Business and Management Studies in the 2014 Research Excellence Framework

The Research Excellence Framework 2014 (REF 2014) was the 7th formal assessment of research in UK universities and other institutions of higher education. Participation in these assessments is voluntary, and institutions can decide which staff to include and under which discipline to include them. A hundred and one institutions chose to submit research in Business and Management Studies, and this work was assessed by a panel of academic researchers and research users nominated by a wide range of academic constituencies. The previous assessment exercise was conducted in 2008, and REF 2014 shows that the quality of UK research in Business and Management Studies, already high in 2008, has improved since then. The operation of the Business and Management Studies sub‐panel is described, the results are summarized, and a few caveats are discussed so as to aid the Business and Management Studies community in its endeavours to understand and evaluate the process and the results.     

Strategies and styles revisited: ‘Strategic control’—is it tenable?

Developments in the companies described in Strategies and Styles in 1987 are updated to 1992, and the management styles framework is reviewed in the light of these experiences. Conclusions concerning the strengths and weaknesses of the Strategic Control style are reviewed, and fresh light is cast on the diversity of portfolios that it can manage effectively. The difficulty of changing style, except in a crisis, is confirmed. An earlier article in the October issue of Long Range Planning reviewed the Strategic Planning and Financial Control styles     

Business and Management Impact Assessment in Research Excellence Framework 2014: Analysis and Reflection

The evaluation of research impact is likely to remain an important element of research quality audits in the UK for the foreseeable future. With this paper, we contribute to debates on impact and relevance of business and management studies research through an analysis of Research Excellence Framework 2014 impact scores within the business and management unit of assessment. We offer insights into the organizational contexts of UK business schools within which impact is produced, drawing attention to the issues of linkages with research intensity, grant income generation, research team size, career stage and gender of academics, and whether impact activity is focused on private or public sector organizations and national or international reach. We put forward recommendations for managers responsible for business schools and higher education policymakers regarding management and organizational policies and processes, as well as possible changes to the rules guiding future research excellence audits.     

‘Investment’ in Union Membership: A Managerial Approach

This paper concerns wage formation in a unionized economy when union membership is endogenous and determined by employment. A union is run by a leadership which has as an objective to strengthen the union’s position in the labour market. This is achieved by building up membership. Among the results, it is found that since membership is determined by employment, the inclusion of the leadership’s preferences into a union’s objective function produces lower real wages than a static version would predict. It is also shown that an increase in the union’s rate of time preference increases the natural rate of unemployment, while an increase in the speed at which workers enter/leave a union has an opposite effect.     

‘Bureaucracy‐lite’ and Continuities in Managerial Work

This paper questions three frequently asserted, interrelated claims about developments in management: that centralized, regulated bureaucratic organizations characterized by hierarchy and rules are inevitably giving way to decentralized and empowered post‐bureaucratic organizations characterized by internal networks and an internal market; that, as a consequence, the traditional managerial role of command and control is being superseded by one of facilitation and coordination; and that, in turn, managerial work as routine administration of work processes is being supplanted by the ‘new managerial work’ of non‐routine leadership and entrepreneurship. It is argued that these claims often rest on caricatures of bureaucracy and network organization and are neither new nor well supported by evidence. Against these claims, the paper adduces case‐study evidence which shows that, despite claims about ‘decentralization’ and ‘empowerment’, organizational change may entail not a radical shift to network organization, but more limited change to a different form of bureaucracy in which hierarchy and rules have been retained but in an attenuated and sharper form –‘bureaucracy‐lite’. Consequently, managerial roles continue to be defined in terms of individual responsibility and vertical accountability for an organizational sub‐unit, and managerial work continues to be preoccupied with monitoring and maintaining work processes, routine direction and control of staff and processing information in order to deal with the ambiguities inherent in the dimensions of managerial ‘responsibility’.     

A ‘No Blame’ Approach to Organizational Learning

In high‐reliability organizations (HROs) even minor errors can seriously hinder the very existence of the firm and the safety of employees and customers. Field studies have shown that HROs encourage the reporting of errors and near misses, exploiting these incidents to improve their operative processes. In this paper, we describe this practice as a ‘no blame’ approach to error management, and link it to learning theory, showing how no blame practices can enhance organizational learning. By taking a cognitive perspective of organizations, we draw on existing contributions and on a set of empirical case studies to discuss the characteristics of no blame practices, and their applicability in traditional, non‐HROs. Our findings show that, in exploiting information from error‐reporting, no blame practices are beneficial in environments where learning and reliability issues are particularly relevant. Empirical evidence suggests that a no blame approach can be extremely constructive for organizations that want to enhance their learning processes. We conclude that a no blame approach is a valuable way to achieve an organization that has flexibility and variability. However, no blame practices imply a set of organizational issues and costs that pose significant challenges to firms operating in non‐high‐reliability settings. The findings from our study contribute to the literature on HROs and organizational learning.     

