examined its impact on successive product generations. The results offer both theoretical and practical implications.

Notes: Purpose - In recent years companies are often involved in decisions concerning not only the external acquisition of technology, but also the opportunity to sell or to cooperate. Whatever the form of transaction, the valuation of technology and, in general, of the intangible assets represents a common and relevant problem. The paper aims at providing an analytical framework for valuing a technological asset. Design/methodology/approach - The study is based on a deep analysis of the academic literature, as well as corporate practice, and multiple case studies. They have been elaborated through the involvement of intellectual property managers of Italian firms and Intellectual Property consultants. An in-depth case study has been conducted in order to obtain more insights to enrich the framework, and discuss some of the theoretical and practical problems affecting the appraiser during a technology valuation. Findings - The results show that the valuation process is not simple, but quite multifaceted and that it is not systematic either in the literature or corporate practice. Originality/value - The proposed framework developed in the paper points out the most critical elements that could lead to a misleading and/or unusable and/or biased valuation; forces the appraiser to perform a systematic and rational analysis, coherent with the context of the valuation, solve some critical trade-offs and deal with contrasting elements; and increases the bargaining power of the appraiser during the negotiation with a potential counterpart, allowing a clear and complete understanding of the asset value.

Notes: Purpose - The paper seeks to identify the drivers behind the displacement of the locus of innovation from a hierarchical model to a distributed environment including customers, (lead) users, intermediaries and other external stakeholders. Design/methodology/approach - Exploring the corporate, technological and contextual transformations the paper combines ideas from innovation (taking Rothwell's 1994 fifth-generation innovation process as a point of departure) with knowledge management theories. Findings - Immobility of tacit knowledge - a prerequisite for innovation - is a crucial factor behind the increasing disintegration of the R&D function. Innovation-related activities will tend to be allocated between companies and other external sources (customers and users, etc.) depending on the location of tacit knowledge underlying them. Increasingly, customers are taking over more and more of firms' innovation-related activities because of the high costs of importing to the R&D department the tacit knowledge underlying them. Firms, in their turn, will retain those (manufacturing) activities of which they possess experience-based knowledge. Research limitations/implications - The present research is explorative in nature; thus, the propositions tentatively developed are in need of further elaboration and empirical investigation. Practical implications - To the extent that innovation is displaced into distributed environments, one of the crucial implications for organisations is how to build the necessary competencies to effectively exploit, coordinate and streamline knowledge flows from different sources and turn them into new ideas and innovations. Originality/value - The value of the paper is its extension of Rothwell's Fifth generation innovation process model.

Notes: Purpose - This paper is a critique of the "Enterprise in Education" initiative, which has been implemented, supported and developed at the University of Glamorgan. The purpose of the paper is to critique the initiative so that best practice in enterprise education can be identified and embedded in the future. Design/methodology/approach - The methodology for this paper was to review the related literature and use this to identify conceptual frameworks relating to entrepreneurial learning; distinguish between "for" and "about" entrepreneurship courses and better understand the informal learning experience. This was then followed by reflective critical analysis of the formal and informal learning activities at the university. Findings - The analysis supports the notion that lack of support, resources and finance are barriers to self-employment and access to entrepreneurial learning. Even with funded support for their learning, undergraduates are likely to face the barrier of lack of work experience and suggest postgraduate study as the space for "for" entrepreneurship courses. But whatever level of study there is a need for a seamless provision of "formal" and "informal" entrepreneurial learning. Research limitations/implications - Whilst there is a need for longitudinal studies relating entrepreneurial learning with entrepreneurial activity and sustainability, some of the outcomes of this case study have been fed into policy and practice: the continuation and further development of specialist "for" entrepreneurship courses at postgraduate level. Originality/value - This paper provides a case study of entrepreneurial learning in the university context and as such will be valuable to those developing courses in the field of entrepreneurship and those involved in developing university policy surrounding entrepreneurial learning.

Notes: Purpose - This paper reports a study of the craft sector in a remote area of Scotland. The objective is to understand what has made the sector in Orkney relatively successful, and whether elements of best practice can be transferred to other parts of Scotland and the UK. Design/methodology/approach - The analysis and discussion is based upon face-to-face interviews with public and private payers in the sector and is supplemented by discussions with craftspeople conducted as part of the wider study of which the Orkney story is but one part. Findings - A vibrant and innovative sector, parts of which are global, is revealed as having existed in Orkney for some time. There are, inevitably, some stresses and strains between the main players and different directions in which policy could develop. However, a framework based on businesses at different levels of experience is outlined as the basis for targeted economic intervention in the future. Research limitations/implications - Further understanding of the craft sector in Orkney could be achieved by conducting a longitudinal study or by exploring specific aspects of the sector, e.g. by looking at the contribution of Orkney College to the emergence of new designers. Practical implications - If the template, outlined in the paper, were to be implemented then business support for the sector would potentially be improved. Originality/value - The paper draws together elements of the Orkney story in relation to crafts and provides insights to economic development which potentially has lessons to teach the rest of the sector in Scotland and the UK.

Notes: Purpose - To critically evaluate the obstacles and problems encountered by entrepreneurs while doing business in Albania, which is an economy in a transition. Design/methodology/approach - The research methodology incorporates a survey that uses interview and questionnaire techniques. The sample was determined on a stratified basis (probability-random sampling) involving the random selection of respondents from various strata of the population. Findings - The most important obstacles faced by entrepreneurs in Albania include unfair competition, changes in taxation procedures, lack of financial resources and problems related to public order. Bureaucracy and corruption do not appear to represent significant barriers to entrepreneurship. Research limitations/implications - Responses from the selected strata were not distributed proportionally among the targeted sample. Practical implications - Legislative amendments and new legislation which focus specifically upon small business and enterprise development should be implemented by the Albanian government in order to achieve a transparent fiscal reform and create a more favorable business environment. Originality/value - This research provides a critical evaluation of entrepreneurial activities and the obstacles that entrepreneurs encounter while operating in the Albanian economy in transition.

Notes: Purpose - There has been considerable discussion concerning the resource dependency theory of strategy but relatively little qualitative, empirical research has been conducted on the proposed models. Using the value chain as the conceptual framework, the research aims to show how organisations, in this case small and medium-sized wineries, use their resources and how they access other resources by using strategic alliances. The article also aims to discuss the influence that their resources and capabilities have had on their ability to develop sustainable competitive advantage and superior performance. Design/methodology/approach - This exploratory research looks at four medium-sized New Zealand wineries (between 200,000 and 2 million litres) and six small ones (under 200,000 litres), of which six have over-performed and four have under-performed the industry. Semi-structured interviews were used to develop an understanding of how the wineries organised their alliances along the value and how they accessed resources which were not available internally. Findings - The wineries have engaged in strategic alliances, rather than structural ties, at various stages of the value chain, to gain access to scarce resources and capabilities. There is clear evidence that the over-performers have had access to adequate resources, which has led to sustainable competitive advantage and superior performance. Research limitations/implications - Only one industry is examined and wider research is necessary, both of a qualitative and quantitative nature. Originality/value - The research provides empirical support for the resource dependency theory and extends the understanding of its significance for small and medium enterprises.

