The Performance of Swiss and German Family Firms: Investigating Strategies, Orientations and SEW as Determinants

In this chapter we center our attention on the performance drivers of family firms in Switzerland and Germany and compare the corresponding results with the findings generated in the US. Investigating family firms is justified as this organizational form not only constitutes the majority of all firms globally (Sharma and Carney, 2012), but in particular in Switzerland and Germany. In fact, more than 88 percent of all firms in Switzerland are defined as family firms (Frey, Halter, Klein, and Zellweger, 2004), and numbers for Germany are similar (Klein, 2000). While more than 99 percent of all companies in Switzerland are small and medium-sized (Frey et al., 2004), the share of family firms varies with firm size; more specifically, the share of family firms decreases with increasing firm size, which is in line with findings from Germany (Klein, 2000). The social and economic impact of family firms is remarkable. In Germany for instance, family controlled firms provide 60 percent of all jobs and account for 51 percent of the total sales of the German economy (cf. www.familienunternehmen.de). Even though the interest of both academics and practitioners in family firms has been rising significantly in recent years, the existing body of knowledge in the field is still rather fragmented (Sharma, 2004; Sharma and Carney, 2012).

Geochemistry and grain-size of sediment core PC29A, Quitralco Fjord, Chilean Patagonia

The climate of Chilean Patagonia is strongly influenced by the southern westerlies, which control the amount and latitudinal distribution of precipitation in the southern Andes. In austral summer, the Southern Westerly Wind Belt (SWWB) is restricted to the high latitudes. It expands northward in winter, which results in a strong precipitation seasonality between 35 and 45°S. Here, we present a new precipitation seasonality proxy record from Quitralco fjord (46°S), where relatively small latitudinal shifts in the SWWB result in large changes in precipitation seasonality. Our 1400 yr record is based on sedimentological and geochemical data obtained on a sediment core collected in front of a small river that drains the Patagonian Andes, which makes this site particularly sensitive to changes in river discharge. Our results show Fe/Al and Ti/Al values that are low between 600 and 1200 CE, increasing at 1200-1500 CE, and high between 1500 and 1950 CE. The increasing Fe/Al and Ti/Al values reflect a decrease in mean sediment grain-size from 30 to 20 µm, which is interpreted as a decrease in seasonal floods resulting from an equatorward shift of the SWWB. Our results suggest that, compared to present-day conditions, the SWWB was located in a more poleward position before 1200 CE. It gradually shifted towards the equator in 1200-1500 CE, where it remained in a sustained position until 1950 CE. The comparison of our record with published regional sea surface temperature (SST) reconstructions for the late Holocene shows that equatorward shifts in the SWWB are systematically coeval with decreasing SSTs and vice versa, which resembles fluctuations over glacial-interglacial timescales. We argue that the synchronicity between SST and SWWB changes during the last 1400 years represents the response of the SWWB to temperature changes in the Southern Hemisphere.

(Tab. XIII.1) TOC content, carbonate content, carbonate mineralogy, percentage of total carbonate, aragonite, low magnesium calcium, and high magnesium calcium, and grain-size contents from samples from the Golfe d'Arguin and from the Western Sahara

