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Item Open Access Adoption and implementation of performance measurement system in the Yemeni public sector: challenges and prospects(2017-06) Al-Akwa, Khalid A.; Bourne, MikeThis thesis is submitted for the Cranfield DBA program. It examines and explores the utilization of Performance Measurement Systems (PMS) in public organizations with a special focus on the culture of developing countries. The research was inspired by the apparent potential of measurement for reform and the limited research on the implementation of performance measurement systems in the public sector. The paper started by conducting a thorough and critical examination of a vast body of literature using a systematic approach in order to identify the key determinants of successful utilization of PMS in public organizations. The review revealed that utilization of performance measurement in the public sector is a work in progress. It showed that, in spite of the growing interest on the field of performance measurement to improve public services, the empirical work remains small and disintegrated, focused only on single issues, and lacks a holistic perspective. The literature indicates that little is known about the needed conditions for an effective utilization of measurement within the public context in general and more so in non-western countries. The thesis, then, report the result of an empirical research based on in-depth interviews and focus group meetings with senior public managers from multiple public organizations in the Republic of Yemen. The empirical project sought to examine the Yemeni public sector organizations’ familiarity with performance measurement and explore the actual and potential role of measurement to support reform and improve performance in the public sector. Findings indicate that consecutive reforms in the Yemeni public sector did not seem to emphasize the need to establish a performance-based culture. It shows that the Yemeni public sector features a traditional administration that is away from a resultbased management, bound to roles and process, and less flexible to change. This study, accordingly, highlights the significant importance of the context and subsequent processes and arrangements that promote or impede the development and use of performance measurement in public organizations in non-western countries. It shows that a one-size-fits-all policy should be avoided by policy makers who should be mindful of possible dissimilarities between public entities and the significance and relevance of the context. The study indicates that failure and success of utilization of PMS in the public sector is influenced by various elements that need to be considered prior and after the adoption of measurement. A new theoretical model has been developed based on findings in order to extend the existing literature in this area. The model provides an extensive description about the main factors affecting adoption and implementation of PMS and promotes understanding about the needed conditions for successful utilization in the public sector. It addressed the need for translating abstract concepts such as adoption and implementation into clearly defined theoretical constructs in order to avoid confusion and create a common vocabulary for researchers.Item Open Access Anticipatory and retrospective sensemaking during unfolding organizational crises.(2017-11) Runswick, Fionnuala Eilín; Kutsch, Elmar; Denyer, DavidExisting research on sensemaking during organizational crises has identified retrospective processes in which actors give meaning to what has happened, thus reducing uncertainty and enabling action. While sensemaking is generally considered to be retrospective, several scholars dispute that sensemaking is exclusively a past-oriented process. Klein, Snowden and Pin (2007, 2011) have recently proposed a future-oriented anticipatory sensemaking process that involves the preparation and enactment of a course of action to avert a predicted threat during an organizational crisis. The topic of future-oriented sensemaking remains an on-going debate in the sensemaking literature. This research attempts to contribute to this debate by offering a deeper understanding of the forms, temporal orientation and interaction of the sensemaking processes during unfolding organizational crises. The research approach involved semi-structured interviews with twenty people from fourteen organizations across nine different industries and three continents. There are three novel contributions from this research. The first contribution is the integrative model of anticipatory and retrospective sensemaking during unfolding crises that was synthesised from the literature and evidenced in the empirical data. The second contribution is the model of anticipatory sensemaking processes during unfolding organizational crises, which was derived from the literature and enhanced based on the findings from the empirical study. In identifying future-oriented anticipatory sensemaking processes during unfolding organizational crises, the findings provide evidence for the counter-argument to the key ontological assumption that sensemaking is exclusively a retrospective process. The third contribution is that the actors created collective organizing structures during the unfolding crises, which enabled them to make sense and take action. The findings and contributions from this research have implications for both theory and practice.Item Open Access Are markets efficient? The extreme case of corporate bankruptcy - a systematic review(2005-08) Coelho, Luis; Taffler, RichardFama (1970) presents the classical definition of an efficient market: in such a market, prices always reflect all available information. Recently, behavioural finance has emerged as an alternative theoretical framework to the traditional paradigm. This new approach is based on the idea that not all investors are rational and that rational investors face limits to arbitrage. The market's reaction to corporate bankruptcy announcements is a privileged context within which to explore the conflicting predictions of these two competing theoretical frameworks. In fact, existing research does not provide clear guidance on this issue. Some