Notes: Purpose - Entrepreneurial learning is an important area of enquiry which is not well understood in either the academic study of entrepreneurship or the practical development of new entrepreneurs. The article aims to explore two questions: first, how do people learn to work in entrepreneurial ways - are there significant processes and experiences in their learning, which can be related to existing learning theories? Second, can a useful framework to understand entrepreneurial learning be developed and applied both in entrepreneurial practice and conceptually by educators? Design/methodology/approach - The article includes a brief critical review of the theoretical literature in the areas of entrepreneurship and learning. Thematic discourse analysis is used to interpret the life story narratives of three entrepreneurs in the creative industries. Material from their learning experiences is used to support the development of a conceptual model. This demonstrates connections between the emergence of entrepreneurial identity, learning as a social process, opportunity recognition, and venture formation as a negotiated activity. Findings - The principal finding is to propose a conceptual framework of entrepreneurial learning as a triadic model, including major themes of personal and social emergence, contextual learning, the negotiated enterprise, and a group of 11 related sub-themes. Practical implications - Applications of the model in entrepreneurship education, work-based learning and practice, are proposed, within and beyond the context of the creative media industry. Originality/value - The paper develops an original and distinctive conceptual understanding of entrepreneurial learning through analysis of entrepreneurs' experiences, based on a social learning and constructionist perspective.

Notes: Purpose - To validate a measure of use innovativeness, or how existing products are used in a novel and innovative manner. The measure has practical significance for innovation research as it consists of only nine items as opposed to the original 44. The use innovativeness measure derived from research predicts acceptance of new technology (in this case computer technology) and could be adapted to other fields of innovation research. Design/methodology/approach - A survey was conducted and structural equation modelling techniques were used to analyse the data. Findings - Evidence for a unidimensional measure of use innovativeness is provided by structural equation modelling. The nine-item measure has fewer items than the original 44-item measure developed by Price and Ridgway (1983) Price and Ridgway and consists of the items of multiple use and creative reuse. The measure was found to be positively correlated with innovativeness and opinion leadership and the acceptance of new information technology. The construct of use innovativeness is thus a practical measurement for use in innovation research. Research limitations/implications - Some limitations regarding the nature of the sample are discussed. Implications for future research in the diffusion of innovations are also addressed. Originality/value - The only paper which validates a measure of use innovativeness, so that it has practical and theoretical use in innovation practice and research.

Notes: Purpose - The purpose of this study is to analyze the role of organizational learning and strategic human resource management (HRM) in sustainable competitive advantage. Design/methodology/approach - To carry out the present study, the survey method has been used. The empirical research was done on a random sample of 300 line or human resource (HR) managers from nine Indian and foreign global organizations, chosen purposefully from New Delhi (the national capital region of India). Percentages, means, cross tabulation, Pearson's correlation, one-way analysis of variance, inter-item analysis and Cronbach alpha were used for data analysis using SPSS package 10. Findings - The study reveals that there is a positive relationship between organizational learning, strategic HRM and sustainable competitive advantage. Research limitations/implications - Large samples from different Indian companies, especially middle- and small-scale industries, and longitudinal studies with qualitative and quantitative research design can strengthen the current study. Practical implications - The study recommends that work-based learning strategies and HR interventions involving people can help in developing strategic capabilities for sustainable competitive advantage. Originality/value - No empirical work has been carried out to study organizational learning, strategic HRM and sustainable competitive advantage in an Indian context. The present study was thus undertaken to study their relationship for sustainable competitive advantage. The study is going to be of immense importance not only for the management field, but also for the corporate world to know what is happening in India in the HRM and organizational learning field and to chalk out their strategic policies and HRM with this perspective.

Notes: Purpose - From a literature review and a comprehensive survey aims to analyze how small to medium-sized enterprises (SMEs) use existing support systems. The analysis is specifically on focusing different size groups within the SME category, the role of industrial sector, and regional location. Design/methodology/approach - The combination of macro-economic theory and entrepreneurial perspectives constitutes the theoretical framework for this study. Empirical data are collected via a survey to over 1,000 Swedish SMEs with one to 49 employees, from both manufacturing and service industries, and from three different regions. Descriptive as well as multivariate statistical techniques are used in the analysis. Findings - The results indicate low participation rates of available support services and the largest manufacturing companies with a location in sparsely populated areas are the most frequent users. Vague arguments from neo-classical theory and lack of clarity in definitions of small firms pose an obstacle to the production of empirical results as well as theoretical development. Support users are mainly positive to the services and, although the "take-up rate" has increased in recent years, a better match between demand and supply of support services must be undertaken. Originality/value - This paper gives understanding of how the business support programs are received among small companies. The results generated via a large sample size, 1,022 companies, combined with theoretical considerations, give a solid platform for research and policy conclusions.

Notes: Purpose - This paper aims to investigate the extent to which public house licensees conform with employment legislation. Design/methodology/approach - The paper examines legislation within the hospitality industry. Five aspects of the legislation were selected and a case study approach was used with a sample of micro business licensees. Findings - The results show that those licensees who manage outlets on behalf of the large pub-owning companies had a far greater knowledge of the legislation than independent respondents who, in some instances, appeared to flout the legislation deliberately. Practical implications - The independent sector of the licensed trade appears to lack vital information about employment legislation, and licensees might not realise the consequences of ignorance or deliberate non-compliance. Those involved in running this type of micro business need to establish more effective sources of information on such issues. Originality/value - This paper offers a clear indication to all involved in the hospitality industry that there could be problems with employers within the micro sector gaining information about employment legislation and also adhering to relevant regulations.

Notes: Purpose - This paper aims to identify key elements of innovative culture using innovation audit tools. The research seeks to determine if factors such as the ability to collaborate are important in building a culture that supports innovation. Design/methodology/approach - Many firms are continually scanning the environment for sources of ideas for product or service innovations. to realise benefits from these practices, organisations need a culture that supports collaborations and a systematic approach to manwork and uses the two cases studies to highlight some of the benefits of collaboration. Findings - The key role of leadership in the two cases is noted, however not all aspects of innovation culture are considered in these case studies and further research needs to consider different forms of ownership and governance. Collaboration supported by creative leadership can give small firms a competitive innovative edge, small businesses seeking to be innovative need to understand the importance of leadership and collaboration. Innovative organisations require a set of competences and capacities that enable them to win new business, these may be located within the organisation or they can be accessed externally. Research limitations/implications - This research considers two case studies and provides examples of characteristics of innovation cultures but the findings may not be generalisable to a wider population. Originality/value - The values that create an organisational culture and supports and encourages innovation needs to be embedded in the organisation.

Notes: Purpose - The objective of the research is to identify and analyse the main barriers to new product development within small manufacturing companies. Design/methodology/approach - The study has employed a longitudinal case-study methodology, which has focused on data gathering from three manufacturing companies that have undertaken new product development activities in-house. The detailed case-study material has been derived from project documentation and interviews with personnel at various technical and managerial levels. Findings - Three generic managerial issues that impinge on new product development are identified: the influence of a dominant owner/manager; a focus on time and cost ahead of other key factors; and a failure to understand the importance of product design. Research limitations/implications - Although the case studies are detailed, only three manufacturing companies are assessed. Future research should expand on the generic issues, increase the number of case-study companies, and ideally include an assessment of new product development within small companies from outside of the UK. Practical implications - In order to overcome some of the inevitable managerial limitations within small companies, new product development activities should seek to promote a more systematic approach to design. This may encompass formal design training for senior managers and the implementation of simple design tools, such as product design specifications. Originality/value - Barriers to and opportunities for new product development within small manufacturing companies are neglected areas in terms of detailed research studies. The issues highlighted in this paper will help to inform managers, practitioners and policy makers who are engaged in enhancing the competitive advantage of "traditional" manufacturing companies.

