State control and corporate governance in transition economies:25 years on from 1989

Research Question/Issue - Which forms of state control over corporations have emerged in countries that made a transition from centrally-planned to marked-based economies and what are their implications for corporate governance? We assess the literature on variation and evolution of state control in transition economies, focusing on corporate governance of state-controlled firms. We highlight emerging trends and identify future research avenues. Research Findings/Insights - Based on our analysis of more than 100 articles in leading management, finance, and economics journals since 1989, we demonstrate how research on state control evolved from a polarized approach of public–private equity ownership comparison to studying a variety of constellations of state capitalism. Theoretical/Academic Implications - We identify theoretical perspectives that help us better understand benefits and costs associated with various forms of state control over firms. We encourage future studies to examine how context-specific factors determine the effect of state control on corporate governance. Practitioner/Policy Implications - Investors and policymakers should consider under which conditions investing in state-affiliated firms generates superior returns.

Improving the management of behaviour that challenges associated with dementia in care homes:protocol for pharmacy-health psychology intervention feasibility study

INTRODUCTION: The inappropriate use of antipsychotics in people with dementia for behaviour that challenges is associated with an estimated 1800 deaths annually. However, solely focusing on antipsychotics may transfer prescribing to other equally dangerous psychotropics. Little is known about the role of pharmacists in the management of psychotropics used to treat behaviours that challenge. This research aims to determine whether it is feasible to implement and measure the effectiveness of a combined pharmacy-health psychology intervention incorporating a medication review and staff training package to limit the prescription of psychotropics to manage behaviour that challenges in care home residents with dementia. METHODS/ANALYSIS: 6 care homes within the West Midlands will be recruited. People with dementia receiving medication for behaviour that challenges, or their personal consultee, will be approached regarding participation. Medication used to treat behaviour that challenges will be reviewed by the pharmacist, in collaboration with the general practitioner (GP), person with dementia and carer. The behavioural intervention consists of a training package for care home staff and GPs promoting person-centred care and treating behaviours that challenge as an expression of unmet need. The primary outcome measure is the Neuropsychiatric Inventory-Nursing Home version (NPI-NH). Other outcomes include quality of life (EQ-5D and DEMQoL), cognition (sMMSE), health economic (CSRI) and prescribed medication including whether recommendations were implemented. Outcome data will be collected at 6 weeks, and 3 and 6 months. Pretraining and post-training interviews will explore stakeholders' expectations and experiences of the intervention. Data will be used to estimate the sample size for a definitive study. ETHICS/DISSEMINATION: The project has received a favourable opinion from the East Midlands REC (15/EM/3014). If potential participants lack capacity, a personal consultee will be consulted regarding participation in line with the Mental Capacity Act. Results will be published in peer-reviewed journals and presented at conferences.

Inventory parameter management and focused continuous improvement for repetitive batch manufacturers

What this thesis proposes is a methodology to assist repetitive batch manufacturers in the adoption of certain aspects of the Lean Production principles. The methodology concentrates on the reduction of inventory through the setting of appropriate batch sizes, taking account of the effect of sequence dependent set-ups and the identification and elimination of bottlenecks. It uses a simple Pareto and modified EBQ based analysis technique to allocate items to period order day classes based on a combination of each item's annual usage value and set-up cost. The period order day classes the items are allocated to are determined by the constraints limits in the three measured dimensions, capacity, administration and finance. The methodology overcomes the limitations associated with MRP in the area of sequence dependent set-ups, and provides a simple way of setting planning parameters taking this effect into account by concentrating on the reduction of inventory through the systematic identification and elimination of bottlenecks through set-up reduction processes, so allowing batch sizes to reduce. It aims to help traditional repetitive batch manufacturers in a route to continual improvement by: Highlighting those areas where change would bring the greatest benefits. Modelling the effect of proposed changes. Quantifying the benefits that could be gained through implementing the proposed changes. Simplifying the effort required to perform the modelling process. It concentrates on increasing flexibility through managed inventory reduction through rationally decreasing batch sizes, taking account of sequence dependent set-ups and the identification and elimination of bottlenecks. This was achieved through the development of a software modelling tool, and validated through a case study approach.

International human resource management:review and critique

The research agenda for the field of international human resource management (IHRM) is clear. For a better understanding and to benefit substantially, management scholars must study IHRM in context (Jackson, S.E. and Schuler, R.S. 1995. Understanding human resource management in the context of organizations and their environment. Annual Review of Psychology, 46: 237–264; Geringer, J.M., Frayne, C.A. and Milliman, J.F. 2002. In search of 'best practices' in international human resource management: research design and methodology. Human Resource Management, forthcoming). IHRM should be studied within the context of changing economic and business conditions. The dynamics of both the local/regional and international/global business context in which the firm operates should be given serious consideration. Further, it could be beneficial to study IHRM within the context of the industry and the firm's strategy and its other functional areas and operations. In taking these perspectives, one needs to use multiple levels of analysis when studying IHRM: the external social, political, cultural and economic environment; the industry, the firm, the sub-unit, the group, and the individual. Research in contextual isolation is misleading: it fails to advance understanding in any significant way (Adler, N.J. and Ghadar, E. 1990. Strategic human resource management: a global perspective. Human Resource Management in International Comparison. Berlin: de Gruyter; Locke, R. and Thelen, K. 1995. Apples and oranges revisited: contextualized comparisons and the study of comparative labor politics. Politics & Society, 23, 337–367). In this paper, we attempt to review the existing state of academic work in IHRM and illustrate how it incorporates the content and how it might be expanded to do so.