studies suggest that the market is efficient in the event of corporate failure (e.g. Clark and Weinstein, 1983; Morse and Shaw, 1988; Elayan and Maris, 1991) while others conclude that the market is highly inefficient when dealing with extreme bad news (e.g. Katz et al, 1985; Eberhart et al, 1999; Indro et al, 1999). This study resorts to the systematic literature review methodology to organize a survey on the existing literature that analyses the market's reaction to corporate bankruptcy announcements. The purpose of the review is to identify suitable research gaps that can be explored at a PhD level. A brief overview of the thematic under analysis is presented in the first part of the study. Subsequently, a detailed analysis of the systematic literature review methodology is provided, including both the search strategy employed and the different selection criteria used. The last part presents the results. These suggest that the area under analysis has received considerable attention from the finance academic community but some interesting research questions still remain unsettled, providing the context for future research in the field.Item Open Access The career agency of indian managerial women: a culture-centred approach.(2018-06) Prashar, Manjari; Anderson, Deirdre A.; Vinnicombe, SusanThe purpose of this study is to develop a culturally sensitive model of women’s career agency. Adopting a qualitative research method, analyzing semi structured interviews with 36 managerial women in India this study provides a culture' centred model of career agency and a culture' centred framework for the analysis of career agency. The model highlights how managerial women’s career agency interacts with the enabling and constraining aspects of the context in which their careers unfold. This study broadens our understanding of women’s career agency by revealing the dynamic relationship between the context and the individual as emergent ‘agentic bonds’ shifting over time and in relation to each other. Career agency is conceptualized as a process of emergent agentic bonds within a temporal relational context. This study identifies five agentic bonds fusion, communion, divergence, assertion and integration through which individual assert agency in their careers. The study makes three contributions. First, a theoretical contribution introducing a career centred model of career agency. This model identifies the construct of ‘agentic bonds’, to distinguish the ways in which individual’s bond with the collective to develop career intentions and actions. This new construct facilitates a culturally sensitive view of career agency as a contextually dependent process, extending Stage theories of careers beyond Individual agency. In addition, a sub contribution of a culture centred framework for the analysis of agency in women’s careers, operationalizing and is aggregating career agency permits a liminal/hybrid/fluid view of agency and extends the theory of culture centred approach to careers. Second, an empirical contribution reconciling and resolving the struggle to identify the career agency of Indian managerial women. Third, a practical contribution with a culturally sensitive approach to career coaching embedded in a temporal relational view of career agency, facilitated by the concept of ‘agentic bonds’. The study responds to the call for cultural sensitivity in careers research and practice.Item Open Access Collaboration in demand chain: a systematic review from a communication perspective(2004-09) Qiao, Hong; Wilding, Richard D.Collaboration is imperative in the demand chain in order to be able to share the seamless transparent information which is one of the key principals of demand chain organisations (Lee and Whang, 2001). It has been a key enabler widely accepted in demand chain literature, but most of the authors do not scientifically justify it. Since demand chain management is an emerging field of interest for academics, how collaboration works in this particular environment understandably remains under-researched. Most research on collaboration between buyer and supplier is not explicitly conducted in the competitive environment. This thesis, using the methodology of systematic review, investigates the literature of dem and chain management and collaboration from a communication perspective. The review of studies on collaboration between buyer and supplier is expected to provide insight for the study on collaboration in demand chain environment. There are 21 works included for the demand chain literature review and 25 for collaboration from a communication perspective. This systematic review of literature on demand chain management and collaboration from a communication perspective identifies seven enablers for demand chain system, among which collaboration and technology-enabled communication are two key enablers together with agility etc. This review also identifies two main themes in collaboration with communication perspective literature: communication in collaboration with buyer-supplier relationships as a communication media, and communication in collaboration with buy-supplier relationships as a social process. A holistic view of communication behaviour within buyer-supplier relationships is recommended and future work in this field is needed.Item Open Access Comparative analysis of military and commercial logistics: present and future possibilities for the transfer of principles and practices(1999-09) Ostrowski, Silverio Leonard; Christopher, MartinThroughout time, comparisons have always been made between the management ms V the public and private sectors (nowadays the voluntary sector too, is included in these comparisons). However, the management of the defence element within the public sector, has generally been considered so diverse from private enterprise, that it escaped rigorous academic attention until about the beginning of this century. Considered even less attractive to academic research, has been the comparison of defence logistics to commercial logistics, the latter being very young, when compared to the former. Defence/military logistics has been developing, in its practical sense, ever since one tribe/community had a fracas with a neighbouring tribe/community, through continental conflicts