Notes: Purpose - The purpose of this paper is to provide a systematic examination of the importance of trust-developing constructs and the impact of trust on long-term orientation within the small and medium-sized enterprises (SME) domain. Design/methodology/approach - A theoretically grounded model has been developed that comprises three cognitive (reputation, skill and transaction specific investments) and three behavioural (information exchange, coercive power and flexibility) antecedents of trust, which in turn is posted to be a determinant of long-term orientation. The model has been tested using 229 responses obtained through a postal survey carried out in the UK electrical and electronic industry. Findings - With the exception of the skill to trust, all other hypothesised relationships have been supported. In relative terms, reputation followed by flexibility have been found to be the most important determinants of trust. Research limitations/implications - The moderating impact of company size and length of relationships have not been examined. The potential for differential behaviour of upstream and downstream business relationships also merits examination. Practical implications - The results indicate that development of trust can best be affected by a balanced and coordinated set of activities designed to enhance both cognitive and behavioural aspects of trust. Advice as to how this can be achieved is offered. Originality/value - Despite the extensive study of trust between large organisations there is a general lack of corresponding research with the SME domain. The results reported here provide support for the claim that related findings based on large organisations can be extended to apply to SMEs.

Notes: The pursuit of good corporate governance, as exemplified by compliance with Sarbanes-Oxley(SOX), requires corporate real estate (CRE) departments to gain a better understanding ofasset values and lease costs than most companies currently possess. As a result, CRE departments are motivated to centralise control over operations globally, to improve systems for ensuring consistent and accurate accounting worldwide and to scrutinise vendors more thoroughly. These changes will be difficult for many CRE departments, but, done properly, the focus on corporate governance will bring greater understanding of real estate's impact on corporate financial performance, as well as enhancing relationships with the CFO, senior management and business unit leaders.

Notes: The results indicate that the main reason for portfolio outsourcing was the immediate cash pay-out. In addition, corporations generally aimed to increase their capital and space-use efficiency, as well as flexibility in occupation. Corporations were generally successful in increasing their space-use and capital-use efficiency. However, a common problem for all corporations was the difficulty of predicting future needs for flexibility. This is why all the corporations under investigation now have leases of unsuitable lengths. Another general problem worth mentioning was the lack of control over property refurbishment and alteration issues, resulting from portfolio outsourcing.

Notes: A recent article in Strategy + Business magazine set out that the three primary goals of the CEO for creating 'business resilience' include (1) securing the people of the enterprise; (2) securing the core business of the enterprise (systems, facilities, infrastructure and processes); and (3) securing the business networks (such as the supply chain). Given these three goals, who is better suited to take on a leadership role in coordinating business continuity than the senior managers of corporate real estate (CRE) and workplace resource (WR) organisations? For several years, as the concept of Corporate Infrastructure Resource Management (CIRM) has evolved, senior CRE managers have sought out ways to create additional value for the enterprise's core businesses. The authors believe that CRE organisations possess many of the competencies required to play significant roles in their business continuity programmes, and seizing this opportunity to fill the gaps can elevate the profile of workplace to the executive level. This paper presents a simple framework, based on five leverage points, that will enable CRE to take a more active leadership role in managing business continuity and to move to a 'strategy and continuity' model for managing corporate real estate.

Notes: The use of 501 c. 3 'conduit' ownership and financing vehicles has emerged as an effectivefinancing tool for the real estate needs of many tax-exempt healthcare and higher education institutions. 'conduit' vehicles offer low-cost, third-party ownership and financing solutions to other not-for-profit 501 c. 3 healthcare and higher education institutions that do not wish to use their own debt to finance real estate assets or that wish to preserve working capital and bond debt capacity for activities that more directly support their core mission. When applied to specific types of property assets and properly structured and documented, these transactions can achieve both off-balance sheet outcome under all applicable FASB accounting rules and 'off-credit treatment' from the rating agencies reviewing these transactions. However, these balance sheet and rating agency outcomes are highly dependent on a number of considerations tied to the facts and circumstances of each specific transaction. The purpose of this summary is to describe the features and benefits of conduit transactions, along with their unique accompanying financial, accounting and rating agency issues.

Notes: In the midst of a major corporate reorganization and an ever-changing industry landscape, how does a corporate real estateorganization successfully build enterprise alliances and create integrated approaches to problem solving in order to 1) realign the real estate portfolio and 2) achieve optimal real estate portfolio efficiencies? The answer lies in the use of enterprise program management approaches to identify stakeholders and to invest in lifecycle management. This case study will examine how Sprint Enterprise Property Services successfully adopted the use of enterprise program management principles in order to achieve significant gains in process improvements, to transform a traditional work environment, and to institute a dynamic long-term vacancy reduction plan for the corporate real estate portfolio.

Notes: Innovative workplace solutions have been known as "workplace of the future"or "alternative fficing." Today these concepts are being adopted by a cadre of forward-thinking companies of all sizes, across industries. These companies have begun to tailor their workplace to meet their particular needs. They are seeking ways to use their investments in space and technology to enable rather than inhibit progress toward their objectives. While still far from being universally embraced, these changes in workplace conceptualization and implementation are worth a closer look. This paper identifies key trends, discusses the forces driving them, debunks some myths that have arisen, outlines the potential benefits of these approaches, and discusses the need for an integrated approach to achieve successful implementation. Several examples are provided to demonstrate the appeal of workplace strategy across industries and suggest lessons that can be applied by the reader to their own unique situations. Primary workplace research conducted by the author as well as her corporate and consulting experience informs the points made throughout this article.

Notes: Although much has been written about the challenges facing businesses in the 21st century, perhaps most daunting is the notion that if a company is to excel, it needs to continuously develop and nurture its knowledge-based workforce. To do so, the company's fundamental work resources — information technologies, organizational policies and practices, and places of work — need to be fully synchronized to incent and support the knowledge work specific to the company's vision and goals. As technology and the forces of a global economy have changed the way business is done, so has the very nature of work changed. New work realities have created a new environment in which people and processes succeed only when barriers of time and distance are overcome. When a company's employees, customers, and facilities are widespread, establishing a reliable, cost effective support infrastructure that keeps people connected to needed resources and to colleagues and customers is essential. Real estate continues to play a key role in this new work environment, but an effective infrastructure design must integrate all of the key people, place and technology aspects. To do this, a true "systems"approach for providing work infrastructure is required.

Notes: Purpose - This paper is an attempt to bridge the gap between, on the one hand, the mobility behaviour of households and their perception of accessibility to urban amenities and, on the other hand, house price dynamics as captured through hedonic modelling. Design/methodology/approach - In order to analyse the mobility behaviour of individuals and households, their sensitivity to travel time from home to service places is estimated so as to assess their perceived accessibility, using "subjective" indices based on actual trips, as reported in the 2001 origin-destination survey designed for Quebec City. For comparative purposes, both objective and subjective accessibility indices based, in the former case on observed travel times and, in the latter case on fuzzy logic criteria, are computed and used as a complement to a centrality index in a hedonic model of house prices. Findings - Findings indicate that there are statistically significant differences in the way accessibility is structured depending on trip purposes and household profiles. They also suggest that, while an objective measure of accessibility yields good results, resorting to subjective, and more comprehensive, accessibility indices derived from fuzzy logic provides greater insight into the understanding of commuting patterns and travel behaviour of people. Practical implications - Better understanding the complexity of individuals' and households' mobility behaviour should result in more adequate initiatives and decisions being taken by transportation and city planning authorities. Originality/value - Accessibility to jobs and services has long been known as a major determinant of urban, residential and non residential, rents. Yet, it is more often than not assumed to derive from a rather straightforward process, which this paper shows is not the case.

