The 1996 Research Assessment Exercise for Business and Management

A substantial component of government funding for university research in the UK is now based upon an evaluation of the quality of research being conducted in each university, on a subject by subject basis. This paper describes the processes involved in the 1996 Research Assessment Exercise (RAE) for business and management studies. It is argued that the strength of the current process lies in the peer review of the quality of research outputs. In addition, some of the issues needing to be resolved in undertaking such an exercise are described and evaluated. Finally, based on the authors' exposure to the full range of management research currently being conducted in the UK, some suggestions are made regarding future research directions.     

适应性市场假说及其在中国资本市场的实证

金融危机近些年爆发频繁,传统市场理论如有效市场假说和行为金融面对复杂的现实金融世界未能给出合理解释.Lo提出的适应性市场假说则弥合了这两个学派的分歧,逐渐引起了学术界的重视.本文尝试从动态市场效率、时变贝塔和技术交易策略演变这三个角度对适应性市场假说能否解释我国资本市场进行实证研究.研究发现:我国股票市场效率在动态变化,无效的时段与金融危机或政策巨变等重大事件联系密切;股市风格指数贝塔随市场环境变化而改变;技术交易策略绩效随投资者适应环境变化而演变.研究结果表明,适应性市场假说相比有效市场假说和经典资本资产定价模型,能够更好地解释我国资本市场上述现象.最后对投资者如何根据市场环境变化制定适应性投资策略给出几点建议.     

The Effects of Process and Outcome Similarity on Users' Evaluations of Decision Aids*

Decision aids (DA) used in online shopping contexts have been shown to improve users' product choices. Given that previous research (e.g., Byrne & Griffitt, 1973 ) has demonstrated the positive effects of perceived similarity on an individual's evaluation of others, this study investigates the effects of users' perceived similarity with a DA on their evaluations of that DA. More specifically, we investigate the effect of users' perceptions of the similarity between their own decision process and that followed by the DA to arrive at a recommendation (decision process similarity), as well as the similarity between the recommendations made by the DA and users' initial choices (outcome similarity), on their evaluations of the DA's usefulness and trustworthiness. The results of this study show that perceived process similarity exerts positive and significant effects on users' perceptions of the DA's usefulness and trustworthiness. However, the effects of perceived outcome similarity on trust are completely mediated by perceived process similarity. It is also observed that the level of the user's domain knowledge moderates the effects of perceived decision process similarity on both perceived usefulness and trustworthiness. These results have implications for DA design. It is important that designers consider the process by which users make decisions for themselves and align the DA's decision process with those of the user's, especially for the novice user. The full mediation of the effect of outcome similarity on trust by process similarity highlights how a similar decision process can mitigate some of the negative effects of outcome dissimilarity.     

Transnational diaspora entrepreneurship in emerging markets: Bridging institutional divides

Transnational diasporan entrepreneurs are migrants and their descendants who establish entrepreneurial activities that span the national business environments of their countries of origin and countries of residence. We explore how business incubators contribute to the economic development of emerging markets by organizing their programs to bridge the institutional divides that transnational diaspora entrepreneurs face when establishing their multi-territorial ventures in these markets. Drawing on qualitative fieldwork conducted in the Netherlands during 2007, we present the case study of IntEnt, an incubator providing services exclusively to transnational diasporan entrepreneurs. We apply Bergek and Norrman's (2008) assessment framework to this case, examining IntEnt's goals, model (selection, business support, and mediation activities), and outcomes. Employing Eisenhardt's case-based theory development approach (1989), we then leverage case findings to generate theory about the institutional challenges faced by transnational diaspora entrepreneurs and the role that incubators can play in helping these entrepreneurs overcome these challenges.     

The industrial engineer- caught between two revolutions?

The industrial engineer is caught between the Industrial Revolution and the Information Revolution. He is confronted with choosing between pragmatic improvements in productivity and efficiency of a single operation and the opportunistic modelling and reshaping of the networked 'virtual enterprise' and 'extended enterprise' to become more competitive in a global marketplace. The different extreme of the industrial engineering timeline is depicted in Diagram 1. It implies that the two societies industrial and information might have conflicting characteristics which require careful repositioning of the industrial engineer to ensure that the benefits that can be obtained from the two societies are maximized. The development of industrial engineering is presented. An evaluation of the nature of the much publicized information revolution and its impact on society is made. The trend of industrial engineering research based on publications in four journals and the Internet is reported. From these results the similarities and differences of the two revolutions and the characteristics of the two societies are compared. The authors identify some opportunities and some threats for the industrial engineer and conclude that a combined approach is applicable and necessary. The industrial engineer cannot afford to ignore the key concepts of either of the two societies.     