Modern carbonate sedimentation takes place on the northern Mauritanian shelf (20°N), where typical tropical components (e.g. hermatypic reefs, calcareous green algae) are absent. Such deposits are reminiscent of extratropical sediment in the geological record. The tropical open shelf of Mauritania is influenced by large siliciclastic dust input and upwelling, highly fertilizing the ocean, as well as strongly limiting the light penetration. In this context, temperature does not appear to be the steering factor of carbonate production. This thesis describes the depositional system of the Golfe d'Arguin off Mauritania and focuses on environmental conditions that control the depositional pattern, in particular carbonate production. The description of this modern analogue provides a tool for paleoenvironmental interpretation of ancient counterparts. The Golfe d'Arguin is a broad shallow shelf comprising extensive shoals (<10 m water depth; i.e. the Banc d'Arguin) on the inner shelf where waters warm up. The sediments collected in water depths between 4 and 600 m are characterized by mixed carbonate and siliciclastic (dust) deposits. They vary from clean coarse-grained, almost pure carbonate loose sediments to siliciclastic-dominated fine-grained sediments. The carbonate content and sediment grain size show a north-south decreasing pattern through the Golfe d'Arguin and are controlled by the hydraulic regime influenced by wind-driven surface currents, swell, and tidal currents. The carbonate grain association is heterozoan. Components include abundant molluscs, foraminifers, and worm tubes, as well as barnacles and echinoderms, elements that are also abundant in extratropical sediments. The spatial distribution of the sedimentary facies of the Golfe d'Arguin does not display a depth zonation but rather a mosaic (i.e. patchy distribution). The depth and climatic signatures of the different sedimentary facies are determined by taxonomic and ecological investigations of the carbonate-secreting biota (molluscs and foraminifers). While certain planktonic foraminifers and molluscs represent upwelling elements, other components (e.g. mollusc and benthic foraminifer taxa) demonstrate the tropical origin of the sediment. The nutrient-rich (and thus also low light-penetration) conditions are reflected in the fact that symbiotic and photosynthetic carbonate-producing organisms (e.g. hermatypic corals) are absent. The Mauritanian deposits represent an environment that is rare in the modern world but might have been more common in the geological past when global temperatures were higher. Taxonomic and ecological studies allow for distinguishing carbonate sediments formed under either tropical high-nutrient or extratropical conditions, thus improving paleoclimate reconstruction.

Computing Hydraulic Conductivity from Borehole Infiltration Tests and Grain-Size Distribution in Advance Glacial Outwash Deposits, Puget Lowland, Washington

This study evaluates two methods for estimating a soilís hydraulic conductivity: in-situ infiltration tests and grain-size analyses. There are numerous formulas in the literature that relate hydraulic conductivity to various parameters of the infiltrating medium, but studies have shown that these formulas do not perform well when applied to depositional environments that differ from those used to derive the formulas. Thus, there exists a need to specialize infiltration tests and related grain-size analyses for the Vashon advance outwash in the Puget Lowland. I evaluated 134 infiltration tests and 119 soil samples to find a correlation between grain-size parameters and hydraulic conductivity. This work shows that a constant-head borehole infiltration test that accounts for capillarity with alpha approximately 5m^-1 is an effective method for calculating hydraulic conductivity from our flow tests. Then, by conducting grain-size analysis and applying a multiple linear regression, I show that the hydraulic conductivity can also be estimated by log(K) = 1.906 + 0.102D_10 + 0.039D_60 - 0.034D_90 - 7.952F_fines. This result predicts the infiltration rate with a 95% confidence interval of 20 ft/day. The results of study are for application in the Puget Lowland.

Small-scale randomized controlled trials need more powerful methods of mediational analysis than the Baron-Kenny method

Objective: To devise more-effective physical activity interventions, the mediating mechanisms yielding behavioral change need to be identified. The Baron-Kenny method is most commonly used. but has low statistical power and May not identify mechanisms of behavioral change in small-to-medium size Studies. More powerful statistical tests are available, Study Design and Setting: Inactive adults (N = 52) were randomized to either a print or a print-plus-telephone intervention. Walking and exercise-related social support Were assessed at baseline, after file intervention, and 4 weeks later. The Baron-Kenny and three alternative methods of mediational analysis (Freedman-Schatzkin; MacKinnon et al.: bootstrap method) were used to examine the effects of social support on initial behavior change and maintenance. Results: A significant mediational effect of social support on initial behavior change was indicated by the MacKinnon et al., bootstrap. and. marginally. Freedman-Schatzkin methods, but not by the Baron-Kenny method. No significant mediational effecl of social support on maintenance of walking was found. Conclusions: Methodologically rigorous intervention studies to identify mediators of change in physical activity are costly and labor intensive, and may not be feasible with large samples. The Use of statistically powerful tests of mediational effects in small-scale studies can inform the development of more effective interventions. (C) 2006 Elsevier Inc. All rights reserved.