Notes: Purpose - Valuation is the process of estimating price. The methods used to determine value attempt to model the thought processes of the market and thus estimate price by reference to observed historic data. This information is utilised in the discounted cash flow (DCF) valuation model to determine the single point valuation figure. However, the valuation will be affected by uncertainties: uncertainty in the comparable data available; uncertainty in the current and future market conditions and uncertainty in the specific inputs for the subject property. These input uncertainties will translate into an uncertainty with the output figure, the estimate of price. This paper discusses ways in which uncertainty can be incorporated into the DCF model. Design/methodology/approach - This paper looks at the way in which uncertainty can be incorporated into the explicit DCF model. This is done by recognising that the input variables are uncertain and will have a probability distribution pertaining to each of them. Thus by utilising a probability-based valuation model (using Crystal Ball) it is possible to incorporate uncertainty into the analysis and address the shortcomings of the current model. Findings - The outcome of introducing uncertainty in the inputs is to produce a range of different answers. The central tendency of this distribution is very close to the single point estimate of the static model, yet the user of the technique now benefits from an understanding of the upside and downside risk pertaining to this single point estimate. Originality/value - This study contributes significantly to the practical application of probability-based models to valuation. In particular, the findings from the study will be useful for clients to understand better the context in which a valuation figure is provided to them.

Notes: Purpose - The purpose of the paper is discuss value concepts that can be a complement to current market value, and discuss whether information about these value types can reduce the risk of bubbles. Design/methodology/approach - The study is primarily a critical comment on concepts and arguments put forward in a recent article. Findings - The main theses in the article are: that there is no "market view" in a market as there always are entrepreneurs who assess the situation differently, and only the future can show who is right; that the valuer should not pretend to be an expert of the future development of a market, as no one can be an expert about the future; and that if any information can reduce the risk of bubbles it is information about past patterns in the market. More such information might reduce the risk of "irrational exuberance" in a market. Practical implications - The practical implication is that more historical information could be useful in a property valuation. Originaity/value - The value of the paper - for researchers, valuers and valuation clients - is that it questions some concepts often used, and points to a way to make valuation reports more useful

Notes: Purpose - In the early 1990s, Sweden suffered from a severe property crisis. This study aims to analyze the market for income properties in Sweden over a 20-year period, 1980-2000, taking a fresh look at describing the depth of the property crisis. The study specifically attempts to examine if appraisal bias was present when the state-owned Nordbanken bank foreclosed on a large number of properties. Design/methodology/approach - Using transaction data, the article estimates a set of hedonic price indices. The result is used to calculate predicted market values. To assess if the appraisals are biased they are compared with both the predicted market value and the actual transaction price. Findings - The study does not find any indications of the appraisals being systematically biased. For the comparison with transaction price, however, a caveat in drawing these conclusions is that the appraisals could have had a direct impact on the reservation prices. The results further suggest that there is added information in appraisal beyond those characteristics that are available in public registers. Originality/value - The study presents a new set of price indices based on a limited set of property characteristic. Most indices in actual use are based on appraised values. This study has shed light on the depth of the Swedish property crisis and enabled us to assess the quality of appraisals in general.

Notes: Purpose - The use of modern portfolio theory (MPT) in the construction real estate portfolios has two serious limitations when used in an ex ante framework: the intertemporal instability of the portfolio weights; and the sharp deterioration in performance of the optimal portfolios outside the sample period used to estimate asset mean returns. Both problems can be traced to wide fluctuations in sample means. Aims to prove that the use of a procedure that ignores the estimation risk due to the uncertain in mean returns is likely to produce sub-optimal results in subsequent periods. Design/methodology/approach - This study extends previous ex ante-based studies by evaluating ex post optimal portfolio allocations in subsequent test periods by using methods that have been proposed to reduce the effect of measurement error on optimal portfolio allocations. Findings - While techniques designed to handle estimation risk in capital market studies have yielded promising results, they are not completely successful in improving out-of-sample performance in this case. It is hypothesised that such results are due to the cyclical nature of property and that the contrarian and mean-reversion effects picked up in studies of stocks and bonds are not captured when an asset such as direct property is examined. This conclusion is also supported by the strong performance of the tangency portfolios, and in particular the classical unadjusted Sharpe portfolio, over the shorter horizons, which would be consistent with a cyclical momentum effect. Originality/value - The results suggest that the consideration of the issue of estimation risk is crucial in the use of MPT in developing a successful real estate portfolio strategy.

Notes: Purpose - Aims to examine financial risk management. The UK valuation profession has been criticised for inconsistencies and failures to reflect risk and uncertainty in certain valuation assignments such as the pricing of urban regeneration land. Also the Investment Property Forum/Investment Property Databank specifically concluded that a new approach is needed which combines conventional analysis of returns uncertainty with a more comprehensive survey of business risks. This debate has been brought into sharper focus by the publication of the Carsberg Report, which emphasised the need for more acceptable methods of expressing uncertainty, particularly when pricing in thin markets. Design/methodology/approach - The paper commences with an examination of risk analysis within investment decision making and the property industry, drawing on the findings of the most recent literature that assesses the utilisation of risk management approaches. Findings - Financial risk management is examined and the workings of the D&B credit rating model illustrated. The paper explains the decision-making framework within which the property risk score is applied. Originality/value - The aim of this paper is to present an alternative paradigm for the reporting of risk based on techniques utilised within business applications. In particular it applies a standard credit-rating technique, based on the D&B model, to report the level of risk within property pricing - property risk scoring (PRS).

Notes: Purpose of the paper - This research paper has two objectives. The first is to shed light on the consistency in and quality of the applied valuation models. The second objective is to analyse uniformity on important valuation input variables throughout 1994-2002. Design/methodology/approach - More than 150 original valuation reports are retrieved and qualitatively checked on model consistency, for example on discounting methods. The impact of the inconsistencies on the end value were calculated by using a dummy discounted cash flow model (DCF). The uniformity of the input variables net yield, discount rate and exit yield are quantitatively determined: is there a decreasing standard deviation through time? Findings - There appears to be little consistency: the Dutch appraisers use a variety of methods within the DCF method. Cash flows are discounted quarterly in advance, yearly in arrear and averaged over the year, only three of the ten most frequent used appraisers use a flexible inflation scenario, etc. These different approaches can have a large impact on the appraisal value. As for the uniformity, the standard deviation for all three variables has not decreased through time. Practical implications - The conclusions and recommendations of this research have been used by the valuation committee of the ROZ/IPD Netherlands Property Index to improve and extend the valuation guidelines. Originality/value - Valuation models, which are the foundation of benchmarks, have never been researched on a large scale due to confidential issues. This research appears to be the first to actually analyse valuation models of many different appraisal companies in one country, The Netherlands. The participants of the ROZ/IPD Netherlands Property Index own 85 per cent of the 38 billion institutionally invested value in real estate in The Netherlands. Their policy decisions are partially based on the comparison to the Dutch benchmark. Therefore consistency and uniformity of the valuation models is critical.