A RECONSIDERATION OF THE ‘GREAT RATIOS’ OF ECONOMICS

Autocorrelations are found in the disturbance terms of regressions employed by L. R. Klein and R. F. Kosobud in a global model of growth employing five celebrated ratios of economics. This paper summarizes the Klein-Kosobud conclusions, modifies them by removing the autocorrelations, and extends the model to include more recent years. The modified conclusions hold even with the added observations.     

The Equality Effects of the ‘Hyper‐formalization’ of Selection

This paper explores how formalization of employee selection procedures for the purpose of ensuring equality of opportunity can become so extensive that the intended outcome of fairness is undermined. Drawing on empirical evidence from a large media organization, the analysis reveals the detrimental impact of formalization in relation to the recruitment of ethnic minority staff. While the existing literature describes how, during recruitment of employees, the circumvention of formal equality procedures can occur through managerial neglect and manipulation, the analysis in this paper shows that, paradoxically, circumvention can also occur through compliance with procedures. This new category takes three forms (robotic, defensive and malicious) and appears under conditions of excessive formalization – the term hyper‐formalization is coined to describe this. The paper develops new concepts that add to understanding of the limitations of equality and diversity procedures, and brings fresh challenges to some of the liberal assumptions about the efficacy and desirability of formalization for achieving fairness.     

Reframing Relevance as ‘Social Usefulness’: A Comment on Hodgkinson and Starkey's ‘Not Simply Returning to the Same Answer Over and Over Again’

This is a commentary on Hodgkinson and Starkey's (British Journal of Management, 22 (2011), pp. 355–369) proposal to reframe the relevance of business and management research by combining design science with critical realism. Their proposal is welcomed for its advocacy of a ‘social usefulness’ agenda and for commending the insights of the social sciences, rather than emulating a professional (e.g. medical school) model. However, the advocacy of critical realism is not consistent with the commended conception of design science; and it also risks devaluing the contribution of other progressive, emancipation‐oriented approaches to research. Despite substituting ‘social usefulness’ for ‘relevance’, Hodgkinson and Starkey's proposal does not challenge the established, comparatively narrow, research agenda. The counterproposal prioritizes a conception of relevance/social usefulness that broadens what is studied by business school researchers as well as changing how established topics are researched.     

‘If the Facts Don't Fit the Theory … ’: The Security Design Puzzle in Venture Finance

When confronting theory with evidence, divergent results surface with reference to the optimal securities that should be adopted in venture capital (VC) finance. The vast majority of the theoretical models on VC consistently predict that convertible securities, especially in the form of convertible preferred stocks, represent the optimal form of finance. While the theoretical literature seems to be supported by empirical studies in the US, the evidence outside the US shows the opposite results. Puzzling patterns emerge, especially when comparing the evidence from the US, Canada and Europe, and an intensive academic debate is under way. The evidence becomes even more challenging when considering the contrasting financing behaviour of US venture capitalists (VCs) investing in Canada. It has been documented that US VCs investing in Canada adopt a wide range of securities other than convertible stocks. If convertible securities truly represent the optimal form of VC finance, why would US VCs use different types of securities when investing in Canada? At present, researchers are still arguing about which factors would have the most significant impact on explaining the different financing behaviour of VCs around the world. The purpose of this paper is to shed some light on the ongoing international debate on the optimal security design and contracting behaviour in venture finance. With this review, the authors intend to contribute to the VC literature by identifying current trends, explanations and determinants underlying the puzzling empirical evidence on the financing structure adopted by VCs around the world.     

‘Shark repellents’: How to avoid hostile takeovers

Defensive measures againts the increasing merger trend in business are discussed. The purpose of the paper is to examine the types of measures that can be taken in the interests of top management and of shareholders. It takes no stand on whether mergers are themselves a good or bad phenomenon but discusses all the options available to enable managers and shareholders to effect their own decisions.     

