The effects of perceived business uncertainty, external consultants and risk management on organisational outcomes

Purpose: The purpose of this paper is to investigate the relations between perceived business uncertainty (PBU), use of external risk management (RM) consultants, formalisation of RM, magnitude of RM methods and perceived organisational outcomes. Design/methodology/approach: This paper is based on a questionnaire survey of members of the Chartered Institute of Management Accountants in the UK. Using AMOS 17.0, the paper tests the strength of the direct and indirect effects among the variables and explores the fit of the overall path model. Findings: The results indicate significant and positive associations exist between the extent of PBU and the level ofRMformalisation, as well as between the level ofRMformalisation and the magnitude of RMmethods adopted. The use of externalRMconsultants is also found to have a significant and positive impact on the magnitude of RM methods adopted. Finally, both the extent of RM formalisation and the magnitude of RM methods adopted are seen to be significantly associated with overall improvement in organisational outcomes. Research limitations/implications: The study uses perceptual measures of the level of business uncertainty, usage of RM and organisational outcomes. Further, the respondents are members of a management accounting professional body and the views of other managers, such as risk managers, who are also important to the governance process are not incorporated. Originality/value: This study provides empirical evidence on the impact ofRMdesign and usage on improvements in organisational outcomes. It contributes to the RM literature where empirical research is needed in order to be comparable with the traditional management control system literature.

How do public private partnerships influence business school performance in English-speaking Caribbean?

This thesis addresses the question of how business schoolsestablished as public privatepartnerships (PPPs) within a regional university in the English-speaking Caribbean survived for over twenty-one years and achieved legitimacy in their environment. The aim of the study was to examine how public and private sector actors contributed to the evolution of the PPPs. A social network perspective provided a broad relational focus from which to explore the phenomenon and engage disciplinary and middle-rangetheories to develop explanations. Legitimacy theory provided an appropriate performance dimension from which to assess PPP success. An embedded multiple-case research design, with three case sites analysed at three levels including the country and university environment, the PPP as a firm and the subgroup level constituted the methodological framing of the research process. The analysis techniques included four methods but relied primarily on discourse and social network analysis of interview data from 40 respondents across the three sites. A staged analysis of the evolution of the firm provided the ‘time and effects’ antecedents which formed the basis for sense-making to arrive at explanations of the public-private relationship-influenced change. A conceptual model guided the study and explanations from the cross-case analysis were used to refine the process model and develop a dynamic framework and set of theoretical propositions that would underpin explanations of PPP success and legitimacy in matched contexts through analytical generalisation. The study found that PPP success was based on different models of collaboration and partner resource contribution that arose from a confluence of variables including the development of shared purpose, private voluntary control in corporate governance mechanisms and boundary spanning leadership. The study contributes a contextual theory that explains how PPPs work and a research agenda of ‘corporate governance as inspiration’ from a sociological perspective of ‘liquid modernity’. Recommendations for policy and management practice were developed.

Comparing methods to separate treatment from self-selection effects in an online banking setting

The literature discusses several methods to control for self-selection effects but provides little guidance on which method to use in a setting with a limited number of variables. The authors theoretically compare and empirically assess the performance of different matching methods and instrumental variable and control function methods in this type of setting by investigating the effect of online banking on product usage. Hybrid matching in combination with the Gaussian kernel algorithm outperforms the other methods with respect to predictive validity. The empirical finding of large self-selection effects indicates the importance of controlling for these effects when assessing the effectiveness of marketing activities.

Developing critical understanding in HRM students:using innovative teaching methods to encourage deep approaches to study

Purpose – This paper aims to focus on developing critical understanding in human resource management (HRM) students in Aston Business School, UK. The paper reveals that innovative teaching methods encourage deep approaches to study, an indicator of students reaching their own understanding of material and ideas. This improves student employability and satisfies employer need. Design/methodology/approach – Student response to two second year business modules, matched for high student approval rating, was collected through focus group discussion. One module was taught using EBL and the story method, whilst the other used traditional teaching methods. Transcripts were analysed and compared using the structure of the ASSIST measure. Findings – Critical understanding and transformative learning can be developed through the innovative teaching methods of enquiry-based learning (EBL) and the story method. Research limitations/implications – The limitation is that this is a single case study comparing and contrasting two business modules. The implication is that the study should be replicated and developed in different learning settings, so that there are multiple data sets to confirm the research finding. Practical implications – Future curriculum development, especially in terms of HE, still needs to encourage students and lecturers to understand more about the nature of knowledge and how to learn. The application of EBL and the story method is described in a module case study – “Strategy for Future Leaders”. Originality/value – This is a systematic and comparative study to improve understanding of how students and lecturers learn and of the context in which the learning takes place.