Notes: Purpose - This study aims to consider the theoretical potential for client influences to bias valuations, and assess the validity of the resulting framework by seeking input from practising valuers and commissioning clients. Design/methodology/approach - Reports upon a series of individual interviews with senior New Zealand property executives responsible for the management of large portfolios of institutional-grade property assets. Findings - The results indicate that clients with expertise and a high level of knowledge of the property market are able to influence valuers by way of expert and information power. Opportunities to exert influence are afforded by the control the client has over the valuation process including the common practice in New Zealand of permitting clients to review draft valuations prior to their formalisation. Research limitations/implications - The general aim of this paper is to build on the theory as opposed to testing theory. In order to achieve this aim a qualitative approach was taken, this permits a focus on the search for meaning and understanding. As in most qualitative research therefore it does not claim that the findings can be generalised to a wider population, but it provides theory for later testing. The results however, not only provide a more in-depth understanding of the process, motivation and opportunities for client influence but also help to highlight the justification for further theoretical and empirical research in this area in order to achieve a more in-depth knowledge of the valuation process. Originality/value - This paper succeeded in its objective of developing an holistic and deeper understanding of valuation by gaining insights from clients involved directly in the commissioning of valuations for property funds in New Zealand. The results suggest that there are a number of specific influences that have not been previously documented, but appear to have the potential to affect valuation outcomes and valuations that are ultimately reported to stakeholders.

Notes: Purpose - Valuation is a "snapshot" in time. It is an assessment of the market price at a single point in time. It is an estimate and any estimate is uncertain. This paper aims to investigate how the property profession conveys this uncertainty to their clients. Uncertainty must be dealt with in a professional manner in order to offer a reputable service to the general public. It is argued that uncertainty must be expressed within the valuation to offer each party a thorough understanding of the circumstances that surround that particular valuation. It is suggested that the Royal Institution of Chartered Surveyors (RICS) should develop a standard approach to uncertainty expression, not only for the valuer's peace of mind, but in order to offer the best possible service to the general public. Design/methodology/approach - The paper reports the findings of a survey of valuers from leading practices throughout the UK. Examples of uncertainty are included in order to highlight the key issues within the discussion. Findings - The concept of uncertainty within a valuation is poorly understood and is rarely conveyed to the client in any coherent form. Originality/value - "What additional information does one need a valuer to provide, apart from the figure of his valuation?" In the majority of cases, the valuer's expression of uncertainty is integral, whereby one must express the amount of uncertainty present when undertaking a valuation. In order to offer a client an accurate valuation, the valuer should make clear the background to the value presented and offer evidence about which factors may affect the figure, with regard to variation.

Notes: Purpose - The objective of this paper is to re-appraise intra-urban rent models in the context of a multi-nodal landscape. Primarily, the study focuses on the early work of Alonso and, more recently, Di Pasquale and Wheaton. Although the latter use a more sophisticated approach, both models lead to similar outputs, notably a declining rent gradient from the central business district (CBD). However, throughout the twentieth century there has been a considerable process of urban industrial change. Di Pasquale and Wheaton recognise this and argue that this has led to an almost flat industrial rent gradient. Design/methodology/approach - To assess the current impact on industrial rents a hedonic rent regression model is applied which enables us to standardise for property characteristics. Findings - The results support the hypothesis that the rent gradient from the CBD for a large city is still downward-sloping, albeit very shallow. More interesting is the significance of proximity to motorway junctions. The analysis supports the hypothesis of a multi-nodal rent surface. Proximity to a motorway junction is the most important locational variable with a much steeper and negative gradient than that to the CBD, albeit over a shorter distance. Originality/value - These results imply that the draw of the CBD in terms of agglomeration economies and its accessibility to labour for a city the size of Glasgow still remains, but its attractions are much denuded with the development of a national motorway network.

Notes: Purpose - Seeks to explore recent studies in corporate real estate and to provide a comparative analysis of industrial corporations in Ireland and those in the non-industrial sector with respect to their corporate real estate management objectives. Design/methodology/approach - The empirical investigation reports on a study undertaken in Ireland and compares results from companies in the industrial sector with companies in the non-industrial sector. The methodology is based on a behavioural questionnaire targeted at the top 150 companies operating in Ireland and classified on the basis of number of employees. Findings - The findings indicate that significant differences are apparent between companies in the industrial sector and companies not in the industrial sector in the use of real estate assets. In particular companies in the industrial/manufacturing sectors have weakly developed corporate real estate strategies. Research limitations/implications - The main limitations derive from a relatively small sample size, a function of targeting the survey at senior executives. There are implications for companies in the under-utilisation of real estate assets and the effects of this on corporate balance-sheets requires further investigation. Originality/value - Highlights that companies in Ireland, notably those in the industrial sector, have some significant way to go in utilising their corporate real estate assets more effectively.

Notes: Purpose - The question as to whether it is better to diversify a real estate portfolio within a property type across the regions or within a region across the property types is one of continuing interest for academics and practitioners alike. However, this study is somewhat different from the usual sector/regional analysis in that this study is designed to investigate whether a real estate fund manager can obtain a statistically significant improvement in risk/return performance from extending out of a London based portfolio into firstly the rest of the South East of England and then into the remainder of the UK, or whether the manger would be better off staying within London and diversifying across the various property types. Design/methodology/approach - In order to examine these issues we form a number of portfolios that can be directly compared to a number of benchmark portfolios, as well as to each other. Then using the statistical tests developed by Gibbons et al. and Jobson and Korkie, we investigate whether the benefits that accrue from the differing diversification strategies are statistically significant or not. Findings - The results show that staying within only one sector and one region (London) is undesirable in terms of risk and return compared with all three benchmark portfolios considered here. Secondly diversification on a naïve basis, or in an optimal fashion, leads to significant improvements in performance, irrespective of whether it is across different property types within London or within the same sector across the regions. Finally the results indicate that staying within London and diversifying across the various property types may offer performance comparable with regional diversification, although this conclusion largely depends on the time period and the fund manager's ability to diversify efficiently. Originality/value - The results suggest that diversification almost always offers increased performance. Indeed a little diversification can quickly lead to levels of performance that is superior to number of benchmarks as well as performance insignificantly different from that of the most diversified portfolio that could be constructed! Consequently fund managers should be encouraged to diversify, be it across the regions or across the sectors of the UK.

Notes: Purpose - This study seeks to survey the current convergence of broadcasting and telecommunication, examine the policy questions that arise in Korea and present a review of current regulation in this field. Design/methodology/approach - From a technical perspective, the convergence between telecommunications and broadcasting is emerging as both industries move towards digital standards. Yet, from a policy-making perspective, convergence seems premature and may not be desirable. This study focuses in particular on the digital media broadcasting (DMB) service, which is currently being developed in Korea. Findings - The paper suggests perspectives on forthcoming satellite DMB service developments, and the implications of this emerging technological breakthrough. The study indicates that current broadcasting-based regulatory frameworks may tend to deter technological convergence and thus delay service introduction in the market. Originality/value - The paper concludes with a new regulatory model with more consideration of service providers and users.

