Economic theory informing approaches to phoenix activity in small business: A neo-Schumpeterian analysis

The adequacy and efficiency of existing legal and regulatory frameworks dealing with corporate phoenix activity have been repeatedly called into question over the past two decades through various reviews, inquiries, targeted regulatory operations and the implementation of piecemeal legislative reform. Despite these efforts, phoenix activity does not appear to have abated. While there is no law in Australia that declares ‘phoenix activity’ to be illegal, the behaviour that tends to manifest in phoenix activity can be capable of transgressing a vast array of law, including for example, corporate law, tax law, and employment law. This paper explores the notion that the persistence of phoenix activity despite the sheer extent of this law suggests that the law is not acting as powerfully as it might as a deterrent. Economic theories of entrepreneurship and innovation can to some extent explain why this is the case and also offer a sound basis for the evaluation and reconsideration of the existing law. The challenges facing key regulators are significant. Phoenix activity is not limited to particular corporate demographic: it occurs in SMEs, large companies and in corporate groups. The range of behaviour that can amount to phoenix activity is so broad, that not all phoenix activity is illegal. This paper will consider regulatory approaches to these challenges via analysis of approaches to detection and enforcement of the underlying law capturing illegal phoenix activity. Remedying the mischief of phoenix activity is of practical importance. The benefits include continued confidence in our economy, law that inspires best practice among directors, and law that is articulated in a manner such that penalties act as a sufficient deterrent and the regulatory system is able to detect offenders and bring them to account. Any further reforms must accommodate and tolerate legal phoenix activity, at least to some extent. Even then, phoenix activity pushes tolerance of repeated entrepreneurial failure to its absolute limit. The more limited liability is misused and abused, the stronger the argument to place some restrictions on access to limited liability. This paper proposes that such an approach is a legitimate next step for a robust and mature capitalist economy.

Detecting rare events using Kullback-Leibler divergence: A weakly supervised approach

Video surveillance infrastructure has been widely installed in public places for security purposes. However, live video feeds are typically monitored by human staff, making the detection of important events as they occur difficult. As such, an expert system that can automatically detect events of interest in surveillance footage is highly desirable. Although a number of approaches have been proposed, they have significant limitations: supervised approaches, which can detect a specific event, ideally require a large number of samples with the event spatially and temporally localised; while unsupervised approaches, which do not require this demanding annotation, can only detect whether an event is abnormal and not specific event types. To overcome these problems, we formulate a weakly-supervised approach using Kullback-Leibler (KL) divergence to detect rare events. The proposed approach leverages the sparse nature of the target events to its advantage, and we show that this data imbalance guarantees the existence of a decision boundary to separate samples that contain the target event from those that do not. This trait, combined with the coarse annotation used by weakly supervised learning (that only indicates approximately when an event occurs), greatly reduces the annotation burden while retaining the ability to detect specific events. Furthermore, the proposed classifier requires only a decision threshold, simplifying its use compared to other weakly supervised approaches. We show that the proposed approach outperforms state-of-the-art methods on a popular real-world traffic surveillance dataset, while preserving real time performance.

Emotional climate of a pre-service science teacher education class in Bhutan

This study explored pre-service secondary science teachers’ perceptions of classroom emotional climate in the context of the Bhutanese macro-social policy of Gross National Happiness. Drawing upon sociological perspectives of human emotions and using Interaction Ritual Theory this study investigated how pre-service science teachers may be supported in their professional development. It was a multi-method study involving video and audio recordings of teaching episodes supported by interviews and the researcher’s diary. Students also registered their perceptions of the emotional climate of their classroom at 3-minute intervals using audience response technology. In this way, emotional events were identified for video analysis. The findings of this study highlighted that the activities pre-service teachers engaged in matter to them. Positive emotional climate was identified in activities involving students’ presentations using video clips and models, coteaching, and interactive whole class discussions. Decreases in emotional climate were identified during formal lectures and when unprepared presenters led presentations. Emotions such as frustration and disappointment characterized classes with negative emotional climate. The enabling conditions to sustain a positive emotional climate are identified. Implications for sustaining macro-social policy about Gross National Happiness are considered in light of the climate that develops in science teacher education classes.

Recommendations from analyzing the state-of-the-art of business process management research

Business Process Management (BPM) as a research field integrates different perspectives from the disciplines computer science, management science and information systems research. Its evolution has by been shaped by the corresponding conferences series, the International Conference on Business Process Management (BPM conference). As much as in other academic discipline, there is an ongoing debate that discusses the identity, the quality and maturity of the BPM field. In this paper, we review and summarize the major findings a larger study that will be published in the Business & Information Systems Engineering journal in 2016. In the study, we investigate the identity and progress of the BPM conference research community through an analysis of the BPM conference proceedings. Based on our findings from this analysis, we formulate recommendations to further develop the conference community in terms of methodological advance, quality, impact and progression.