Specialist business skills of international students

This paper follows on from that presented at the last BEST conference in Edinburgh (Higson & Hamilton-Jones(2004)). At that stage, the authors outlined their initial research work with students studying on the yearlong International Foundation programmes. at three local FE Colleges allied to Aston University. The research (funded by the University's Teaching Quality Enhancement Funds (TQEF) involved questionnaires and interviews with staff and students (the latter all from overseas). it aimed to identify ways to improve the learning experience of students on the International Foundation programmes, to aid their smooth transition to full degree programmes in Business and Management and to improve the progression rates of such students while studying at Aston. The initial research findings were used to design a module for those students' progress to degree programmes in Aston Business School. This paper discusses how the module was designed, its content and the assessment methods used to help determine whether students are achieving the learning outcomes. The basic principle was to identify areas of study where the International Foundation Programme students needed help in order to improve their learning styles to assist them with the requirements of other modules that they would be studying during their time at Aston. Particular emphasis was put on the need to develop active learners who were not disadvantaged by their lack of awareness of UK culture and society and who were as comfortable performing written work under examination conditions or presenting orally as their UK counterparts. An additional aim was to prepare these students for the placement year which was a compulsory part of their degree. The module, therefore, comprises a range of inputs for a number of staff, a company visit, weekly reflective learning leading to Personal Development Plan (PDP) work, formal examinations, presentations, group work •and individual case studies. This paper also reports on the initial reaction of the students and tutors to the new learning experience with currently 30 participants undertaking the module. Provisional findings suggest that the International Foundation programme has prepared the students well for degree-level work and that as a group of international students they are much more analytical and, after studying the module interactive than their counterparts who have come directly onto Aston degrees. It has shown them still to be quite passive learners, comfortable with facts and lecture-style learning environments, but less comfortable when asked to use their own initiatives. Continuing progress needs to be made in terms of encouraging them to develop a reflective approach to learning with the students taking some time to feel comfortable with an analytical approach to learning. In addition, im account of the students' reactions to having to work through a formal (PDP) and the results of their first assessments will be provided. At Aston, this work is being used as a pilot to recognise good practice with regards to work with further groups of international students. it is hoped that this would have widespread application across the sector.

From art for arts sake to art as means of knowing:a rationale for advancing arts-based methods in research, practice and pedagogy

This paper advances a philosophically informed rationale for the broader, reflexive and practical application of arts-based methods to benefit research, practice and pedagogy. It addresses the complexity and diversity of learning and knowing, foregrounding a cohabitative position and recognition of a plurality of research approaches, tailored and responsive to context. Appreciation of art and aesthetic experience is situated in the everyday, underpinned by multi-layered exemplars of pragmatic visual-arts narrative inquiry undertaken in the third, creative and communications sectors. Discussion considers semi-guided use of arts-based methods as a conduit for topic engagement, reflection and intersubjective agreement; alongside observation and interpretation of organically employed approaches used by participants within daily norms. Techniques span handcrafted (drawing), digital (photography), hybrid (cartooning), performance dimensions (improvised installations) and music (metaphor and structure). The process of creation, the artefact/outcome produced and experiences of consummation are all significant, with specific reflexivity impacts. Exploring methodology and epistemology, both the "doing" and its interpretation are explicated to inform method selection, replication, utility, evaluation and development of cross-media skills literacy. Approaches are found engaging, accessible and empowering, with nuanced capabilities to alter relationships with phenomena, experiences and people. By building a discursive space that reduces barriers; emancipation, interaction, polyphony, letting-go and the progressive unfolding of thoughts are supported, benefiting ways of knowing, narrative (re)construction, sensory perception and capacities to act. This can also present underexplored researcher risks in respect to emotion work, self-disclosure, identity and agenda. The paper therefore elucidates complex, intricate relationships between form and content, the represented and the representation or performance, researcher and participant, and the self and other. This benefits understanding of phenomena including personal experience, sensitive issues, empowerment, identity, transition and liminality. Observations are relevant to qualitative and mixed methods researchers and a multidisciplinary audience, with explicit identification of challenges, opportunities and implications.