Notes: Purpose - Aims to introduce the special issue "What's wrong with competition policy in new media?" which is based on a series of seminars given in January-March 2005 at Oxford University's Programme in Comparative Media Law and Policy. Design/methodology/approach - Discusses the papers included in this special issue. Findings - Reveals that when it comes to the framework for commercial broadcasting, the position of publicly funded broadcasters, and various forms of state aid, some posit a future of deregulation in which communications are eventually treated as markets like any other, while others argue that many of the public policy objectives in the sector will require permanent sector specific regulation, and even that the competition framework currently being implemented should be subordinated to citizen not consumer interests Originality/value - The lessons from the contributors are applicable to overall European policy.

Notes: Purpose - The purpose of this paper is to examine the widely-held assumption that broadband infrastructure will bring social and economic benefits. Design/methodology/approach - The paper examines the impacts of broadband in Korea, a country with the highest penetration rate of broadband. The current status of broadband in Korea is examined, followed by an assessment of its impact on electronic commerce, overall economic effects and new business opportunities. Findings - There is evidence of positive impacts of broadband development in Korea. Most importantly, broadband internet not only provides a driving force for new businesses for related industries, but also forms a springboard for future infrastructure in the network economy. Research limitations/implications - The paper focuses on positive impacts, which are largely anecdotal, and does not seek to assess negative impacts. Originality/value - There has been little research into the socio-economic benefits of broadband. In addition, the paper provides a snapshot of development in South Korea.

Notes: Purpose - Of relatively recent origin is the virtual organisation where companies are able to marshal the necessary competencies from a range of independent external agents through the strategic use of outsourcing mechanisms. The paper discusses the challenge of accounting for intellectual capital (IC) and intangible assets and presents a financial analysis and background of companies exhibiting different levels of virtuality, from traditional manufacturing to virtual manufacturing. Design/methodology/approach - This paper is based on the interaction of the researchers with three companies examining their positions on the continuum from traditional to virtual manufacturing. Case studies of the companies and some key financial results for a period of years are presented in order to explore implications and inform strategic decisions. Findings - It concludes that conventional financial reporting for IC and intangibles has limited scope. This is elaborated through contrasts in a number of conventional accounting measures and some others, less conventional, to highlight the implications of the intellectual capital employed. The results are reported and implications of these discussed in the context of the companies whose background and activities are briefly outlined. Practical implications - The measurement and management of the intangible assets and intellectual capital of organisations has been the focus of recent research in accounting and finance. This has applied to the corporate reporting of financial results involving its impact on the balance sheet, managerial accounting concerned with decisions and the internal use of various financial and non-financial performance measures and finance where market values of companies have been shown to differ significantly from their book values as shown in published accounts. Originality/value - The content will be of interest to academics studying issues surrounding the reporting and decision making concerning intellectual capital and intangibles. Additionally, managers and consultants whose companies are engaged in outsourcing and or virtual/semi-virtual manufacturing should find the results informative.

Notes: Purpose - Aims to increase our understanding of the role of intangibles in credit risk analysis and of the main factors which enable or disable the impact of intellectual capital (IC) reports. Design/methodology/approach - Discusses recent findings from the European Union-funded E*Know-Net project (2001-2003) and reviews other works on the subject. This literature review is complemented with two case studies. The first presents the results of an experimental workshop with 12 credit risk analysts from Banco Santander Central Hispano, a major Spanish bank. The second case study looks at how the European Investment Bank integrates intangibles into its project appraisal process. Findings - Provides a comprehensive conceptual framework to analyze the impact of IC reporting in credit risk analysis. Argues that there is a significant gap between the perceived potential impact of IC reports and their real impact in practice, and proposes a classification of the barriers in the market for corporate information that help explain this apparent paradox. The case studies presented illustrate some of the factors that enable or disable the impact of IC reporting in practice. Originality/value - Increases understanding of the relevance and impact of intangibles and IC reports in the lending process. Draws conclusions for companies, credit institutions and policy makers.

Notes: Purpose - The paper aims to examine the contributions of top management teams' (TMTs) social capital to the creation of business value. Design/methodology/approach - Least-squares regression is used to estimate the relationship between TMT social capital and Tobin's Q, while controlling for other firm- and industry-specific explanatory variables. Findings - The empirical results show that it is TMT extra-business group (but not intra-business group) directorate ties that are viewed as valuable strategic assets by the marketplace, and the benefits of extra-business group directorate ties mainly come from the relationships' greater prominence, but not from the relationships' wider span or better position. Research limitations/implications - Past research has tended to focus on "who executives are" - their background, personality, etc. Since the results show that executives' extra-business group social capital is strategically valuable, future research should take note that "whom executives know" - i.e. their social capital - is equally relevant to firm value. Practical implications - The prominence and prestige measures of a TMT's extra-business group network can be used by managers, external analysts and investors to assess to what extent firms are capable of leveraging relationships with other firms, and thereby better predict future firm performance and value. Originality/value - This study contributes to the literature by investigating the differential effects of TMT intra- and extra-business group directorships on firm values. Evidence from the present study may serve as a step toward understanding the role of TMT social capital in creating potentially valuable intangible assets in emerging economies dominated by business groups.

Notes: Purpose - The purpose of this article is to investigate empirically the relation between the value creation efficiency and firms' market valuation and financial performance. Design/methodology/approach - Using data drawn from Taiwanese listed companies and Pulic's Value Added Intellectual Coefficient (VAIC™) as the efficiency measure of capital employed and intellectual capital, the authors construct regression models to examine the relationship between corporate value creation efficiency and firms' market-to-book value ratios, and explore the relation between intellectual capital and firms' current as well as future financial performance. Findings - The results support the hypothesis that firms' intellectual capital has a positive impact on market value and financial performance, and may be an indicator for future financial performance. In addition, the authors found investors may place different value on the three components of value creation efficiency (physical capital, human capital, and structural capital). Finally, evidence is presented that R&D expenditure may capture additional information on structural capital and has a positive effect on firm value and profitability. Originality/value - The results extend the understanding of the role of intellectual capital in creating corporate value and building sustainable advantages for companies in emerging economies, where different technological advancements may bring different implications for valuation of intellectual capital.

Notes: Purpose - To provide a theoretic framework of the development of customer capital and an empirical verification using Taiwanese multilevel firms. Design/methodology/approach - The authors used survey research to collect data from members of four Taiwanese multilevel companies. They explored the mediating roles of the drivers of customer equity in the "relationship marketing activities-customer capita" effect. A total of 306 valid responses were analyzed using structural equation modeling analysis. Findings - Four types of relationship marketing activities - core service performances, recognition for contributions, dissemination of organization knowledge, and member interdependence enhancement - have significant influences on relationship equity. Relationship equity in turn affects customer capital. Value equity and brand equity respectively have significant effects on customer acquisition and customer retention. Customer acquisition has a significant "feedback" effect on value equity, and relationship equity affects brand equity positively. Research limitations/implications - The generalizability of this research is constrained due to a non-probability sample of firms being used to verify the theoretic framework. It is also constrained due to the fact that only customer-side data were collected and proxy measures of customer capital were used. Practical implications - Effective and ineffective types of relationship marketing activities have been identified. The causal paths between relationship marketing and customer capital have been illustrated. Originality/value - This paper sheds light on the approach to building customer capital for membership-emphasized organization.

