The relationship between exchange rate exposure, currency risk management and performance of international equity funds

This paper assesses the currency risk management policies for a sample of Australian international equity trusts. The relevance of currency risk management is considered in the context of exchange rate exposure and performance measures. The study incorporates differing economic climates and particular emphasis is given to the Asian crisis in mid-1997. Our results indicate that a good proportion of funds do implement specific currency risk management policies. Furthermore, we find that for those funds managing currency risk, there is some evidence of a favourable impact on currency exposure and fund performance.

Comparative genetic study confirms exceptionally low genetic variation in the ancient and endangered relictual conifer, Wollemia nobilis (Araucariaceae)

The Wollemi pine, Wollemia nobilis (Araucariaceae), was discovered in 1994 as the only extant member of the genus, previously known only from the fossil record. With fewer than 100 trees known from an inaccessible canyon in southeastern Australia, it is one of the most endangered tree species in the world. We conducted a comparative population genetic survey at allozyme, amplified fragment length polymorphism (AFLP) and simple sequence repeat (SSR) loci in W. nobilis, Araucaria cunninghatnii and Agathis robusta - representatives of the two sister genera. No polymorphism was detected at 13 allozyme loci, more than 800 AFLP loci or the 20 SSR loci screened in W. nobilis. In Ag. robusta only one of 12 allozyme loci, five of 800 AFLP loci and none of the 15 SSR loci were variable. For A. cunninghamii, 10 of > 800 AFLP loci and five of 20 SSR loci were variable. Thus low genetic diversity characterizes all three species. While not ruling out the existence of genetic variation, we conclude that genetic diversity is exceptionally low in the Wollemi pine. To our knowledge this is the most extreme case known in plants. We conclude that the combination of small population effects, clonality and below-average genetic variation in the family are probable contributing factors to the low diversity. The exceptionally low genetic diversity of the Wollemi pine, combined with its known susceptibility to exotic fungal pathogens, reinforces current management policies of strict control of access to the pines and secrecy of the pine locations.

Warranty and optimal reliability improvement through product development

For products sold with warranty, the warranty servicing cost can be reduced by improving product reliability through a development process. However, this increases the unit manufacturing cost. Optimal development must achieve a trade-off between these two costs. The outcome of the development process is uncertain and needs to be taken into account in the determination of the optimal development effort. The paper develops a model where this uncertainty is taken into account. (C) 2003 Elsevier Ltd. All rights reserved.

The influence of national culture on the level and outcome of IS decision making in the IS maintenance/redevelopment decision

Would the outcome of a Global multinational organization’s decision be the same if the same decision were to be made in different countries throughout the world? Within the same organization, we propose that national cultural differences can influence decision making in different countries and cultural clusters. While much work has been done on organizational cultural influences, this study examines the influence that national culture has on organizational decision making in respect to the evolution/redevelopment decision that organizations face when a system is believed to be entering the obsolescence phase. Building on findings from the Globe research program, we show by empirical testing of a theoretical model that national cultural dimensions are significantly associated with a) the outcome of the decision to enhance or re-develop a system, and b) the organizational level at which such decisions are made. This research is significant as a means to improve management decision making, particularly with regard to the enhancement versus re-development decision. The research suggests that a relatively uniform sub-culture exists across the global IS project level but that national cultural dimensions play a more important role in determining the organizational management level at which decisions are made.

Overview: Individual and organizational perspectives on emotion management and display

As reported in Volume 1 of Research on Emotions in Organizations (Ashkanasy, Zerbe, & Härtel, 2005), the chapters in this volume are drawn from the best contributions to the 2004 International Conference on Emotion and Organizational Life held at Birkbeck College, London, complemented by additional, invited chapters. (This biannual conference has come to be known as the “Emonet” conference, after the listserv of members.) Previous edited volumes (Ashkanasy, Härtel, & Zerbe, 2000; Ashkanasy, Zerbe, & Härtel, 2002; Härtel, Zerbe, & Ashkanasy, 2004) were published every two years following the Emonet conference. With the birth of this annual Elsevier series came the opportunity for greater focus in the theme of each volume, and for greater scope for invited contributions. This volume contains eight chapters selected from conference contributions for their quality, interest, and appropriateness to the theme of this volume, as well as four invited chapters. We again acknowledge in particular the assistance of the conference paper reviewers (see the appendix). In the year of publication of this volume the 2006 Emonet conference will be held in Atlanta, USA and will be followed by Volumes 3 and 4 of Research on Emotions in Organizations. Readers interested in learning more about the conferences or the Emonet list should check the Emonet website http://www.uq.edu.au/emonet/.

