Enterprise policy and the metagovernance of firm capabilities

The underlying logic of enterprise policy is that there are impediments to change in economic systems that can be traced to the path-dependent behaviors of economic actors that prevent them from exploring new knowledge and new ways of doing things. Enterprise policy involves firm-level interventions delivered by distributed networks of business advisors coordinated by knowledge intermediaries. These metagovernance arrangements are able to disrupt the path-dependent behaviors of organizations. The logic and benefits of enterprise policy are explored through reference to public administration, strategic management and evolutionary theory, and three case studies.

Australian TV news : New forms, functions, and futures

Australian TV News: New Forms, Functions, and Futures examines the changing relationships between television, politics and popular culture. Drawing extensively on qualitative audience research and industry interviews, this book demonstrates that while ‘infotainment’ and satirical programmes may not follow the journalism orthodoxy (or, in some cases, reject it outright), they nevertheless play an important role in the way everyday Australians understand what is happening in the world. This therefore throws into question some longstanding assumptions about what form TV news should take, the functions it ought to serve, and the future prospects of the fourth estate.

Why new media reforms are bad news for Australian content

Two of the government’s six media reform bills passed in the House of Representatives with multi-party support on Tuesday 19 March. While most attention and debate has focused on the regulation of the news media and ownership, the changes approved on 19 March are both significant and far-reaching.

Sharing news, making sense, saying thanks : patterns of talk on twitter during the Queensland floods

This paper examines the discursive aspects of Twitter communication during the floods in the summer of 2010–2011 in Queensland, Australia. Using a representative sample of communication associated with the #qldfloods hashtag on Twitter, we coded and analysed the patterns of communication. We focus on key phenomena in the use of social media in crisis communication: communal sense- making practices, the negotiation of participant roles, and digital convergence around shared events. Social media is used both as a crisis communication and emergency management tool, as well as a space for participants to engage in emotional exchanges and communication of distress.

Illustrating outcomes for Australian nascent and young firm entrepreneurial activity

This paper examines the outcomes of nascent and young entrepreneurial firms in Australia. Findings of interest in this paper include: • After three years similar proportions of nascent firms reach an operational state (31 per cent), i.e. sales regularly exceed costs, compared with those that have terminated (35 per cent), and those who are still trying to achieve venture creation (34 per cent). This outcome closely mirrors the outcomes in the US PSED study. • The young firm sample shows that these new ventures remain more robust to firm closure. The vast majority of young firms (78 per cent) continue to be active in the market the last time they participated in CAUSEE. • The annual termination rate for young firms is 9 per cent at most, and 14 per cent cumulatively, while cumulatively only 8 per cent of young firms experience a drop-off in activity to be considered as having uncertain status. • The average number of employees in Nascent Firms is one person, the average number of Young Firm employees increases from two at first sampling to three after three years. • While the founders of exiting Nascent Firms are more likely to return to their old job upon termination of their business, Young Firm founders move on to new jobs. Regardless the majority of exiting firm founders rate their experience as positive and are prepared to attempt business creation in the future.

Entrepreneurial growth : the role of international knowledge acquisition as moderated by firm age

In line with repeated recent calls for research on specific forms of growth rather than on an undifferentiated notion of “total growth,” our study contributes to the understanding of entrepreneurial growth. By this we mean growth through expansion into new geographic markets and/or via the introduction of new products or services. Building on Penrose's theory of the growth of the firm and on the research streams she has in part inspired, we investigate the impact of knowledge acquisition from international markets on entrepreneurial growth both at home and abroad. We further suggest that the effects of international knowledge acquisition on entrepreneurial growth will vary with firm age. Utilizing longitudinal data on 138 small and medium-sized enterprises (SMEs), we find that the acquisition of knowledge from international markets fuels growth through market development, and that this effect is stronger for international expansion than domestic expansion. Our results also show that firm age negatively moderates the relationship between international knowledge acquisition and entrepreneurial growth via the introduction of new products or services. Specifically, international knowledge acquisition has a positive effect on growth via new products/services development in young firms, but a negative effect in mature firms. We assume this reflects changes over time in how international knowledge is managed.