Notes: Purpose - The paper aims to discuss how to integrate the Balanced Scorecard (BSC) with intellectual capital (IC); and handle the issues of creation, formation, measurement, reporting and even management of strategic intellectual capital (SIC). Design/methodology/approach - The paper adopts a case study to illustrate the integration between the BSC and IC, and to handle the significant issues related to SIC. The case company is a car dealership in Taiwan, which is one of the largest automobile dealerships in Taiwan. In addition, according to the firm's management philosophy, the company treats customers as the bosses and employees as the precious assets to the company. The company also treats quality as one of its important competitive advantages, hence implementing ISO 9002 in 1999. Findings - The main findings of this study are: BSC can lead the creation, formation and measurement of SIC and strengthen the reporting for SIC; BSC's financial, customer, internal process, and growth and learning perspectives can strengthen the management of IC; and, all in all, how to integrate IC and BSC together for implementing a company's strategy effectively and maximize the value of a company deserves further discussion. Practical implications - Based on this study, companies need to integrate BSC to IC in order to strengthen the creation, formation, measurement, reporting and management of SIC. While BSC directs IC, then the value of SIC can be improved. Originality/value - Based on the literature review, the authors note that BSC is an important tool to measure and manage IC. However, no research illustrates how BSC directs the creation, formation and management of IC. In this study the authors fill this gap and introduce a case to illustrate how BSC affects the creation, formation and measurement, and even reporting of IC.

Notes: Purpose - To verify if the intellectual capital (IC) statement has some points of contact with environmental and social reports, or whether it can be considered as a brand-new reporting model, which is completely detached and independent by the other two. Design/methodology/approach - An empirical analysis of environmental and social reports in Italy, and in particular an analysis whether some elements of IC statement are present in the environmental and social reports. Findings - A high level of dispersion in the information composing the environmental and social reports; a significant overlapping of data between these two sets of documents; and a quite relevant set of information in common between the environmental and social reports and the IC statement. Research limitations/implications - The environmental and social reports analysed could be not an exhaustive list, because Italian companies produce such reports on a voluntary basis and for internal purposes. Practical implications - The lack of uniformity in and between environmental and social reports, and the correspondence between many elements of those documents and the IC statement information seem to suggest that the environmental and social reports could probably serve as a support for the development of IC statement in the Italian context in the near future. Originality/value - Looks at the growing awareness of the multi-dimensional nature of firm performance and the inadequacy of traditional accounting systems to account for issues posed by economic and technological environments.

Notes: Purpose - This paper investigates the inter-relationships between different components of intellectual capital (IC) and value creation. Design/methodology/approach - A single in-depth case-study of an innovation project within an Australian financial services firm ("TransactCo") is conducted. Findings - The actual IC inter-relationships and transformations that occurred were different to those originally envisaged by organisational participants, and reflected choices about IC deployment and transformation. Considering IC-in-action, inter-relationships between different IC elements and value creation were found to be pluralistic and temporally contingent. Research limitations/implications - The limitations of the paper are as follows: the use of a single case study design limits its generalisability; the empirical analyses was conducted at a project-level and may not be transferable to other levels of analyses; and a narrow conception of value was utilised, grounded in economic value and shareholder value terms. Extending the analyses conducted to other settings represent future research opportunities. Originality/value - Theoretically, in contrast to prior empirical studies which depict IC inter-relationships as primarily consisting of multiple relations of cause-and-effect in a one-to-one or one-to-many manner, the narrative presented herein shows how IC resources transform each other, often in a pluralistic and fluid manner. In addition, the paper calls for a perspective on IC-in-action. Specifically, more narrative on the use of IC and its deployment should be incorporated within extant models to highlight the contingent and precarious IC and value creation relationship. Firms that fail to consider this adequately may face unintended value destruction consequences similar to those observed at TransactCo.

Notes: Purpose - The purpose of this paper is to report on how IT sector organizations in all five Nordic countries have worked together to start a project on using intellectual capital (IC) reporting to improve strategy formulation in SMEs in the IT sector. The project, called PIP (Putting IC into Practice), is partly funded by the Nordic Innovation Centre (www.nordicinnovation.net). Design/methodology/approach - The paper builds on the existing literature as well as the experience from the Nordic project. Findings - The objective of the project is to produce, implement and disseminate harmonized indicators for realising intangible values in companies. Results from the project include the identification of common indicators for intangible values and how they can be used as supportive evidence for IC reporting. By using these indicators with strategy maps and scorecards, the companies are provided with tools and information to improve their strategy formulation process and develop further their competitive advantage. Practical implications - The project aims to provide ways to put IC into practice as a tool for management in order to improve performance. Providing an open source framework for assisting the knowledge transformation process within companies is an important step is this respect. If successful, this will affect the management and reporting of IC. Originality/value - This paper reports on the practical application of the resource-based view of strategy, where intangible resources play a major role in the internal development path of a company. Even though the scope is limited to SMEs in information technology in the Nordic countries, the results are of interest, especially in terms of practical value to other types of companies and industries.

Notes: Purpose - This study focuses on Malaysian companies because of the confidence shown by the international business community in what is considered to be the best country for corporate governance practice. Additionally, the Malaysian stock market is considered to be the largest stock market in terms of market capitalization in Asia. The primary objective of this study is to investigate the utilization of the internet by Malaysian-listed companies for investor information or communication. It also examines the content of such investor relations (IR) information compared with similar web sites from other parts of the world. Design/methodology/approach - The sample for the study consists of 100 stock market index-linked firms listed on the Kuala Lumpur Stock Exchange. Findings - Using a disclosure index for measuring investor information disclosure published in the companies' web sites, this study revealed that only 70 firms provided investor-related materials on their web sites. The highest-ranking investor-relations item was the background of the companies. Originality/value - The results confirm that a gap exists between developed countries and developing countries with respect to the utilization of the internet for investor-relations purposes. This study also provides evidence that governing bodies in East Asia - such as the Securities Commission, the Stock Exchange, and the Accounting Standard Board - should encourage (and, if necessary, enforce) the publication of IR information on company web sites.

Notes: Those who use stakeholder theory as a reference are both underlining the correlation between facts and a certain conceptualization thereof, and trying to make the necessary shift from a "panoptic" analysis akin to a panoramic vision of texts and positions, to an "in-depth" one geared towards an understanding of their foundations. As a "theory of organizations", stakeholder theory helps to nourish a relational model of organizations by revisiting questions about "who" is actually working with (and in) the firm. Stakeholder theory is part of a comprehensive project that views the organization-group relationship as both a foundation and a norm.

Notes: Purpose - Seeks to summarize the findings of research undertaken by the Shell Group to better understand the business relevance, parameters, status and tools and approaches to manage social performance. Design/methodology/approach - The paper is based on four detailed case studies that combined qualitative and quantitative research methodologies and included distinct operational, business and socio-economic contexts. The paper seeks to build theory around the concept of social performance. Findings - Key findings include that: there exists a strong business case for social performance; good social performance is fundamentally concerned with the identification and management of core business impacts; social issues can be identified and managed in a systematic manner; and The Shell Group is developing and implementing a range of tools and approaches to assist effective management of social issues. Research limitations/implications - The research is based on a limited number of cases from within Shell; further validation of findings could be achieved through similar research in other industrial sectors. Practical implications - Research has highlighted the business case for social performance, key "ingredients" of social performance and provides a specific framework and tools for more effective management of social issues. Originality/value - First time such research has been undertaken within the Shell Group and perhaps similar companies. Paper should be of potential interest value to practitioners (e.g. social performance and CSR managers), academics, policy makers and non-governmental organizations.