Momentum profits following bull and bear markets

This paper examines the profitability that the widely published momentum strategy achieves following bull and bear markets. Investors can gain stronger momentum profits by adopting the continuation strategy after poor lagged market returns. The longer the duration used to describe the bear state, the stronger the momentum returns that are realised. The results contradict the theoretical findings of the investors' overconfidence model of Daniel et al. (`Investor Psychology and Security Market Under- and Over-Reactions', Journal of Finance, 53, 1839-85, 1998) and the follow-the-trend model of Kim (`Long-term Momentum Hypothesis: Contrarian and Momentum Strategies', Working Paper, 2002), but concur with the theoretical results of the traders' hesitation model of Du (`Heterogeneity in Investor Confidence and Asset Market Under- and Overreaction', Working Paper, 2002).

The adoption of value-based management in large UK companies:a case for diffusion theory

Purpose – In the 1990s, a growing number of companies adopted value-based management (VBM) techniques in the UK. The purpose of this paper is to explore the motivations for the adoption or non-adoption of VBM for managing a business. Design/methodology/approach – An interview-based study of 37 large UK companies. Insights from diffusion theory and institutional theory are utilised to theorise these motivations. Findings – It was found that the rate of adoption of VBM in the sample companies does follow the classical S-shape. It also suggests that the supply-side of the diffusion process, most notably the role played by consultants, was an influence on many companies. This was not, however, a sufficient condition for companies to adopt the technique. The research also finds evidence of relocation diffusion, as several adopters are influenced by new officers, for example chief executive officers and finance directors, importing VBM techniques that they have used in organizations within which they have previously worked. Research limitations/implications – It is quite a small scale study and further work would be needed to develop the findings. Practical implications – Understanding and theorising the adoption of new management techniques will help understand the management of a business. Originality/value – This research adds further evidence to the value of studying management accounting, and more specifically management accounting change, in practice. It shows the developments in the adoption of a new technique and hence how a technique becomes accepted in practice.

Majority versus minority influence and prediction of behavioral intentions and behavior

Two experiments examined the effects of majority and minority influence on attitude-consistent behavioral intentions. In the first experiment, when attitudes were changed via minority influence there was a greater likelihood to engage in an attitude-consistent behavioral intention than when attitudes were changed via majority influence. This suggests that minority influence leads to stronger attitudes (based on systematic processing) that are more predictive of behavioral intentions, while attitude change via majority influence is due to compliance through non-systematic processing. Further support for this interpretation comes from the finding that the amount of message-congruent elaboration mediated behavioral intention. When there was no attitude change, there was no impact on behavioral intention to engage in an attitude-consistent behavior. Experiment 2 explored the role of personal relevance of the topic and also included a real behavioral measure. When the topic was of low personal relevance, the same pattern was found as Experiment 1. When the topic was of high personal relevance, thus increasing the motivation to engage in systematic processing, attitudes changed by both a majority and minority source increased behavioral intention and actual behavior. The results are consistent with the view that both majorities and minorities can lead to different processes and consequences under different situations. © 2006 Elsevier Inc. All rights reserved.

Using knowledge management to drive performance

Organisations are gathering ever more information, but are less good at analysing it and utilising the resultant knowledge for improved performance. Here Paul Collier, co-author of research on the subject, discusses how finance can help improve matters.

Measuring the benefits of a psychology placement year

Placement programmes are considered to provide students with an induction into the work environment and a valuable learning experience. Aston University maintains one of the highest success rates of any UK university for graduate employment and it is thought that the placement year plays a large role in this success. However, the benefits of placements in theoretical subjects like Psychology are often less obvious than those for practical subjects like Optometry or Engineering. Here we compared Psychology students on the 3-year vs. the 4-year sandwich course on a number of attributes using both quantitative and qualitative methodologies. Final year students who had taken a placement year achieved significantly higher marks in their final year (F 1,407=31.52, p<0.001) and were rated more favourably by academic staff on a measure of transferable skills (F1,43= 11.08, p<0.005). In addition, post-graduation, students who had taken a placement year reported a better idea of their career direction and could be argued to be further on in terms of their career progression and pay levels. Qualitatively, focus groups of placement and non-placement students suggested a number of benefits of taking a placement year, including better time management, confidence and responsibility. Whether the benefits of a sandwich placement in a psychology degree outweigh the costs to students and their families, and the need for further research to identify the scope and longevity of possible early career benefits are discussed. © 2006 Taylor & Francis.

Brilliant mistake! Essays on incidents of management mistakes and mea culpa

Purpose – The purpose of this paper is to examine students’ perceptions of managerial mistakes and why (and why not) managers admit mistakes. Design/methodology/approach – This paper provides a reflective account of how students’ perceive management mistakes and deal with admitting “mea culpa” – “I am to blame”. Findings – The findings show a range of attitudes: they highlight the intermingling pressures associated with the cultural environment and mistakes; they identify media characteristics and its influences on mistakes and mea culpa; they highlight ceremonial processes and tasks that shape and influence the declaration of mea culpa; and they identify how the psychology and sociology of mistakes confronts and affects students. Taken together, the study highlights the varying degrees of wariness that is carried forward by the students from vicariously learning about management mistakes. Originality/value – This paper links up with recent discussions on retail failure and retail pedagogy. It is hoped that this paper will encourage more academics to address, and engage with, management mistakes creatively in their teaching.