Multinational enterprises' Entry Mode Strategies and Uncertainty: A Review and Extension

The issue of uncertainty has been one of the most important topics in the research on multinational enterprises' foreign market entry modes. This paper provides a conceptual review of the literature on the role of uncertainty in entry‐mode strategies. It is found that transaction cost theory has focused primarily on entry modes as a way of minimizing behavioural uncertainty, while research using the more recent real options approach has distinguished between endogenous and exogenous types of uncertainty and provided evidence that managing uncertainty through appropriate entry modes may lead to competitive advantage. By synthesizing the relevant literature, this paper provides some new perspectives and avenues for future research on uncertainty and entry‐mode choices by considering the impact of firm learning, prior experience and host market attractiveness.     

Isolated Foreign Subsidiary's Initiative in Knowledge Transfer Within the MNE

Knowledge transfer is an essential issue of strategic management in MNEs, because it enables them to utilize their strategic resources across borders. However, it is far from perfect, and there are isolated foreign subsidiaries that are excluded from the knowledge network within the MNE. A primary contribution of this paper is to shed light on a fact which such an isolated foreign subsidiary can initiate the internal knowledge transfer within the MNE, in order to overcome the liability of internal isolation. This paper analyzes such a subsidiary initiative, with an extreme case of a large Japanese ICT company's Finnish subsidiary, which initiated an adoption of its headquarters' strategic practice. I collected and analyzed data by ethnographic fieldwork in this subsidiary for over one year. After depicting the details of the initiation process, I show how the initiation process was influenced by the subsidiary managers' dual motivation; solving the liability of internal isolation, and keeping the advantage of isolation. I hope that this study would enrich theory building of subsidiary isolation and also contribute to subsidiary managers who have struggled with the liability of internal isolation.     

Penrose's The Theory of the Growth of the Firm: An Exemplar of Engaged Scholarship

Edith Penrose's (1959) classic book, The Theory of the Growth of the Firm, made a substantial impact on strategic management research, especially in the context of the resource‐based view of the firm, and the ripple effects of her impact continue to unfold today in various disciplines. The book serves as a remarkably rich source of inspiration for scholarly research and a generative source of ideas, which are poised to be further developed. In this study, we examine Penrose's (1959) classic and provide: (1) the process by which this book came about; (2) a summary of its key ideas; (3) some implications for operations management research; (4) the subsequent impact of the book, in which we focus on mathematical models; and (5) a discussion of some of the research lessons learned from this exemplar of engaged scholarship. We invite management science and operations scholars to discover the rich scientific world of Edith Penrose and experience the product and process of her research creativity.     

VALIDATION OF EXPERT SYSTEMS- WITH APPLICATIONS TO AUDITING AND ACCOUNTING EXPERT SYSTEMS*

This paper proposes a set of definitions for the concepts “validation” and “assessment” applied to expert systems (ESs). It develops a framework for this validation and demonstrates the framework on existing accounting and auditing ESs to elicit some of the research issues involved in ES validation. Validation is critical to the design and implementation of decision-making ESs. In a setting where objectivity is sought and variance is avoided, validation ascertains what a system knows, knows incorrectly, or does not know. Validation ascertains the system's level of expertise and investigates the theoretical basis on which the system is based. It evaluates the reliability of decisions made by the system. The validation framework developed in this paper is research methods. It is designed to reflect the unique aspects of ESs (in contrast to other types of computer programs) and can be used by ES developers as a basis from which to perform validation and by researchers as a framework to elicit research issues in validation.     

HRD Research in a diversified field

A nation's capacity to absorb and produce knowledge is increasingly linked to advancing its social and economic well-being. While the bulk of research attention has focused on knowledge management in the private sector, universities worldwide continue to play pivotal roles in developing the human capability to work with knowledge. This article draws on a qualitative case study of a public flagship, comprehensive university in a developing nation in Southeast Asia to identify existing research capacity strengths and the hopes some academic faculty and administrators have for the future in a resource-limited and politically constrained context. It points out that faculty virtue may be the basis on which research capacity can develop when gaps in organizational processes, physical resources, and outside support exist. The findings have relevance for richer and poorer nations alike, as rapidly changing economic conditions threaten levels of funding to universities around the world.     