Sharing the news : Dissemination of links to Australian news sites on Twitter

Social media adoption in Australia, which provides the geographic focus for this chapter, has been rapid and substantial (ABC News, 2010) – possibly because of the considerable dispersal of the Australian population across the continent, as well as the significant distance of the country from many of its closest partner nations. Social media can play an important role in strengthening and maintaining interpersonal and professional relationships in spite of such physical distance; in particular, social media services are now well-recognised as important tools for the dissemination of news across many developed nations. Hermida (2010) and Burns (2010) both speak of Twitter as a medium for “ambient news”, for example: always-on, operating as a steady stream in the background and at the edge of users’ conscious perception. Much as ambient music is designed to do, it comes to the fore when notable events (such as major breaking news) lead to an increase in volume and demand a greater level of attention from users.

ACE research vignette 026 : Do Entrepreneurs’ Personal Networks Influence Small Firm Performance?

This series of research vignettes is aimed at sharing current and interesting research findings from our team of international Entrepreneurship researchers. This vignette, written by Dr. Rene Bakker, examines the evidence on the effects of a entrepreneurs’ personal networks on small firm performance, and the factors that moderate this relationship.

Speaker attribution of Australian broadcast news data

Speaker attribution is the task of annotating a spoken audio archive based on speaker identities. This can be achieved using speaker diarization and speaker linking. In our previous work, we proposed an efficient attribution system, using complete-linkage clustering, for conducting attribution of large sets of two-speaker telephone data. In this paper, we build on our proposed approach to achieve a robust system, applicable to multiple recording domains. To do this, we first extend the diarization module of our system to accommodate multi-speaker (>2) recordings. We achieve this through using a robust cross-likelihood ratio (CLR) threshold stopping criterion for clustering, as opposed to the original stopping criterion of two speakers used for telephone data. We evaluate this baseline diarization module across a dataset of Australian broadcast news recordings, showing a significant lack of diarization accuracy without previous knowledge of the true number of speakers within a recording. We thus propose applying an additional pass of complete-linkage clustering to the diarization module, demonstrating an absolute improvement of 20% in diarization error rate (DER). We then evaluate our proposed multi-domain attribution system across the broadcast news data, demonstrating achievable attribution error rates (AER) as low as 17%.

A business engineering approach to client relationship management in a knowledge based firm

This thesis examines Customer Relationship Management and how the capabilities of an organisation to innovate can be enhanced via its implementation in a Knowledge Based Firm. The research identifies current customer knowledge components within an organisation and identifies for future use, CRM components for implementation within a Knowledge Based Firm. Opinions from a panel of experts' are identified for best practice customer relationship strategy, the most important CRM processes and identification of customer knowledge components that will form the basis of implementing a successful CRM to gain a competitive advantage through enhancing the innovative capability for a Knowledge Based Firm.

The valuation accuracy of multiples in mergers and acquisitions, and their association with firm misvaluation

This study explores the accuracy and valuation implications of the application of a comprehensive list of equity multiples in the takeover context. Motivating the study is the prevalent use of equity multiples in practice, the observed long-run underperformance of acquirers following takeovers, and the scarcity of multiplesbased research in the merger and acquisition setting. In exploring the application of equity multiples in this context three research questions are addressed: (1) how accurate are equity multiples (RQ1); which equity multiples are more accurate in valuing the firm (RQ2); and which equity multiples are associated with greater misvaluation of the firm (RQ3). Following a comprehensive review of the extant multiples-based literature it is hypothesised that the accuracy of multiples in estimating stock market prices in the takeover context will rank as follows (from best to worst): (1) forecasted earnings multiples, (2) multiples closer to bottom line earnings, (3) multiples based on Net Cash Flow from Operations (NCFO) and trading revenue. The relative inaccuracies in multiples are expected to flow through to equity misvaluation (as measured by the ratio of estimated market capitalisation to residual income value, or P/V). Accordingly, it is hypothesised that greater overvaluation will be exhibited for multiples based on Trading Revenue, NCFO, Book Value (BV) and earnings before interest, tax, depreciation and amortisation (EBITDA) versus multiples based on bottom line earnings; and that multiples based on Intrinsic Value will display the least overvaluation. The hypotheses are tested using a sample of 147 acquirers and 129 targets involved in Australian takeover transactions announced between 1990 and 2005. The results show that first, the majority of computed multiples examined exhibit valuation errors within 30 percent of stock market values. Second, and consistent with expectations, the results provide support for the superiority of multiples based on forecasted earnings in valuing targets and acquirers engaged in takeover transactions. Although a gradual improvement in estimating stock market values is not entirely evident when moving down the Income Statement, historical earnings multiples perform better than multiples based on Trading Revenue or NCFO. Third, while multiples based on forecasted earnings have the highest valuation accuracy they, along with Trading Revenue multiples for targets, produce the most overvalued valuations for acquirers and targets. Consistent with predictions, greater overvaluation is exhibited for multiples based on Trading Revenue for targets, and NCFO and EBITDA for both acquirers and targets. Finally, as expected, multiples based Intrinsic Value (along with BV) are associated with the least overvaluation. Given the widespread usage of valuation multiples in takeover contexts these findings offer a unique insight into their relative effectiveness. Importantly, the findings add to the growing body of valuation accuracy literature, especially within Australia, and should assist market participants to better understand the relative accuracy and misvaluation consequences of various equity multiples used in takeover documentation and assist them in subsequent investment decision making.