New descriptions and understandings of internationalisation: A tale of knowledge-intensive SMEs

This research seeks to generate and foster new descriptions and understandings of processes underlying the internationalisation experienced by small- and medium-sized, knowledge-intensive enterprises. The longitudinal study centres on the growth and internationalisation of a cluster of small- and medium-sized enterprises (SMEs) in the most southern state of Australia, of which a number were 'bom global.' It draws on both retrospective data such as corporate archives, as well as observations and interviews as events unfolded over a period of eighteen months to garner insights into processes underlying the SMEs' internationalisation. The approach to inquiry is influenced by an epistemology of social constructionism, interpretive narrative, sensemaking and dramaturgical theoretical perspectives, and elements of cultural anthropology. Exploratory in the early stages, a funnel approach characteristic of ethnographic enquiry was used whereby the study became progressively focused over time. The extended period of fieldwork led to observations and interpretations that cast the retrospective data in new light, and the use of the construct 'legitimacy' as a lens through which to view activities and events infusing the firms' internationalisation. A generic narrative scheme that offers a temporal ordering of actions, context and meaning attributions in relation to legitimation behaviours and internationalisation processes is developed. This narrative scheme is then used to garner a deeper understanding of three activities that were central to the firms' internationalisation over time: the choice of geographic export markets, strategic participation in international standard-setting committees, and portfolio entrepreneurship. In addition, the study offers a rich story of the growth and internationalisation of the cluster of knowledge-intensive SMEs. The tale of growth and internationalisation pursued by the cluster of knowledgeintensive SMEs spans the period from 1975 to mid 1997, and may prove a useful resource for the theorising of others.

Essays on Development Policy and the Political Economy of Conflict

Electoral Rules and Leader Selection: Experimental Evidence from Ugandan Community Groups. Despite a large body of work documenting how electoral systems affect policy outcomes, less is known about their impact on leader selection. We study this by comparing two types of participatory decision making in Ugandan community groups: (i) vote by secret ballot and (ii) open discussion with consensus. Random assignment allows us to estimate the causal impact of the rules on leader types and social service delivery. Vote groups are found to elect leaders more similar to the average member while discussion group leaders are positively selected on socio-economic characteristics. Further, dropout rates are significantly higher in discussion groups, particularly for poorer members. After 3.5 years, vote groups are larger in size and their members save less and get smaller loans. We conclude that the secret ballot vote creates more inclusive groups while open discussion groups favor the already economically successful. Preparing for Genocide: Community Meetings in Rwanda. How do political elites prepare the civilian population for participation in violent conflict? We empirically investigate this question using data from the Rwandan Genocide in 1994. Every Saturday before 1994, Rwandan villagers had to meet to work on community infrastructure. The practice was highly politicized and, according to anecdotal evidence, regularly used by the political elites for spreading propaganda in the years before the genocide. This paper presents the first quantitative evidence of this abuse of the community meetings. To establish causality, we exploit cross-sectional variation in meeting intensity induced by exogenous weather fluctuations. We find that an additional rainy Saturday resulted in a five percent lower civilian participation rate in genocide violence. Selection into Borrowing: Survey Evidence from Uganda. In this paper, I study how changes to the standard credit contract affect loan demand and selection into borrowing, using a representative sample of urban micro enterprises, most with no borrowing experience. Hypothetical loan demand questions are used to test whether firm owners respond to changes in loans' contractual terms and whether take-up varies by firms' risk type and other firm owner characteristics. The results indicate that contracts with lower interest rates and less stringent collateral requirements attract less risky borrowers, suggesting that there is scope for improvement of standard financial contract terms. Credit Contract Structure and Firm Growth: Evidence from a Randomized Control Trial. We study the effects of credit contract structure on firm outcomes among small and medium sized firms. A randomized control trial was carried out to distinguish between some of the key constraints to efficient credit use connected to the firms' business environment and production function, namely (i) backloaded returns (ii) uncertain returns and (iii) indivisible fixed costs. Each firm was followed for the 1-year loan cycle. We describe the experiment and present preliminary results from the first 754 out of 2,340 firms to have completed the loan cycle. Firms offered a grace period have higher profits and higher household income than firms receiving a rebate later on as well as the control group. They also increased the number of paid employees  and reduced the number of unpaid employees, an effect also found among firms that received a cash subsidy at the beginning of the loan cycle. We discuss potential mechanisms behind these effects.