Licensed house manager skills/competences and the management development process in Bass Taverns

The aim of this paper is to explore the nature of critical licensed house management skills within Bass Taverns. In particular, it focuses on the extent to which these are viewed as being concerned with 'soft' (behavioural) or 'hard' (technical) aspects of management. The focus of the research is on the 'shared understanding' of the importance of licensed house managerial skills. It is concerned with the identification of coherence and tensions in the criticality of certain managerial skills as perceived by the company's senior and licensed house managers. It presents the findings of surveys conducted at both senior and licensed house manager levels within the company to establish the extent to which interhierarchical consistency exists in the areas of critical skills/competences and whether these are seen as being specific to the organization or considered as generic. The research reports a general harmony regarding the nature of the skills required by licensed house managers and evidence of a focus on people-oriented skills, which are seen as being particularly important for achieving business success. Licensed house managers rated the critical skills as 'generic' rather than 'specific' to the taverns context, drawing attention to the need for the organization to address the manner in which these skills are developed.     

Knowledge transfer of the Western concept of quality

This paper addresses one of the issues in contemporary globalization theory: the extent to which there is 'one best way' in which business can be conducted and organizations managed. It uses Czarniawska's 'travels of ideas' model as an organizing framework to present and understand how the concept of 'quality', so important in contemporary approaches to manufacturing and services, and their management, travelled to, and impinged on, a newly opened vehicle assembly plant in Poland. The extent to which new meanings were mutually created in the process of translation is discussed, using ethnographic reporting and analysis techniques commonly used in diffusion research. Parallels between the process of translation as an idea becomes embedded into a new cultural location and the processes which contemporary research has identified as important to organizational learning are briefly discussed in conclusion.     

SOME CAUTIONARY NOTES ON THE USE OF CONJOINT MEASUREMENT FOR HUMAN JUDGMENT MODELING*

Conjoint measurement has been suggested as a methodology that might be useful in assisting research concerned with the identification of the structural form of a judge's model. This paper synthesizes the results of some recent research that examined the robustness of this methodology. This research suggests that conjoint measurement has three major weaknesses: (1) certain biases exist when diagnosing model structure, (2) model diagnosis is limited to a small set of potential models, and (3) error substantially compromises conjoint measurement's ability to diagnose model structure. An empirical example that demonstrates some of the difficulties of using this methodology with experimental data is also presented.     

Supplier Encroachment and Investment Spillovers

It is conventional wisdom that a manufacturer's encroachment into retail space will likely hurt an existing retailer. In contrast to this conventional belief, current research indicates that a retailer may welcome a manufacturer's encroachment despite the new competition in the final market. The encroachment may help the manufacturer have some “skin in the game” at the retail level, which will cause the manufacturer to make a selfish cost‐reducing investment that spills over to the retailer as a lower wholesale price. Such a spillover effect enhances the retailer's profit as long as the encroachment does not result in extreme retail competition by a certain degree of product differentiation, and ultimately generates Pareto gains in the supply chain. The spillover effect is so robust that the retailer's benefit from the encroachment remains even after considering potential mitigating factors such as selling costs, a nonlinear form of cost reduction, decentralized encroachment, additional retail competition, price competition, and a negotiation between the manufacturer and the retailer.     

The many faces of emotional leadership

This article focuses heavily on overviewing and analyzing the seven articles in this special issue on emotions and leadership. The articles are discussed in terms of four key leadership issues. The first issue concerns the traits necessary for leadership. Empathy is shown to be an important variable that is central to both emotional intelligence and leadership emergence. The second issue concerns the relationship of emotions to the leadership process. It is argued that a key leadership function is to manage the emotions of group members, especially with regard to feelings related to frustration and optimism. The third issue involves our perceptions about leaders. Leaders' emotional displays are demonstrated to have a larger impact on perceptions of leaders than the content of the leaders' messages, at least in some circumstances. The fourth area involves the relationship between leadership and performance. Leaders' influences upon emotional process variables are found to have a large impact on performance. The article develops several propositions that summarize the content of this special issue and, in addition, develops new propositions that suggest future areas of research. The article concludes by touching on the review process and acknowledges the reviewers for this special issue.     