Developing an evolutionary/ecological approach in enterprise education

This paper presents an ecological/evolutionary approach to enterprise education. Ecological approaches are used at the University of Tasmania to heighten the awareness of students to a raft of difficult to observe environmental factors associated with developing enterprising ideas. At Sheffield University, the discovery and exploitation of entrepreneurial opportunities is viewed as a co-evolving system of emerging business ideas, and routines/heuristics respectively. It is argued that using both approaches enables students to develop a greater awareness of their situated environment, and ultimately the degree of fit between their learning process and a changing external world. The authors argue that in order to improve the chances of longer-term survival what is needed is a new level of organisation where the individual is capable of developing a representation of the external world that he or she can use to sense the appropriateness of local decisions. This reinterpretation of events allows individuals to step back and examine the broader consequences of their actions through the interpretation and anticipation of feedback from the environment. These approaches thus seek to develop practice-based heuristics which individuals can use to make sense of their lived experiences, as they learn to evolve in an increasingly complex world.

Moving beyond the business plan in enterprise education

Purpose The purpose of this paper is to approach the debate surrounding the role of business plans in enterprise/entrepreneurship education from a different perspective; that of the student. The paper argues that much of the consternation within this stubborn debate derives from a lack of appreciation of the context actually occurring in the lives of our students. The paper aims to explore several arguments directly related to these contexts. Design/methodology/approach The approach is to build around a combining of cycles of reflective practice via the authors' iterative consultation with each other. The paper seeks to explore the world of the student via an enfolding of the literature, but ultimately we do not claim to have hidden our personal biases. Findings It is important to separate enterprise education (EE) from entrepreneurship education when discussing the role of the business plan. While the business plan has a place in the latter, it makes little sense for it to be a focal learning activity in the former. In addition, we see this outcome as a positive outcome for our field with little point in continuing on with what has become a fairly pointless debate. Practical implications: The paper concludes that once EE is viewed as being distinctly different from entrepreneurship education it is free to be considered with more precision what learning needs exist. Focusing on learning needs changes the direction of the discussion, with the business plan only up for discussion if it contributes a learning activity related to pre-determined learning outcomes. Originality/value The paper offers a constructive way forward from a debate that has been beset with extreme vested interests for too long.

The student business plan: Useful or not?

This article offers a critical discussion of the role of the business plan in current enterprise educational practice. In addition to reviewing recent work that considers the ‘for’ and ‘against’ arguments about the use of business plans in higher education, the authors suggest that the context of student learning is largely omitted from these discussions. As such, they contextualize the debate so that the purpose of the business plan can be better appreciated. They build on recent work that offers alternatives to the business plan – approaches directly focused on customer discovery and explicit testing of assumptions. In doing so, recent concerns about the value of business plans and, conversely, the views of those who argue in favour of the role of business plans in enterprise education, are noted. The article provides insights into emerging alternative practices in the field of enterprise education, practices based on students’ use of such education as a vehicle for skills and knowledge development and/or wealth creation. It is acknowledged that various biases are present in the current debate, including those of the present authors: whilst it is accepted that these biases are unlikely to disappear, the article contextualizes their origins.

Understanding local processes: Contemplating franchisation

Increasing, there is growing acknowledgement of the importance of franchising within all modern global economies. Despite this, little is understood with regards the actual impact of franchising on local economies. This research aims to reframe the contribution of franchising by considering the process of franchisation. This study employed a mixed-method approach, utilizing critical realism to facilitate an outcomes-based explanation of firm survival. The focus of the study was upon generative mechanisms that were assumed to give rise to particular events from which (pizza) firm survival was enhanced vis-à-vis all other community members. A database of 2440 firms (or in excess of 21,000 company years) combined with archival records, interviews and the researcher’s observations provided the researcher with access to the nature of interaction occurring between firms. It was found that the survival of local firms was influenced positively by the day-to-day actions of franchise operators. However, it is argued that to understand how any such advantage my fall to local independent firms, we need too better appreciate the multitude of local processes related to such industries. This research re-examines several ecological concepts with the view of enabling a clearer investigation of underlying local processes. It also represents an authentic autecological approach to the study of firms.

Online learning an effective means for developing small business owner-managers’ capabilities?

Purpose If owner-managers engage in management development activities then chances of success may be improved for small businesses. But small business owner-managers (SBOMs) are a difficult group to engage in management development activities. While practitioners worry about timing, content and location of development activities, the purpose of this paper is to examine what drives SBOMs to participate in an online discussion forum (ODF) as a form of management development. An ODF was run with SBOMs and the factors affecting their participation are reported from this exploratory study. Design/methodology/approach A qualitative methodology was used where data gathered from three sources, the ODF posts, in-depth interviews with participants and a focus group with non-participants. These were analysed to evaluate factors affecting participation of SBOMs in an ODF. Findings The findings point to the importance of owner-managers’ attitudes. Attitudes that positively affected SBOMs participation in the ODF included; appreciating that learning leads to business success; positive self-efficacy developed through prior online experience; and an occupational identity as a business manager. Research limitations/implications Few SBOMs participated in the ODF, which is consistent with research finding that they are a difficult group to engage in management development learning activities. Three forms of data were analysed to strengthen results. Practical implications Caution should be exercised when considering investment in e-learning to develop the managerial capabilities of SBOMs. Originality/value Evidence of the factors important for participation in an informal voluntary ODF. The findings suggest greater emphasis should be placed on changing attitudes if SBOMs are to be encouraged to participate in management development activities.