between states/nations, to intercontinental wars. Although serious academic attention has been paid to commercial logistics for about the last 40 years, the theory of it is very much in its infancy and is still being developed. The time has come for the logistics in these two sectors to share their knowledge/‘know how’, so that the learning of each sector is not lost, but transferred, if applicable, to the mutual benefit of each. From an inquiring exploratory comparison of the logistics in both the defence and business sectors, this thesis builds a foundation that branches out to a secondary research, which is the historical evolution of the two, and it discovers that they both followed the same evolutionary stages/patterns in their developments, but at different times, and, in general, they have a pattern of convergence. In 1970, Rider developed a tabulated comparative model of the two logistics from his research question “What is logistics?” Whilst Rider found some differences between military and business logistics, this thesis revisits and re-examines his table in the light of modem day data, and finds that the two logistics have converged further since his research. For the core research of this thesis, two hypotheses were generated: (i) a research null hypothesis of “there is no fundamental difference between military and commercial logistics”; and (ii) from the literature searches/surveys and the historical evolution work, a constructed quadramorphic ‘types of logistics’ model formed the platform for a predictive hypothesis that “the logistics in the two sectors use all the four types contained in the model”. The methodology chosen for the primary research was the analysis of qualitative data collected mainly via case studies (a focus group and a Delphi approach were used too); 17 case studies in all were conducted. The outcome is that the two hypotheses are accepted, the first one with the proviso/caveat of “excluding rules of priority, mobile nodes, lack of electronic connectivity, and some designed-in inefficiencies”, as these were found to be prevalent only within the military. Another finding that proved noteworthy is the fact that both logistics, naturally, have the same variables, but the importance attached to the variables differs for each sector and for within different time periods. Here again, evidence of convergence, significantly in the latter years, was discovered, particularly in association with: reducing costs; time compression; tracking and traceability; availability; relationships; and the provision of service(s). One aspect that distinguished the two sectors was the fact that business uses much more computerisation and electronic data capture/collection and transmission, it functions via its connectivity', whereas the military - having more of a vertical integrated structure working through soldiers and their teamwork - functions via its contactivity. Two principal methodologies were employed in this research: the primary research used mainly live qualitative data collected chiefly by case studies; and the secondary research again used mainly qualitative data gathered from secondary sources via historiography. The outcome of the analyses of the two research types tended to confirm each other with a good degree of compatibility and agreementItem Open Access A complex systems perspective on innovation, investment and regulation of evolving telecommunications networks(2017-09) Durmagambetov, Yerlan; Varga, LizThis thesis is a Doctoral Thesis of the International Executive Doctorate Programme (DBA) at the School of Management, Cranfield University, UK. The purpose of the study is to present the results of the research dedicated to the topic of Infrastructure Sharing, a common method to make use of the limited infrastructure resources of many stakeholders. The research aims to develop a decision support tool for a National Regulating Authority (NRA) on the basis of a software simulation representing infrastructure in use as complex systems consisting of agent and infrastructure networks. By applying a computational Agent-Based Modelling (ABM) approach to policy decisions, i.e. influence of Duct and Pole Access (DPA) to incumbent telecommunication infrastructures, the research investigates regulatory considerations that stimulate the development of alternative networks. The final deliverable of the research is a simulation tool that provides a solid foundation for simulating experiments, which allows analysis of demand for broadband services by different subgroups of users. The results of the study are of value for regulators, practitioners, representatives of telecommunication and other network industries, and scholars who deal with the topic of sustainable infrastructure development and recognise the value of a complex system perspective.Item Open Access The consequences of financial regulation.(2017-10) Aghanya, Daniel Efe; Poshakwale, Sunil S.; Agarwal, VineetGiven the importance of the financial services for capital accumulation, financial stability, and global financial intermediaries, the last decade has witnessed widespread calls for vigilant regulation of the sector, especially since 2007 to 2009 financial crisis. This has reinvigorated the debates on the economic benefits and costs of regulating the financial services. In this work, I examine the impact of financial regulation on the financial sector to better understand its influence on compliance costs, quality of financial reporting, and risk-taking, as well as the wider impact on the stock market liquidity and price informativeness. I also examine the impact of the UK’s decision to leave the European Union (BREXIT) on the UK stock market and industry. In the first paper, I review the empirical evidence on the literature on financial regulation published over the past thirty-five years with the aim: (1) to extend my understanding of its impact on the financial sector, (2) evaluate whether the regulation achieves the purpose it was designed, and (3) provide insights and suggestions for future research. I find several useful insights have been generated over the past two decades. Despite this progress, I find that most empirical studies were done in the United States, research on other regulatory context is