Notes: Purpose - This research paper aims to examine global factors influencing business behaviour in the Russian oil and natural gas sector. The aspect of corporate governance will serve as an indicator for the business behaviour processes under review. It will be investigated whether global factors in the form of internationalization result in the adoption of international norms, standards and business practices, thereby bringing about a change in a company's corporate governance. Design/methodology/approach - Two indices were developed to measure the degree of internationalization and the quality of corporate governance in the individual companies. The correlation between these two factors was tested statistically. Findings - The study indicates that in 1997 there was no statistical correlation between the degree of internationalization and the quality of corporate governance. In 1999 and 2001, however, there was a statistical correlation of 0.75 and 0.90 respectively between both variables, corroborating the hypothesis that since 1999, i.e. since the financial crises, the extent of a company's internationalization has heavily influenced its corporate governance. Research limitations/implications - This study should encourage future research on this topic. A comparative international research project on global and national factors influencing business behaviour is already planned to test and extend the hypotheses in a broader context. Originality/value - The main contribution of this paper is the linkage of global influences to firm-level corporate governance. It can be concluded that global influences affect the business behaviour, i.e. the quality of corporate governance, of Russian oil and gas companies. The greater the extent of a company's internationalization, the greater the pressure to adopt international standards. Thus a high level of internationalization will result in corporate governance conforming with international standards.

Notes: Purpose - The emergence of the information and communications technology (ICT) sector in Ireland over the course of the past decade has paralleled a period of exceptional national economic growth. This has raised questions regarding wealth distribution, power and governance. This paper seeks to identify some of the characteristics of the governance culture in this sector in Ireland. It deals specifically with issues such as board composition, non-executive directors and the perceived role and usefulness of accounting information in the decision-making process. Design/methodology/approach - Questionnaire feedback from chief financial officers (CFOs), focusing specifically on the board of directors of indigenous, private firms. Findings - The research indicates that firms operating in this sector adopt structures and cultures similar to those in more traditional sectors. However, there is evidence that Irish ICT firms have responded positively to calls for the roles and responsibilities of non-executive directors to be recognised and accommodated. It also confirms the continuing centrality of accounting information to the decision-making process. Originality/value - The research represents an initial survey of firms operating in this sector. As such it is concerned with identifying overall patterns and contours. It is unusual in seeking feedback from CFOs and, as such, offers some unique insights. The findings will be of interest to those operating in the ICT sector and those seeking to identify the governance features that characterise this emerging and dynamic area.

Notes: Purpose - This paper seeks to analyse the nature of the communication process involving stakeholders in a working relationship with organisations. While most research has been undertaken to identify who or what these stakeholders are and what the patterns of relationships look like, very little attention has been given to the ways in which the organisation actually engages with them. Design/methodology/approach - The paper draws on qualitative research conducted into a controversial issue concerning protected area management in Victoria, Australia, which was conducted within a framework built around Habermas' concept of communicative action. Findings - The lessons learned from what Stake would call an "instrumental" case study, provided the insight to clarify what form organisational communication with stakeholders should take if it is to result in significant and positive outcomes. It is argued that the basis of any constructive engagement between an organisation and its stakeholders should be communication that is linked to mutual understanding as the basis of agreeable action. Finally the challenges of these findings for modern organisations are addressed. Originality/value - This paper provides useful information on the nature of the communication process involving stakeholders in a working relationship with organisations.

Notes: Purpose - The purpose of this paper is to examine the demise of Enron, one of the most curious aspects of which was that on the surface it appeared to be thriving, giving no one any cause to question the company's governance structures. Design/methodology/approach - The paper provides a detailed analysis of the composition of Enron's board of directors, demonstrating how directly observable traits are not the sole determinants of effective corporate governance. Findings - The paper finds that collectively, the board's qualifications are less overt, and even more elusive are the ethics and morals that drive the governance process. Originality/value - This case illustrates how ethics and morals are necessary, but that none is sufficient, to deter poor governance, and also underscores the far-reaching impact of Enron's moral deficiencies.

Notes: Purpose - Throughout the world, reform initiatives have been set up to fix perceived and actual corporate governance shortcomings. One of the proposed remedies has been to improve the independence of the board of directors. The main purpose of this paper is to examine the issue of independence as one element to improve board effectiveness. In doing this, the focus is mainly on the monitoring role, and to a lesser extent on the strategic role of the board of directors. Design/methodology/approach - A comparison of the definitions of independence provided by the corporate governance codes and recommendations reveals that they approach the concept of independence mainly from a formal point of view, where independence equals being in a position free of any possible conflicts of interest. It is stated that this approach does not capture all the aspects of independence and that independence cannot be an end in itself. Instead of emphasising independence, the paper hypothesises that, to ensure board effectiveness, a board of directors is needed which, among other things, vigilantly monitors the company and pursues an objective decision-making process. Findings - Without neglecting the importance of other elements in achieving this two-fold goal, the paper highlights the need for directors to have the "right attitude". To achieve this, three conditions have to be jointly fulfilled: each director should have the ability as well as the willingness to be a critical thinker, with an independent mind, however, the environment should also be such as to facilitate directors to display this attitude. Originality/value - These three factors - ability, willingness and environment - are discussed in depth and integrated into a tentative framework for evaluating the chance that a given director will display this attitude. As such, this paper is of value both for practitioners as academics and will mostly affect their understanding of the concept of independence.

Notes: Radio frequency identification or RFID has received much press of late, mainly due to the recent compliance mandates by many of the world's largest retailers (Wal-Mart, Tesco, Marks and Spencer, Target, etc.) and Gillette's reported purchase of 500 million units last year. The technology has been proclaimed to 'lead to an entirely new relationship between people and things' (J. D. Markman, 'Invest in the Greatest Thing since the Bar Code', MSN Money - SuperModels, 25th June, 2003; http:// moneycentral.msn.com/content/P50823.asp). Others have said 'we think it will be bigger than the Internet. All the Web did was connect computers to computers. That's not as big as connecting things to computers' (M. Roberti, publisher of RFID Journal, in interview with Markman, above). Promoters describe a supply chain where all assets are in perfect visibility through production, distribution, retail and consumption. According to one analyst, the world will need about half the warehouse space it needs today (P. Jilek, 'Corporate Sector Focus, A Killer App?' CSFB Investment Strategy, 17th June, 2003). This paper introduces RFID technology and its potential implications. Although the technology is compelling, there are serious nearterm challenges. Finally, the paper looks at the impact RFID could have on supply chain facilities and the future demand for industrial real estate.

Notes: The benefits of sustainability and green building practices in facility management are well established. Reduction in energy consumption, productivity increases, waste reduction, and many other beneficial effects of sustainability can be quantified and presented to an organisation's leadership in order to defend sustainable practices and their positive effect on the bottom line. Many of the positive economic effects do not show up immediately, however. One must take a long-term view of most sustainable practices and carefully evaluate green alternatives to traditional construction, operating and maintenance methodologies. Once the life-cycle cost (LCC) and total cost of ownership (TCO) are taken into account, an organisation can develop a much clearer picture of the benefits of sustainable practices. The facility manager is in a unique position to view the entire process and is often the leader of the only group that has influence over the entire life cycle of a facility. Therefore, the facility manager often becomes the proponent of sustainable and green practices. Armed with the proper financial and strategic planning tools, the facility manager can create long-lasting value to the organisation by developing, implementing and maintaining sustainable facility practices.