Changes in CO2 emissions over business cycle recessions and expansions in the United States: A decomposition analysis

This paper examines the asymmetry of changes in CO2 emissions over business cycle recessions and expansions using yearly data from 1949 and monthly data from 1973 for the United States (US). In addition, decomposition analysis is applied to investigate the relative roles of various proximate contributing factors to observed changes in total and per capita CO2 emissions and emissions intensity, over business cycle phases. The results suggest, inter alia, that aggregate emissions and emissions intensity reduce much faster in contractions than they increase in expansions. In addition, unlike the three previous expansions, in the most recent post-GFC US expansion, emissions per capita have continued to decline, and at a rate very similar to the rate of reduction in preceding contractions. This suggests the real possibility that the most recent contraction may have had an ongoing impact on the path of per capita emissions well beyond the immediate impact experienced during the contraction itself.

The business of myth-making: Mary Poppins, P.L. Travers and the Disney effect

In just one of the many extraordinary moments during the spectacular Opening Ceremony of the 2012 London Olympic Games, thirty Mary Poppinses floated into the stadium on their umbrellas to battle a 40 foot-long inflatable Lord Voldemort. This multi-million pound extravaganza was telecast to a global audience of over one billion people, highlighting in an extremely effective manner the grandeur and eccentricities of the host nation, and featuring uniquely British icons such as Mr Bean, James Bond, The Beatles and Harry Potter, as well as those quintessential icons of Englishness, the Royal Family, double-decker red buses and the National Health Service.

Cloud computing services for the small and medium enterprises: Key considerations for sourcing sustainable business value

The concept of cloud computing services (CCS) is appealing to small and medium enterprises (SMEs). However, while there is a significant push by various authorities on SMEs to adopt the CCS, knowledge of the key considerations to adopt the CCS is very limited. We use the technology-organization-environment (TOE) framework to suggest that a strategic and incremental intent, understanding the organizational structure and culture, understanding the external factors, and consideration of the human resource capacity can contribute to sustainable business value from CCS. Using survey data, we find evidence of a positive association between these considerations and the CCS-related business objectives. We also find evidence of positive association between the CCS-related business objectives and CCS-related financial objectives. The results suggest that the proposed considerations can ensure sustainable business value from the CCS. This study provides guidance to SMEs on a path to adopting the CCS with the intention of a long-term commitment and achieving sustainable business value from these services.

The economic consequences of corporate financial reporting on Twitter

The use of social media has spread into many different areas including marketing, customer service, and corporate disclosure. However, our understanding of the timely effect of financial reporting information on Twitter is still limited. In this paper, we examine the timely effect of financial reporting information on Twitter in the Australian context, as reflected in the follow-up stock market reaction. With the use of event methodology and comparative setting, we find that financial reporting disclosure on Twitter reduces the information asymmetry level. This is evidenced by reduction of bid-ask spread and increase of share trading volume. The results of this study imply that financial reporting disclosure on social media assists the dissemination of information and the stock market response to this information

'Take away from the dry sixties style marking': Lecturer and student perceptions and experiences of audio feedback

Providing audio feedback to assessment is relatively uncommon in higher education. However, published research suggests that it is preferred over written feedback by students but lecturers were less convinced. The aim of this paper is to examine further these findings in the context of a third year business ethics unit. Data was collected from two sources. The first is a series of in-depth, semi-structured interviews conducted with three lecturers providing audio feeback for the first time in Semester One 2011. The second source of data was drawn from the university student evaluation system. A total of 363 responses were used providing 'before' and 'after' perspectives about the effectiveness of audio feedback versus written feedback. Between 2005 and 2009 the survey data provided information about student attitudes to written assessment feedback (n=261). From 2010 onwards the data relates to audio (mp3) feedback (n=102). The analysis of he interview data indicated that introducing audio feedback should be done with care. The perception of the participating lecturers was mixed, ranging from sceptism to outright enthusiasm, but over time the overall approach became positive. It was found that particular attention needs to be paid to small (but important) technical details, and lecturers need to be convinced of its effectieness, especially that it is not necessarily more time consuming than providing written feedback. For students, the analysis revealed a clear preference for audio feedback. It is concluded that there is cause for concern and reason for optimism. It is a cause for concern because there is a possibility that scepticism on the part of academic staff seems to be based on assumptions about what students prefer and a concern about using the technology. There is reason for optimism because the evidence points towards students preferring audio feedback and as academic staff become more familiar with the technology the scepticism tends to evaporate. While this study is limited in scope, questions are raised about tackling negative staff perceptions of audio feedback that are worthy of further research.

Is corporate rescue a realistic ideal? Business as usual in Australia and the United Kingdom

This paper seeks to review the operation of Australian corporate law rescue regimes in the context of those originally contemplated by Sir Kenneth Cork and more latterly in Australia, primarily in the hands of Ron Harmer. In doing so, it draws upon some of the observations made by Professor Fletcher in the second wave of 20th century corporate rescue reform in the United Kingdom.