under-researched. Further, most empirical research on costs of regulation exclude the financial sector, and we know that this sector is highly regulated. There is a need for more empirical research to provide insight on the regulatory cost burden to the financial sector. In the second paper, I examine how the Statutory Audit and Corporate Reporting Directives (SACORD) affect the compliance costs, risk-taking and quality of financial reporting of the EU banks. Using a natural experiment, I find that post SACORD, compliance costs of the EU banks increase by 11 to 26 percent. Further, there is a significant increase in risk-taking and a decline in the reporting quality. I conclude that as far as the EU banks are concerned, these regulations do not appear to have the desired effects of improving the reporting quality and constraining risk-taking. In the third paper, I investigate the impact of the MiFID on stock price informativeness and liquidity in the European Union (EU). Using data from 28 EU countries and the Difference in Differences approach, I find that post-MiFID the stock prices reflect greater firm-specific information and the market becomes more liquid. Consistent with the ‘Hysteresis Hypothesis’ the evidence shows that the impact of MiFID regarding price informativeness is greater for countries that have superior quality of regulation. The results are robust with respect to the choice of price informativeness and liquidity proxies as well as the control variables. Finally, in the fourth paper, I analyse the impact of UK referendum outcome (Brexit) on stock prices, along three key arguments made by proponents. I document that restricting EU labour movement is associated with a decline in market value by 9.64% to 10.35% over a 10-day event window. Further, sectors with a majority of their business operations outside the EU fared better than sectors that requires a lot of workforce from the EU. I find evidence that highly regulated sectors benefit more from expected deregulation of EU-derived laws except for the financial institutions. Additionally, internationally focused companies’ performed better than domestically focused firms. In sum, my evidence shows that the market expectations about labour restrictions, streamlining regulation and trade policies significantly affect firm values.Item Open Access The creation of a new product development capability in UK manufacturing small and medium sized enterprises (SMEs)(2006) Noke, Hannah; Bessant, John; Radnor, ZoeThis is a study of how manufacturing small and medium-sized enterprises (SMEs) create a new product development (NPD) capability in the UK. The UK’s innovative and productive performance remains a subject of considerable concern, not least because of its increasing productivity gap, but also because of concerns relating to the manufacturing industry’s reliance on gaining process efficiencies. Indeed it is believed that to remain competitive a move up the value chain is a necessity, through the likes of new product development. This exploratory research has adopted a qualitative approach, through interpretative means, allowing a rich and in-depth understanding to be gained. The study incorporates four detailed case studies on UK based manufacturing SMEs. A number of research methods were employed to aid triangulation of the data, including unstructured and semi-structured interviews, observation and documentation, such as company brochures and website material. The thesis makes two contributions to new knowledge and understanding. Firstly, the strategies that are employed and found to enable the creation of a NPD capability are identified; these include external involvement with other organisations to access resources and skills not possessed by the firms themselves. These outward facing strategies incorporate the use of strategic alliances, licensing of technology and ideas, and outsourcing elements of the NPD process. In addition, an internal, in-house development process was utilised. This offered the firms control of the process and the opportunity to capitalise on their own unique knowledge and skills which provided them with a competitive advantage. Secondly, this study provides a unique insight into the factors that are required for SMEs to create a NPD capability. Interestingly, this research indicates that these factors are not created simultaneously; rather, they occur at different rates and as such were categorised as ‘enablers’, i.e. those factors already enabling the creation of a NPD capability. The second group of factors, ‘qualifiers’, were found to be important to the creation of a NPD capability, but were not fully developed and were not enabling the process. However, the research identified the potential of ‘qualifiers’ to become enablers over time.Item Open Access The delivery reliability of UK manufacturing plants: an empirical study(1999-03) Szwejczewski, Marek Gregory; New, ColinDelivery reliability is an important factor that customers consider when selecting their suppliers. It is also an important component of manufacturing strategy. With quality consistency now being taken for granted in some market sectors delivery reliability is one of the few variables a manufacturing company can compete on. The operations management literature suggests a number of variables that impact plant delivery reliability, but offers little empirical research evidence to substantiate the claims made, this research re-addresses this imbalance. The research examined the nature of the relationship between delivery reliability and a series of variables. In particular the research examined the relationship between the plant’s delivery reliability and the following variables: part complexity, customisation, supplier delivery reliability, management focus and performance measurement focus. The research made a number of contributions. Firstly, the research found a significant negative relationship existed between the proportion of customised products and delivery reliability. The results indicate that as the proportion of customised products increases so the level of plant delivery reliability declines. Secondly, the research found that plants that supplied mainly demanding customers had high levels of delivery reliability. Whilst those plants that supplied some or no demanding customers had low levels of plant delivery reliability. The research also found that supplier delivery reliability was positively related to plant delivery reliability. The results suggested that as supplier delivery reliability improves so does plant delivery reliability. The research results pointed to the fact that the focus of the management team on delivery reliability was also related to delivery reliability. The plants where the management team was focused on delivery reliability also had high levels of delivery reliability.Item Open Access a design research study of customised management development.