Extracting Business Rules through Static Analysis of the Source Code

Красимир Манев, Нели Манева, Хараламби Хараламбиев - Подходът с използване на бизнес правила (БП) беше въведен в края на миналия век, за да се улесни специфицирането на фирмен софтуер и да може той да задоволи по-добре нуждите на съответния бизнес. Днес повечето от целите на подхода са постигнати. Но усилията, в научно-изследователски и практически аспект, за постигане на „’формална основа за обратно извличане на БП от съществуващи системи “продължават. В статията е представен подход за извличане на БП от програмен код, базиран на методи за статичен анализ на кода. Посочени са някои предимства и недостатъци на такъв подход.

Relationship fading in business-to-consumer context

The objective of this thesis is to develop a better understanding of the relationship fading phenomenon in business-to-consumer context. Fading relates to a gradual decline in consumer’s willingness to continue a relationship with a company. Therefore, understanding the fading process may help to elucidate the ‘unexplained’ relationship dissolution and customer defection. Led by an assumption that a relationship between a consumer and a brand is like the one between individuals, the thesis proposes that the trajectory of relationship fading reflects the disaffection processes similar to the ones suggested in marital and romantic relationships between individuals. The approach taken to answering this research question is a multi-study approach. This type of approach allows addressing each individual research question independently, using the most appropriate research methods. As a result, the thesis comprises three adjacent studies. All three studies are linked and together contribute to a better understanding of the relationship fading process, which is the main topic of the thesis. Based on the results from the first study, a set of boundary conditions of relationship fading is identified. The results of the second study suggest that predictors of relationship fading stage can be uncovered. Thirdly, different restoration techniques are explored, aiming to describe their effectiveness in various relationship fading stages. Individual objectives of the three studies are accomplished. All three studies contribute to achieving the overall objective of the thesis, namely to developing a better understanding of the phenomenon of relationship fading.

A New Method For Combining Detrending Techniques with Application to Business Cycle Synchronization of the New EU Members

Decomposing output into trend and cyclical components is an uncertain exercise and depends on the method applied. It is an especially dubious task for countries undergoing large structural changes, such as transition countries. Despite their deficiencies, however, univariate detrending methods are frequently adopted for both policy oriented and academic research. This paper proposes a new procedure for combining univariate detrending techniques which is based on revisions of the estimated output gaps adjusted by the variance of and the correlation among output gaps. The procedure is applied to the study of the similarity of business cycles between the euro area and new EU Member States.

Tőkeallokációs módszerek és tulajdonságaik a gyakorlatban (Methods of capital allocation and their characteristics in practice)

