Getting back on track: the expanded use of PPPs in Ireland since the global financial crisis

The global financial crisis that took hold in late 2008 resulted in a major slowdown of activity in the global market for public-private partnerships (PPPs). Ireland was one of the countries most affected with over 20 major infrastructure PPP projects postponed or abandoned. Since 2012 however, the Irish government has adopted a number of initiatives to make PPP more attractive to bidders and private sources of finance. This paper describes these initiatives and shows that they have been associated with a renewal of PPP activity. It suggests that some of the adopted measures may involve trade-offs between encouraging PPP investment and achieving standard PPP objectives such as economic efficiency and better innovation. However, the attraction of public sources of finance from sources such as the European Investment Bank should result in a relatively lower cost of finance and enhance value for money if providers adopt rigorous risk management strategies.     

Collaborative evaluation and market research converge: an innovative model agricultural development program evaluation in Southern Sudan

In June and July 2006 a team of outside experts arrived in Yei, Southern Sudan through an AID project to provide support to a local agricultural development project. The team brought evaluation, agricultural marketing and financial management expertise to the in-country partners looking at steps to rebuild the economy of the war ravaged region. A partnership of local officials, agricultural development staff, and students worked with the outside team to craft a survey of agricultural traders working between northern Uganda and Southern Sudan the steps approach of a collaborative model. The goal was to create a market directory of use to producers, government officials and others interested in stimulating agricultural trade. The directory of agricultural producers and distributors served as an agricultural development and promotion tool as did the collaborative process itself.     

The impact of acquisitions on firm performance: A review of the evidence

This paper presents a review of empirical research on the impact of acquisitions on firm performance. The evidence suggests that, in the short run, acquisitions have at best an insignificant impact on shareholder wealth. Long‐run performance analysis reveals overwhelmingly negative returns, while the evidence using accounting performance measures is mixed. The review also examines the impact of bid characteristics on performance. The acquisition of hostile targets, transactions that are paid for with cash and acquisitions of larger targets are associated with superior (or at least less negative) performance, while there is mixed evidence on the benefits of related acquisitions. A number of recent studies find that acquirers with superior pre‐bid performance tend to experience significant underperformance in the post‐bid period.     

Systems innovation manager

Each year organizations spend a significant amount of money developing new products and processes in an effort to satisfy customer demands and manufacture high-quality products efficiently. Both development processes - product and process, are complex, resource intensive and thrive on innovation. They demand a variety of skills and resources, but in particular, participation among all staff in generating ideas, managing projects and implementing change. There are currently a number of software tools and methods that facilitate change in a systems environment. These range from complex modelling tools to information management tools. The tools have been developed around paradigms, e.g. world class manufacturing, total quality management and business process reengineering. They are often complex, requiring the efforts of skilled designers and managers. Current thinking within a systems environment reflects a more participative and less specialist approach to managing innovation and change. There is a need to create compromise between detailed project engineering and good management practice. This paper introduces a new paradigm centred on good management practice, and identifies the critical issues in systems innovation and change. The paradigm is articulated through a series of change levers and a methodology that guides managers and designers. It is supported by a series of software tools that together bring innovation management to life within the industrial organization.     

Internal versus External Control: An Analysis of Board Composition and Ownership in UK Takeovers

This paper examines the relationship between board composition, ownership structure and takeovers in the UK in the period 1989–1993. We compare board composition and ownership characteristics for a sample of 166 takeover targets with a matched sample of nontarget firms. We further disaggregate our sample depending on target management's attitude to the bid as well as the eventual outcome of the bid. We find little difference between board composition and ownership structure between all targets and the control group of nontargets. However, when we disaggregate the samples, we find that hostile targets are more likely to have different individuals in the role of chairman and CEO, and exhibit significantly lower levels of managerial ownership compared to both the control group of nontargets and targets of friendly takeovers. We also find that managerial ownership is positively related to takeover success. Overall, our results support the findings of a number of recent studies in the US by highlighting the important role managerial share ownership plays in the takeover process.     

Survey of manufacturing curricula from around the world

In the manufacturing organization cost or more specifically cost reduction is an everyday obsession with managers and engineers. To compete globally and win new contracts, manufacturing firms need to learn how to be responsive, lean and efficient. On the other hand, in order to retain and motivate workers, improve systems efficiency and conform to various regulations including health, safety and the environment, manufacturing firms need to continuously invest. Both opposing pressures create a challenging environment for manufacturing managers and engineers. This paper introduces research into how the manufacturing environment is changing and in particular the type of issues that manufacturing managers and engineers need to learn. The paper presents the first results of a study being conducted by a number of academic institutions and industries from around the world into manufacturing education issues. The principle aim of the research consortium is to anticipate the needs of manufacturing organization of the future and to provide a framework for curriculum development within universities that meet these needs. This paper specifically outlines the results of a study of existing manufacturing curricula from around the world and takes an in-depth look at four recently developed masters programmes.     

The Governance Role of Audit Committees: Reviewing a Decade of Evidence

Even though audit committees have traditionally been a key component of corporate governance regulation, the last decade has witnessed a greater emphasis on audit committee regulation and a parallel intensification of academic research on the subject. This review synthesizes recent empirical research seeking to investigate various aspects of audit committees’ governance role. The review is structured around current regulatory expectations of audit committees seeking to document the extent to which specific characteristics of good practice influence various components of audit committee effectiveness. It is found that larger and more independent audit committees as well as those with financial expertise are more likely to seek a higher level of external audit coverage and assurance. There is also evidence that more independent audit committees are associated with the purchase of lower levels of non‐audit services from auditors, thereby seeking to preserve the independence of the external audit process. There seems a consensus that more independent audit committees and those with greater accounting/financial expertise have a positive impact on the quality of financial statements. Evidence on the stock market reaction to audit committee issues suggests that investors both welcome the presence of audit committees and react positively when members are appointed with relevant expertise. It is also found that internal auditors view certain audit committee characteristics, specifically independence, expertise and frequency of meetings, as leading to more effective audit committee performance. In summary, therefore, this review documents a significant amount of evidence offering support to current regulations concerning the desired characteristics of audit committees.