(2017-11) Shepherd, Wendy; Kwiatkowski, Richard; Bowman, CliffThis Design Research study of customised management development (CMD) develops an explanatory model of how CMD generates organisational level impact. The model makes a contribution to the management development literature by providing a plausible explanation of the connectivity between CMD as an input and performance as an organisational level outcome. The model is consistent with a realist perspective and suggests that CMD does not cause change, but changes the course of change that is already in process within the organisation through, inter alia social interactions and practice based learning. In contrast to prevailing more linear perspectives of the CMD process, the notion of the participant leaving their organisational context to be developed has been replaced with a representation of CMD where the organisation’s context is ever present within the development process. The practical validity of the model and its artefacts has been field tested at Cranfield School of Management. This has resulted in the implementation of a ‘Design for Impact’ process. The process utilises knowledge artefacts in the form of diagrams and design propositions that recommend what to do and what to avoid when designing interventions within specific organisational contexts. The model and knowledge artefacts that form the output of this research have been developed using a Design Research method. The method combines knowledge drawn from a systematic review of the literature with practitioner interviews. The application of the approach to the management development literature progresses the discussion from ‘How do we prove the organisational level impact of management development?’ to ‘How can we improve the organisational level impact of management development?’.Item Open Access Development of nanomip based sensors for drugs of abuse detection.(2018-02) D'aurelio, Roberta; Tothill, Ibtisam E.; Chianella, IvaThis work presents the development of portable, yet highly sensitive and specific, sensor based on NanoMIPs EIS for the detection of cocaine and morphine at trace levels (sub-ppm). The molecularly imprinted polymer nanoparticles (nanoMIPs) were synthesised as the sensing elements using solid-phase synthesis approach at the University of Leicester. Cocaine nanoMIPs and morphine nanoMIPs particle size (dH) were measured using Dynamic Light Scattering (DLS) and were found to be 168.80±68.73 nm and 170.09±54.75 nm for cocaine nanoMIP and morphine nanoMIP respectively, thus highlighting a small batch to batch variations. The nanoMIPs were then covalently attached to the conventional screen-printed electrode (SPE), thus yielding a nanoMIP EIS sensor. The Faradic Electrochemical Impedance Spectroscopy (EIS) was applied to detect the analyte binding events, having 10 mM [Fe (CN) 6]³⁻/⁴⁻ in MOPS (10 mM, pH 7.4) as redox couple solution. The EIS was recorded at a 0.12 V potential over the frequency range from 0.1 Hz to 50 kHz with a modulation voltage of 10 mV. The cocaine nanoMIP EIS sensor, fabricated onto SPE, was optimised and was able to detect cocaine hydrochloride (salt form) dissolved in 10 mM MOPS (pH 7.4) in the linear range of 0.1 – 50 ng mL⁻¹ (R²=0.984) and with a LOD equal to 0.24 ng mL⁻¹ . The optimisation studies on the surface blocking agents guaranteed the absence of cross-reactivity towards other drugs, such as morphine and other cocaine adulterants, such as levamisole, caffeine and, partially, mannitol. The optimised sensor and assay conditions were replicated using interdigitated electrode (IDE), achieving an LOD (2.5 ng mL⁻¹), which will requires further optimisation. Analogously, the morphine nanoMIP EIS sensor, fabricated onto SPE, was optimised and tested against morphine salt dissolved in MOPS (pH 7.4) (0.1 – 50 ng mL⁻¹). The sensor was able to detect morphine in the linear range of 0.1- 10 ng mL⁻¹ (R² = 0.977) and achieving a LOD as low as 0.109 ng mL⁻¹. The optimised sensor was replicated using IDE, placed in a custom-made 3D printed IDE cable holder. The sensor achieved an LOD of 0.114 ng mL⁻¹ in a linear range of 0.01 to 5 ng mL⁻¹. Furthermore, a QCM platform with a fully automated microfluidic system was employed in this work to develop a multiplexing nanoMIPs QCM sensor for cocaine and morphine detection. The morphine nanoMIPs and cocaine nanoMIPs were respectively immobilised on spot 1 and spot 2 of a QCM sensor chip. Due to the required QCM signal enhancement, morphine and cocaine were separately adsorbed onto 40 nm gold nanoparticles (AuNPs). Increasing concentration (250 ng mL⁻¹ to 50 µg mL⁻¹) of each drug conjugated AuNPs were prepared in PBS (pH 7.4) and injected onto the nanoMIP QCM sensor. The nanoMIPs QCM sensor was able to detect morphine-AuNPs and cocaine-AuNPs, without any detectable cross-reactivity events, with the respective LOD equal to 0.191 µg mL-¹and 0.360 µg mL⁻¹. The morphine-AuNPs and cocaine-AuNPs detection binding data were fitted to 1:1 Langmuir binding model and the average (±SD) values of the KD were equal to 0.647±0.340 µM and 0.225±0.197 µM respectively, thus providing insight on the affinity binding. All the nanoMIPs sensors developed in this work are cheap, easy-to-use and portable (in the case of EIS) screening methods for drugs of abuse detection, thus being a valuable competitor to the current on-site screening methods.Item Open Access Dilemma theory: towards a conceptual framework for intercultural management teams(2003-02) Besso-Cowan, Jonathan Michael; Hampden-Turner, Charles; Hope-Hailey, VeronicaThe primary contribution of this thesis is to extend the application