A pénzügyekben mind elméletileg, mind az alkalmazások szempontjából fontos kérdés a tőkeallokáció. Hogyan osszuk szét egy adott portfólió kockázatát annak alportfóliói között? Miként tartalékoljunk tőkét a fennálló kockázatok fedezetére, és a tartalékokat hogyan rendeljük az üzleti egységekhez? A tőkeallokáció vizsgálatára axiomatikus megközelítést alkalmazunk, tehát alapvető tulajdonságok megkövetelésével dolgozunk. Cikkünk kiindulópontja Csóka-Pintér [2010] azon eredménye, hogy a koherens kockázati mértékek axiómái, valamint a tőkeallokációra vonatkozó méltányossági, ösztönzési és stabilitási követelmények nincsenek összhangban egymással. Ebben a cikkben analitikus és szimulációs eszközökkel vizsgáljuk ezeket a követelményeket. A gyakorlati alkalmazások során használt, illetve az elméleti szempontból érdekes tőkeallokációs módszereket is elemezzük. A cikk fő következtetése, hogy a Csóka-Pintér [2010] által felvetett probléma gyakorlati szempontból is releváns, tehát az nemcsak az elméleti vizsgálatok során merül fel, hanem igen sokszor előforduló és gyakorlati probléma. A cikk további eredménye, hogy a vizsgált tőkeallokációs módszerek jellemzésével segítséget nyújt az alkalmazóknak a különböző módszerek közötti választáshoz. / === / Risk capital allocation in finance is important theoretically and also in practical applications. How can the risk of a portfolio be shared among its sub-portfolios? How should the capital reserves be set to cover risks, and how should the reserves be assigned to the business units? The study uses an axiomatic approach to analyse risk capital allocation, by working with requiring basic properties. The starting point is a 2010 study by Csoka and Pinter (2010), who showed that the axioms of coherent measures of risk are not compatible with some fairness, incentive compatibility and stability requirements of risk allocation. This paper discusses these requirements using analytical and simulation tools. It analyses methods used in practical applications that have theoretically interesting properties. The main conclusion is that the problems identified in Csoka and Pinter (2010) remain relevant in practical applications, so that it is not just a theoretical issue, it is a common practical problem. A further contribution is made because analysis of risk allocation methods helps practitioners choose among the different methods available.

Növelhető-e a csőd-előrejelző modellek előre jelző képessége az új klasszifikációs módszerek nélkül? (Can the predictive capacity of bankruptcy forecasting models be increased without new classification methods?)

A Bázel–2. tőkeegyezmény bevezetését követően a bankok és hitelintézetek Magyarországon is megkezdték saját belső minősítő rendszereik felépítését, melyek karbantartása és fejlesztése folyamatos feladat. A szerző arra a kérdésre keres választ, hogy lehetséges-e a csőd-előrejelző modellek előre jelző képességét növelni a hagyományos matematikai-statisztikai módszerek alkalmazásával oly módon, hogy a modellekbe a pénzügyi mutatószámok időbeli változásának mértékét is beépítjük. Az empirikus kutatási eredmények arra engednek következtetni, hogy a hazai vállalkozások pénzügyi mutatószámainak időbeli alakulása fontos információt hordoz a vállalkozás jövőbeli fizetőképességéről, mivel azok felhasználása jelentősen növeli a csődmodellek előre jelző képességét. A szerző azt is megvizsgálja, hogy javítja-e a megfigyelések szélsőségesen magas vagy alacsony értékeinek modellezés előtti korrekciója a modellek klasszifikációs teljesítményét. ______ Banks and lenders in Hungary also began, after the introduction of the Basel 2 capital agreement, to build up their internal rating systems, whose maintenance and development are a continuing task. The author explores whether it is possible to increase the predictive capacity of business-failure forecasting models by traditional mathematical-cum-statistical means in such a way that they incorporate the measure of change in the financial indicators over time. Empirical findings suggest that the temporal development of the financial indicators of firms in Hungary carries important information about future ability to pay, since the predictive capacity of bankruptcy forecasting models is greatly increased by using such indicators. The author also examines whether the classification performance of the models can be improved by correcting for extremely high or low values before modelling.

Properties of risk capital allocation methods: Core Compatibility, Equal Treatment Property and Strong Monotonicity

In finance risk capital allocation raises important questions both from theoretical and practical points of view. How to share risk of a portfolio among its subportfolios? How to reserve capital in order to hedge existing risk and how to assign this to different business units? We use an axiomatic approach to examine risk capital allocation, that is we call for fundamental properties of the methods. Our starting point is Csóka and Pintér (2011) who show by generalizing Young (1985)'s axiomatization of the Shapley value that the requirements of Core Compatibility, Equal Treatment Property and Strong Monotonicity are irreconcilable given that risk is quantified by a coherent measure of risk. In this paper we look at these requirements using analytic and simulations tools. We examine allocation methods used in practice and also ones which are theoretically interesting. Our main result is that the problem raised by Csóka and Pintér (2011) is indeed relevant in practical applications, that is it is not only a theoretical problem. We also believe that through the characterizations of the examined methods our paper can serve as a useful guide for practitioners.