Problematizing ‘Relevance’ in the Business School: The Case of Leadership Studies

In recent years, the discourse of ‘relevance’ has risen to prominence in the university‐based business school. At the heart of this discourse is the suggestion that management researchers should align their research practices more closely with the needs of practitioners in external organizations. One important but under‐researched strand of this debate focuses on the way in which ‘relevance’ is pursued by business scholars via forms of practitioner engagement such as management consulting, corporate presentations, executive education and personal coaching. Drawing on extensive semi‐structured interviews, this paper explores the motivations, rewards and tensions experienced by leadership scholars in the process of engaging with practitioners. This study suggests that the pursuit of ‘relevance’ may come into conflict with norms of scholarly conduct, which in turn gives rise to a series of trade‐offs and compromises. Ultimately, the authors argue that the prevailing discourse of relevance provides an alibi for scholars to orient themselves towards practitioners in ways that contravene their academic identity and research ethos (whether post‐positivist, interpretivist or critical).     

‘Female Heroes’: Celebrity Executives as Postfeminist Role Models

This paper explores the significance of contemporary celebrity businesswomen as role models for women aspiring to leadership in business. We explore the kind of gendered ideals they model and promote to women through their autobiographical narratives, and analyse how these ideals map against a contemporary postfeminist sensibility to further understand the potential of these role models to redress the under‐representation of women in management and leadership. Our findings show that celebrity businesswomen present a role model that we call the ‘female hero’, a figure characterized by 3Cs: confidence to jump over gendered barriers; control in managing these barriers; and courage to push through them. We argue that the ‘female hero’ role model is deeply embedded in the contemporary postfeminist sensibility; it offers exclusively individualized solutions to inequality by calling on women to change themselves to succeed, and therefore has limited capacity to challenge the current gendered status quo in management and leadership. The paper contributes to current literature on role models by generating a more differentiated and socially situated understanding of distant female role models in business and extending our understanding of their potential to generate sustainable and long‐term change in advancing gendered change in management and leadership.     

A Note on ‘An Approximate Solution to Deterministic Systems’

In a recent paper, Moeeni and Chang (1990) presented an efficient heuristic solution method to solve a specific case of a deterministic kanban system. In this paper, we first provide a simple numerical example to show that the kanban system formulation proposed by Moeeni and Chang can result in infeasible solutions. We then present a modified formulation and show its feasibility. We discuss the implications of the corrected formulation and finally present conclusions and future research directions.     

‘Mind the Gap’: An Analysis of Gender Wage Differentials in Russia

This paper provides new estimates for male-female earnings differentials in Russia, incorporating the use of the Heckman (Econometrica 47: 153–161, 1979) two-step procedure for sample selection bias. This is a necessary adjustment in the case of female earnings because women who participate in the labour market may be a non-random sub-set of those who could work. This is a technique that enables the participation decision of women to be modelled and their earnings corrected for self-selection. The gender gap is then calculated using Oaxaca (International Economic Review 14: 693–709, 1973) and Reimers’ (Review of Economics and Statistics 65: 570–579, 1983) methods. The results indicate that the unexplained part of the earnings differential is smaller than in other studies that did not correct for sample selection.     

Assessing the Effects of the ‘Mobility Lists’ Programme by Flexible Duration Models

The ‘Mobility Lists’ programme handles collective redundancies, and combines income support to eligible dismissed employees with benefits to employers who hire them. Benefits vary according to dismissing firm size and are greater for older workers. We focus on the differential effects of programme treatments on the probability of moving from unemployment into permanent jobs. We specify flexible duration models in order to estimate the profile of differential effects over time. Older workers, enjoying longer packages of benefits, have significantly lower chances of moving to employment. Differential effects vary with time and are higher when younger workers approach the expiry of benefits.     

Shipping in crisis: A trial run for ‘live’ application of the hypergame approach

Hypergame analysis has been developed recently as an aid to the understanding of complex situations in which several parties are in conflict. Until now, the approach has been applied successfully to a range of post hoc case studies. In this paper, we describe an attempt to take the approach one stage further, by applying it to a current problem with some involvement with one of the parties concerned. In this case the problem studied was a crisis in the shipping world. The original analysis was performed two years ago. Having outlined the analysis itself here, we discuss retrospectively its accuracy and usefulness in the light of further developments of the crisis. It is concluded that the approach performed a valuable role in helping to build up an understanding of the problem. As a result of this exercise some comments are made about the way in which we believe this sort of analysis should be used in practice by analysts to give help to their clients.