of dilemma theory from the study of individuals, to the study of what actually happens, at the level of intercultural encounter in small groups of managers. The thesis makes additional conceptual contributions to the domains of culture, small groups and trust. This thesis explores what insights may be gained from applying dilemma theory to intercultural team dynamics. It adopts a phenomenological perspective, specifically drawing on Hampden-Tumer’s dilemma theory and Levinas’ philosophy of ethical hermeneutics. The thesis explores the conceptual derivation of dilemma theory. It explores the concepts of the virtuous circle, spiralling towards resolution (Bateson’s ‘pattern which connects’) and the alternative vicious circle, exhibiting increasing instability until splitting occurs. An alternative derivation of dilemma theory from Halacha (‘The Way’ of Jewish Law) which guides this author, is suggested. The thesis applies primarily qualitative methods of data collection to an intense study of small intercultural group processes over time. Data was obtained from two culturally diverse teams of six people, by hermeneutic analysis of semi-structured interviews, transcripts of audiotaped team discussions and the teams’ collective written descriptions of their progress. Triangulation of these three methods can be considered as a hermeneutic variant of dilemma methodology allowing the patterns of interactions in the teams, arising out of the interactions of values and their resolution or otherwise, to be measured and team process dynamics to be described. The results were supported by the Thomas Kilmann Conflict Mode Instrument, which allows for resolution. The more cohesive group showed a tendency to dilemma resolution and embracing diversity. The other group worried about diversity, ignored the concerns of the most obviously ‘other’ team member, was distressed and almost fragmented, showing a lesser ability to resolve dilemmas and a tendency to splitting. This thesis concludes that there is a general ability to resolve dilemmas in cohesive teams which value diversity and a lesser ability in teams, which suffer from considerable disharmony. If a team is considered as a fractal of a larger society, the contribution may have relevance to all forms of diversity.Item Open Access Disruptive risk management: what makes supply chains resilient to low probability/ high impact disruptions to the inbound and outbound aspects of the supply chain? A systematic literature review(2006-09) Richardson, Delia; Wilding, Richard D.The business community has found itself in the predicament of first understanding and then knowing how to deal with the risk and disruptions to which it is exposed. Risk management is a well informed field in other disciplines. Supply chain risk management however, still needs to be understood and adequately practised, but seemingly, of even more urgency is disruption risk management, which as a new hot topic, is still evolving in both the academic and the practical fields. To compound the problem is the fact that not all practitioners believe that this risk actually exists and that they need to plan for it. If they believe that it exists, they still are unsure as to how to prepare for it and many still need to be convinced that money needs to be put aside to plan for and to mitigate against disruptive events. Disruptive events such as acts of nature, accidents, terrorist and non-terrorist activities can cause a breakdown in the supply chain and thus very quickly cripple the supply chain, possibly causing disruptions to the transportation, communication and information technology systems. This is indeed a critical situation given the fact that many companies have chosen efficiency over effectiveness by employing such strategies of JIT, outsourcing and single sourcing strategies (Norrman, Jansson, 2004; CLSCM 2003, Christopher 2005, Tang 2006). In effect what they have done is exposed their supply chains making them very vulnerable to disruptive events. This report then, seeks to answer what makes a resilient supply chain. To this end the author has used the systematic review process in an attempt to use evidence-based methods of scientific research (Tranfield et al., 2003) to identify, select and critically appraise relevant research. The process is so designed that the information, once discovered and developed can then be discussed and synthesized. The broad fields of literature will include Supply Chain Risk, Vulnerability, Resilience, Risk Management and Disruption Risk Management. Findings thus far indicate that resilient supply chains have seemed to evolve from business continuity planning and supply chain risk management. Additionally, they are hinged on creating a flexible and agile supply chain, having enhanced communication within the network and establishing the right company culture. Firstly, the report seeks to situate the research in the current body of knowledge. It then describes in detail the methodology employed for the research and analysis of the information. The descriptive and thematic findings are presented, followed by their synthesis, discussion and conclusion. One of the main purposes and benefits of the systematic review is that it sets the stage to allow an issue to evolve, which can then be used to frame a PhD question. To this end, the conclusion includes PhD questions that the author has found of interest and considers as good, sound and feasible for further research and analysis.Item Open Access Dividend yields and business confidence as predictors of returns on the London Stock Exchange(1996-09) Fielding, John Anthony; Broyles, J.This thesis examines the relationship between future returns and dividend yields on the London Stock Exchange for the period 1966 to 1993. An additional set of explanatory variables is introduced in the form of the Confederation of British Industries, Industrial Trends Survey data. A significant relationship was found between dividend yields and future returns when regression statistics were generated by ordinary least squares. The relationship was shown, however, to be attributable only to the period from 1966 to 1980 and in particular to the turbulent era from 1973 to 1975. When allowance was made for the effect of a lagged regressor by use of the Goetzmann and Jorion (1993) simulation model, no significant relationship between dividend yields and future returns for the entire sample period was found. Ordinary Least Squares estimation of regressions of future returns on the Confederation of British Industries surveys of Business Opinion showed only a modest relationship. This was considerably weakened when the regression coefficients were estimated by randomisation. In common with Dividend Yields the relationship was entirely a feature of the 1966 to 1980 period. The evidence provided by this study does not enable the refutation of the semi-strong form of market efficiency.Item Open Access Does the distress factor hypothesis explain the size and value effects in equity returns?