Beyond participation, hierarchies, management and markets: 'New' governance and place policies

This paper argues that a 'new local governance' discourse offers some promise as a policy framework that can re-conceptualise the state-community (and market) relationship and deliver improved community outcomes, particularly in the context of place based or spatial policies and programs.

Uncertainty during organizational change: Types, consequences, and management strategies

This research tested a model that classifies change uncertainty into three interrelated types: strategic, structural, and job-related. We predicted that control would mediate the effects of job-related uncertainty upon psychological strain, and that management communication and participation in decision-making (PDM) would reduce uncertainty and increase feelings of control. The model was tested in a public sector organization and the results supported it. Control was found to mediate the effects of job-related uncertainty upon psychological strain. Management communication was negatively related to strategic uncertainty, whereas PDM was negatively related to structural and job-related uncertainty, suggesting different mechanisms to deal with the types of uncertainty during change. Finally, PDM was positively associated with feelings of control and negatively associated with psychological strain. These results suggest that PDM can short-circuit the damaging effects of uncertainty by allowing employees to have a say in change related organizational affairs, thereby instilling a sense of control over their circumstances.

The impact of leadership and change management strategy on organizational culture and individual acceptance of change during a merger

This article reports a longitudinal study that examined mergers between three large multi-site public-sector organizations. Both qualitative and quantitative methods of analysis are used to examine the effect of leadership and change management strategies on acceptance of cultural change by individuals. Findings indicate that in many cases the change that occurs as a result of a merger is imposed on the leaders themselves, and it is often the pace of change that inhibits the successful re-engineering of the culture. In this respect, the success or otherwise of any merger hinges on individual perceptions about the manner in which the process is handled and the direction in which the culture is moved. Communication and a transparent change process are important, as this will often determine not only how a leader will be regarded, but who will be regarded as a leader. Leaders need to be competent and trained in the process of transforming organizations to ensure that individuals within the organization accept the changes prompted by a merger.

Do organizational climate and competitive strategy moderate the relationship between human resource management and productivity?

This study examined whether the effectiveness of human resource management (HRM)practices is contingent on organizational climate and competitive strategy The concepts of internol and external fit suggest that the positive relationship between HRM and subsequent productivity will be stronger for firms with a positive organizational climate and for firms using differentiation strategies. Resource allocation theories of motivation, on the other hand, predict that the relationship between HRM and productivity will be stronger for firms with a poor climate because employees working in these firms should have the greatest amount of spare capacity. The results supported the resource allocation argument.

Management are aliens! Rumors and stress during organizational change

Rumors collected from a large public hospital undergoing change were content analyzed, and a typology comprising the following five broad types of change-related rumors was developed: rumors about changes to job and working conditions, nature of organizational change, poor change management, consequences of the change for organizational performance, and gossip-rumors. Rumors were also classified as positive or negative on the basis of their content. As predicted, negative rumors were more prevalent than positive rumors. Finally, employees reporting negative rumors also reported more change-related stress as compared to those who reported positive rumors and those who did not report any rumors. The authors propose that rumors be treated as verbal symbols and expressions of employee concerns during organizational change.

Rumors of the death of emotional intelligence in organizational behavior are vastly exaggerated

In the first of two articles presenting the case for emotional intelligence in a point/counterpoint exchange, we present a brief summary of research in the field, and rebut arguments against the construct presented in this issue.We identify three streams of research: (1) a four-branch abilities test based on the model of emotional intelligence defined in Mayer and Salovey (1997); (2) self-report instruments based on the Mayer–Salovey model; and (3) commercially available tests that go beyond the Mayer–Salovey definition. In response to the criticisms of the construct, we argue that the protagonists have not distinguished adequately between the streams, and have inappropriately characterized emotional intelligence as a variant of social intelligence. More significantly, two of the critical authors assert incorrectly that emotional intelligence research is driven by a utopian political agenda, rather than scientific interest. We argue, on the contrary, that emotional intelligence research is grounded in recent scientific advances in the study of emotion; specifically regarding the role emotion plays in organizational behavior. We conclude that emotional intelligence is attracting deserved continuing research interest as an individual difference variable in organizational behavior related to the way members perceive, understand, and manage their emotions.