Field Research Practice in Management and Organization Studies: Reclaiming its Tradition of Discovery

This review reasserts field research's discovery epistemology. While it occupies a minority position in the study of organization and management, discovery-oriented research practice has a long tradition of giving insight into new, unappreciated and misappreciated processes that are important to how work is accomplished. I argue that while methods discourse has long emphasized that particularizing data and an emergent research design are productive for discovery, little to no attention has been paid to the conjectural processes necessary to imaginatively interpret these observations. I underscore them. What is the future for discovery work in business schools today? Issues arise when an increasing interest in discovery-oriented research is expressed in an institutional context that is bounded off from field research's home disciplines and is dominated by a validation epistemology. In light of this current context, I offer some initial thoughts on the work to be done to maintain fieldwork's discovery tradition in management and organization studies.     

Research in Management Control: An Overview of its Development

This paper builds on a series of earlier reviews of the management control literature (Giglioni and Bedeian, 1974; Hofstede, 1968; Merchant and Simons, 1986; Parker, 1986) and considers the development of the management control literature in the context of organizational theories. Early themes which have provided the roots for the development of the subject area are explored as is more recent work which has evolved both as a continuation and a reaction against them, with Scott's (1981) framework being used to organize this literature. It is argued that one of the unintended consequences of the influential work of Robert Anthony (1965) has been a restriction of the subject to an accounting-based framework and that this focus needs to be broadened. The review points to the potential of the subject as a integrating theme for the practice and research of management and some themes for future research are suggested.     

考虑市场细分的零售商自主以旧换新策略研究

在越来越多企业开始自主推行以旧换新业务的背景下,本文从供应链的视角出发,构建考虑市场细分和消费者效用的策略模型,研究零售商自主以旧换新策略选择及相应的供应链决策问题,着重分析市场细分和旧产品折旧程度对策略选择、决策和供应链效率的影响.研究发现:零售商的策略选择除了受产品制造成本影响外,还依赖于外部客户比例和旧产品折旧程度;当老客户占比和旧产品折旧度处于某区域时,自主以旧换新策略优于无以旧换新策略;在某些情况下,制造商的期望策略与零售商的最优策略相悖;供应链效率受客户比例和旧产品折旧度影响.此外,当老客户占比或旧产品折旧度高于某阈值时,老客户对主体的利润贡献大于新客户.本文的研究结论对企业在供应链环境下推行以旧换新政策有一定的理论指导意义.     

AN EMPIRICAL ASSESSMENT OF COMPUTER-ASSISTED DECISION ANALYSIS*

Decision analysis tools often are used in semistructured and ill-structured situations. While some researchers have argued that computerized decision analysis programs may improve decision quality in such situations, research support for this assertion is weak. In this laboratory study, business students used a computerized decision-analysis program with short strategic-management cases to prepare decision reports. Independent raters' perceptions of aided and unaided decision performance were contrasted, attitudes of students toward the program were assessed, individual differences were correlated with attitudes, and the program's impact on students' perceptions of their decision processes and performance was examined. Student attitudes toward the computerized aid were favorable, and individual differences in reactions generally were as predicted. However, the program did not improve the independent ratings of students' decision reports and recommendations. These findings suggest that computerized decision aids should be adopted cautiously. If such aids result in positive user affect and heightened decision confidence without corresponding improvements in decision quality, they may be dysfunctional. Rigorous research methodologies which incorporate independent evaluations of analyses and decisions are recommended for use in future research on computerized decision-analysis programs.     

Risk Perception: Reflections on 40 Years of Research

Numerous studies and practical experiences with risk have demonstrated the importance of risk perceptions for people's behavior. In this narrative review, we describe and reflect upon some of the lines of research that we feel have been important in helping us understand the factors and processes that shape people's risk perceptions. In our review, we propose that much of the research on risk perceptions to date can be grouped according to three dominant perspectives and, thus, approaches to study design; they are: the characteristics of hazards, the characteristics of risk perceivers, and the application of heuristics to inform risk judgments. In making these distinctions, we also highlight what we see as outstanding challenges for researchers and practitioners. We also highlight a few new research questions that we feel warrant attention.