(2002-08) Agarwal, Vineet; Taffler, RichardThe distress factor hypothesis says that value stocks and small stocks are distressed and therefore higher returns on such stocks are merely a compensation for higher risk. I test this hypothesis using z-scores, a cleaner proxy for bankruptcy risk than other proxies used in the literature such as dividend reductions or omissions. I find that unconditionally, distressed stocks earn significantly lower returns than non-distressed stocks and much underperformance is uninfluenced by size and B/M factors. I also find that z-score, size and B/M effects are stronger in different months suggesting little common variation between the three factors. The results show that size and B/M effects are unrelated to bankruptcy risk on an unconditional basis. Of crucial importance is a consideration of the time varying behaviour of bankruptcy risk premia and I consider explicitly the impact of changes in GDP growth rate and the impact of stock market movements on the pricing of distressed firms. I find that risk of bankruptcy is a systematic risk with distressed stocks registering strong underperformance during ‘bad’ states of the world. As with unconditional analysis, the results show there is no link between distress factor and size and B/M effects. Size and B/M effects are stronger in non-distressed stocks. To ensure that the empirical results are robust across different methodologies, I significantly expand on the work of Dichev (1998) by employing two different portfolio formation methods and individual securities in my analysis. My main results on z-scores are robust though size and B/M effects are sensitive to alternative trading rules. I also test the Fama & French (1993) three-factor model for the UK and find that it is unable to explain returns on negative z-score portfolios. A four-factor model that includes a factor mimicking the z-score effect is better specified. The primary contribution of this study is the direct evidence it provides on the distress factor hypothesis of higher returns on value stocks and small stocks and the four-factor model for stock returns. This research has important implications both for extant asset pricing theories and for practitioners especially in evaluation of portfolio performance and computation of abnormal returns.Item Open Access Economic aspects of the UK housing and housing finance markets(1991) Nellis, Joseph G.; Fishwick, FrankEleven publications, presented in two volumes, are contained in this submission. In each case these have been written jointly with another author. In all publications my contribution has been as an equal co-author at all stages: from the original identification of research projects, the development and application of research methodologies, through to the empirical analyses, interpretation and writing up of results.Item Open Access The effects of innovation on channels on distribution(1977-11) Gattorna, J. L.; Walters, D. W.There exists a certain wisdom in management which accepts that there will always be problems which by their very nature are insoluble; nevertheless many remain which, due to the application of particular management skills, are potentially more capable of solution. This research programme is pitched at the latter category in the belief that at least some improvement in current practice is feasible provided a more fundamental level of understanding of the relevant (underlying) mechanisms can be achieved. Professor E.C. Zeeman of Warwick University confirms this view with the comment, made to the writer in conversation, that "explanation should reduce the arbitrariness of description". It is only through attainment of this 'explanation' level of understanding that meaningful strategic action becomes possible. Primarily our aim here is to explain and, if possible, predict how channels of· distribution react when subjected to the forces of· change, and more specifically, change in the form of innovation A review of the literature pertinent to innovation reveals some disturbing knowledge gaps. In particular, there appears to be a general ignorance of the possible consequences of innovation, and a corresponding lack of any concerted attempt to suggest how innovation (and its consequences) may be managed in an interorganizational context. Similarly, a state-of-the-art review of the distribution channels literature leads us to conclude that, like so much of the_ general marketing literature, it is predominantly descriptive in nature. Many of the issues are developed in piecemeal fashion and hence there is no generally applicable conceptualization. Given these problems,· any attempt at predicting the effects of innovation on channel behaviour patterns is premature and bound to fail. In order to even approach our original objective therefore, it firstly becomes necessary to attempt development of a new conceptual scaffolding with 'explanation' and 'predictive' capabilities. to do this we chose to search well outside the accepted boundaries of management science literature, seeking concepts from a wide range of disciplines and inter-disciplines, building the bridges between these and observed behaviour, and using systems theory as the core around which to develop a model with more general applicability. Our research orientation is therefore predominantly theoretical but, nevertheless has substantial practical relevance. Two actual cases of significant recent innovations in the UK food/ grocery industry are used as vehicles to partially test the model, and