Outsider board activity, ownership structure and firm value : evidence from Korea

Using a sample of publicly listed firm in Korea from 2002 to 2006, this article examines the impact of board monitoring on firm value and productivity. We use outsider's attendance of board meetings as a proxy for board monitoring. Consistent with the commitment hypothesis, we find that outsider's attendance rate increases firm value, suggesting that attending board meeting itself is a strong signal that reflects outsider's intention to monitor insiders. While ownership of controlling shareholders negatively affects firm value, this relationship is not moderated by increased monitoring by outsiders. Our findings provide further evidence that the outside director system is less effective in chaebol-affiliated firms. Results also indicate that the effect of outsider's board monitoring activity on investor's valuation of the firm is greater than on productivity improvement of the firm. Our conclusions are robust for possible endogeneity in the relationship between firm value and board attendance by outside directors.

How international entrepreneurship characteristics influence Internet capabilities for the international business processes of the firm

This research explores the relationship between international entrepreneurship characteristics and the use of Internet capabilities for the international business processes of the firm. It has been suggested, that the accumulation of a firms Internet capability can assist international operations, especially when operating in fast changing dynamic Internet environments. However, international entrepreneurship characteristics which are seen as a precursor to leveraging Internet capabilities are still vague. Given this finding, eight case studies of small and medium sized travel and tourism firms were selected to investigate the influence of international entrepreneurship characteristics, and Internet capabilities for international business processes. Based on the eight in-depth case studies, the results signify that successful international entrepreneurial firms which encompass high levels of international innovativeness and proactiveness behaviour integrate Internet capabilities to a greater degree. Our findings also indicate that the prior international business experience, international risk-taking propensity and international networking characteristics are not necessarily precursors to successful integration of Internet capabilities for international business processes. On the contrary, international business experience and international networks actually lead to a reliance on traditional mechanisms of internationalisation and can dilute the development of Internet capabilities for international business processes.

Market turbulence, temporal orientation and firm performance

This study investigates the role of environmental dynamics (i.e., market turbulence) as a factor influencing an organisation’s top management temporal orientation, and the impact of temporal orientation on innovative and financial performance. Results show that firm’s operating in highly turbulent markets exhibit higher degrees of future orientation, as opposed to present orientation. Future-oriented (rather than present-oriented) firms also experience higher levels of both incremental and radical innovations, which in turn generate financial performance. The study highlights the important role of shared strategic mindset (which is contextually influenced) as a driving factor behind the firm innovative and financial performance.

Quality based frame selection for face clustering in news video

Clustering identities in a broadcast video is a useful task to aid in video annotation and retrieval. Quality based frame selection is a crucial task in video face clustering, to both improve the clustering performance and reduce the computational cost. We present a frame work that selects the highest quality frames available in a video to cluster the face. This frame selection technique is based on low level and high level features (face symmetry, sharpness, contrast and brightness) to select the highest quality facial images available in a face sequence for clustering. We also consider the temporal distribution of the faces to ensure that selected faces are taken at times distributed throughout the sequence. Normalized feature scores are fused and frames with high quality scores are used in a Local Gabor Binary Pattern Histogram Sequence based face clustering system. We present a news video database to evaluate the clustering system performance. Experiments on the newly created news database show that the proposed method selects the best quality face images in the video sequence, resulting in improved clustering performance.