A közszolgálati szervezetek értékelési módszereinek osztályozása (Classification of evaluation methods of public sector organizations)

Az utóbbi évtizedekben egyre gyakrabban merült fel a közszolgálati szervezetek értékelésének igénye, és egyre újabb módszerek jelentek meg, amelyek felvetették ezek rendszerezésének szükségességét mind a gyakorlatban, mind a kutatásokban. A szerző a szakirodalomban fellelhető osztályozási kísérleteknek és az értékelés szakterülete szempontjainak figyelembevételével javaslatot tesz a közszolgálati szervezetek értékelési módszereinek osztályozási keretrendszerére. Az osztályozási szempontok között szerepel az értékelő helyzete, az értékelés szerepe és a megismerés módszere. Az osztályozási keretrendszer tartalmát a szerző példákkal is illusztrálja, amely jelzi a modell gyakorlati alkalmazhatóságát. Ugyanakkor a keretrendszer a kutatások fókuszának és érvényességi körének meghatározásában is segítséget nyújthat. _____ In the last decades the need of the evaluation of public sector organizations has emerged more and more often, and many new methods have shown up that has raised the need of their classification in practice and in research, as well. Based on literature review and the literature of evaluation the author makes a proposal on the classification framework of the evaluation methods of public sector organizations. The dimensions of the classification include the situation of evaluator, the role of evaluation and the approach of knowledge. The author illustrates the content of the framework with examples referring to the applicability of the model in practice. At the same time, the framework is also useful in determining the focus or the scope of research projects.

A tudásérték meghatározása minőségügyi szempontból, hálózatelemzési módszerekkel (The knowledge value in terms of quality with network analysis methods)

A minőségügy egyik kulcsfeladata, hogy azonosítsa az értékteremtés szempontjából kritikus tényezőket, meghatározza ezek értékét, valamint intézkedjen negatív hatásuk megelőzése és csökkentése érdekében. Az értékteremtés sok esetben folyamatokon keresztül történik, amelyek tevékenységekből, elvégzendő feladatokból állnak. Ezekhez megfelelő munkatársak kellenek, akiknek az egyik legfontosabb jellemzője az általuk birtokolt tudás. Mindezek alapján a feladat-tudás-erőforrás kapcsolatrendszer ismerete és kezelése minőségügyi feladat is. A komplex rendszerek elemzésével foglalkozó hálózatkutatás eszközt biztosíthat ehhez, ezért indokolt a minőségügyi területen történő alkalmazhatóságának vizsgálata. Az alkalmazási lehetőségek rendszerezése érdekében a szerzők kategorizálták a minőségügyi hálózatokat az élek (kapcsolatok) és a csúcsok (hálózati pontok) típusai alapján. Ezt követően definiálták a multimodális (több különböző csúcstípusból álló) tudáshálózatot, amely a feladatokból, az erőforrásokból, a tudáselemekből és a közöttük lévő kapcsolatokból épül fel. A hálózat segítségével kategóriákba sorolták a tudáselemeket, valamint a fokszámok alapján meghatározták értéküket. A multimodális hálózatból képzett tudáselem-hálózatban megadták az összefüggő csoportok jelentését, majd megfogalmaztak egy összefüggést a tudáselem-elvesztés kockázatának meghatározására. _______ The aims of quality management are to identify those factors that have significant influence on value production, qualify or quantify them, and make preventive and corrective actions in order to reduce their negative effects. The core elements of value production are processes and tasks, along with workforce having the necessary knowledge to work. For that reason the task-resource-knowledge structure is pertinent to quality management. Network science provides methods to analyze complex systems; therefore it seems reasonable to study the use of tools of network analysis in association with quality management issues. First of all the authors categorized quality networks according to the types of nodes (vertices) and links (edges or arcs). Focusing on knowledge management, they defined the multimodal knowledge network, consisting of tasks, resources, knowledge items and their interconnections. Based on their degree, network nodes can be categorized and their value can be quantified. Derived from the multimodal network knowledge-item network is to be created, where the meaning of cohesive subgroups is defined. Eventually they proposed a formula for determining the risk of knowledge loss.