the analysis is extended into the predictive dimension using changes delineated by a Delphi futures forecast. The intention is to use the model to anticipate (or predict) what systemic effects can be expected subsequent to the introduction of innovation. The emphasis throughout is on assessing the implications of such changes using the language and concepts -central to our model. Because the external environment is such a key influential in any 'open system' situation, considerable attention is paid to developing this aspect. Since. we are concerned with finding a new way of viewing distribution channel systems, we have adopted a macro orientation throughout" in the belief that detailed refinements can be undertaken by future researchers working within the framework established here. As such soundness of the overall logic scheme is regarded as critical, and certainly of more fundamental importance than any requirement to measure .,, individual parameters. The value of such a broad orientation should overshadow any imperfections in detail which will almost certainly emerge. Generally, the model (and its component parameters) look promising, and our findings tend to indicate that it is no longer necessary to dilute the true complexity of distribution channel systems in order to achieve some understanding of what is happening within. It is now possible to evaluate in a conceptual sense, the effects of innovation on a channel system using stability criteria, and further, to assess the viability of such innovation in terms of Ashby's 'variety' principle.Item Open Access Entrepreneurship and corporate strategy(1975-03-07) Bruce, R. J. B.; Wills, GordonEntrepreneurship is examined from three major viewpoints, Economic, Sociological and Individual Psychological but no one of these approaches can adequately explain the phenomenon. Entrepreneurship is identified with a changing social process and associated with those individuals called entrepreneurs. Corporate Strategy is an aspect of Business Policy and is seen as a determining process in the growth, survival or demise of the firm . The architect of this strategy is the entrepreneur broadly seen as chief executive and identified by task. The concept of the entrepreneur is refined and redefined leading to a distinction between the Modal and the Independent entrepreneur. Independent Entrepreneurs are categorised as either Ubiquitous or Elite . Modal, Ubiquitous and Elite entrepreneurs .are compared and contrasted on the basis of their motivations, life experiences, social and psychological aspirations, and the burden of the argument to this stage is illustrated by an interview with an Elite entrepreneur, identified as such by individuality and corporate competence. The discussion reverts to the tasks of the Entrepreneur and their relation to Corporate Strategy. The entrepreneur is seen as a straw in the economic wind. An understanding of positive economics is mandatory for successful entrepreneurship practised by Modal and Elite entrepreneurs alike . Guidelines are developed in linking positive with normative economics, showing the importance of economics in the process of Corporate Strategy. Employee motivation is a further mandatory task of the entrepreneur seen as corporate leader and this is related to organisation structure. The fundamental raison d 'etre for organisation structure is seen as control and types of organisation are compared, contrasted and correlated with management style and personal values. "The Lonrho Affair" describes a multinational corporation run by an Elite entrepreneur and illustrates the link between Entrepreneurship and Corporate Strategy, personal values-and organisation structure and the relevance of an exteroceptive management style to corporate success.Item Open Access Estimating the monetary value of airport runway departure slots(1996-10) Pagliari, Romano Italo; Black, Ian G.Slot allocation is one of the most contentions and keenly debated topics within the air transport industry. The issue of pricing access to airport slots, as a means of relieving congestion, has received increased attention in recent years. However, little attempt has been made to determine how airlines value access to slots, or to measure the impact quantitatively of introducing the pricing mechanism into slot allocation. It is the objective of this thesis to establish a process whereby the potential value of a slot can be determined. Since the value of a slot is ultimately a function of the how highly passengers value travelling at different times of the day, the research problem is initially approached from the passenger’s perspective. Analysis focused initially on the use of stated preference methods, to derive parameters which measure how highly passengers value different departure times. These parameters were then calibrated on a departure time choice model, which estimates, given assumptions on the distribution of ideal departure times on a given route, how passengers select flights scheduled at different times. Decision-rules governing the scheduling of profitable flights were developed. These rules determine the conditions necessary for the scheduling of profitable flights and the setting of fares. Combining both passenger and flight scheduling decision-rules within a simulation model it was then possible to generate, given various assumptions on aircraft size and total demand, a set of equilibrium flights scheduled at different departure times, associated with a level of passenger demand and equilibrium fare. From these simulations, slot value estimates were derived. Within the context of the thesis objective, analysis focused on a wide range of issues. These were: stated preference experimental design and parameter estimation, how passengers value departing at different times of the day, competition for slots, time of day pricing, and estimating potential slot values for different aircraft types. This thesis has contributed to existing literature on slot allocation through firstly; outlining a method to estimate slot values, secondly, providing a more thorough analysis of passenger departure time preferences in air transportation, and thirdly, a further demonstration of the application of stated preference techniques within an aviation context.