Exporting and innovation performance: analysis of the Annual Small Business Survey in the UK

This paper analyses the determinants of the export propensity of UK small and medium-sized enterprises (SMEs) based on the 2004 Annual Small Business Survey. Particular emphasis is placed upon the relationship between innovation activities (distinguishing product from process innovation) and export performance. In general the data suggest that some 17 per cent of firms within this group sell outside the UK. Businesses that export are also characterized by high levels of innovation activity (43 per cent of exporters innovate in products, 27 per cent innovate in process and 21 per cent innovate in both). When considering product and process innovation independently we find that both impact positively on the decision to export. However, once we consider the interdependence between both innovation activities, we find no robust evidence that process innovation increases the probability to export beyond product innovation.

Conditional volatility and firm size:an empirical analysis of UK equity portfolios

The techniques and insights from two distinct areas of financial economic modelling are combined to provide evidence of the influence of firm size on the volatility of stock portfolio returns. Portfolio returns are characterized by positive serial correlation induced by the varying levels of non-synchronous trading among the component stocks. This serial correlation is greatest for portfolios of small firms. The conditional volatility of stock returns has been shown to be well represented by the GARCH family of statistical processes. Using a GARCH model of the variance of capitalization-based portfolio returns, conditioned on the autocorrelation structure in the conditional mean, striking differences related to firm size are uncovered.

Influence of check and field size on the visual evoked magnetic response to a pattern shift stimulus

A decrease in the check size of a pattern shift stimulus increases the latency and amplitude of the visual evoked potential (VEP) P100. In addition, for a given check size, decreasing the size of the stimulus field increases the latency and amplitude of the P100. These results imply that the central regions of the retina make a significant contribution to the generation of the electrical P100. However, the corresponding magnetic P100m may have a different origin. We have studied the effects of check and field size on the P100m in five normal subjects using a DC-Squid, second-order gradiometer. Magnetic responses were recorded at the positive maximum of the P100m over the occipital scalp to six check sizes (10-100') presented in a large (13 degrees 34') and small (5 degrees 14') field and to a large check (100') presented in seven field sizes (1 degree 45' - 15 degrees 10'). No responses were recorded to any check size with a small field. Decreasing the check size presented in a large field increased latency of the P100m by approx. 30 ms while the amplitude of the response decreased with the largest reduction occurring between 70' and 12' checks. Using a large check, latency increased and amplitude decreased as the field size was reduced. The latency changes in response to check and field size were similar to those described for the VEP although the magnitudes of the magnetic changes were greater. Unlike the VEP, amplitude responses were maximal when large checks were presented in a large stimulus field. This suggests that regions outside the central retina make a more significant contribution to the visual evoked magnetic response than they do to the VEP, and that the P100m may be useful clinically in the study of diseases that affect the more peripheral regions of the retina.

Statnote 8: statistical power and sample size

Statistical software is now commonly available to calculate Power (P') and sample size (N) for most experimental designs. In many circumstances, however, sample size is constrained by lack of time, cost, and in research involving human subjects, the problems of recruiting suitable individuals. In addition, the calculation of N is often based on erroneous assumptions about variability and therefore such estimates are often inaccurate. At best, we would suggest that such calculations provide only a very rough guide of how to proceed in an experiment. Nevertheless, calculation of P' is very useful especially in experiments that have failed to detect a difference which the experimenter thought was present. We would recommend that P' should always be calculated in these circumstances to determine whether the experiment was actually too small to test null hypotheses adequately.

Computer aided design and manufacture of form-rolls

Cold roll forming of thin-walled sections is a very useful process in the sheet metal industry. However, the conventional method for the design and manufacture of form-rolls, the special tooling used in the cold roll forming process, is a very time consuming and skill demanding exercise. This thesis describes the establishment of a stand-alone minicomputer based CAD/CAM system for assisting the design and manufacture of form-rolls. The work was undertaken in collaboration with a leading manufacturer of thin-walled sections. A package of computer programs have been developed to provide computer aids for every aspect of work in form-roll design and manufacture. The programs have been successfully implemented, as an integrated CAD/CAM software system, on the ICL PERQ minicomputer with graphics facilities. Thus, the developed CAD/CAM system is a single-user workstation, with software facilities to help the user to perform the conventional roll design activities including the design of the finished section, the flower pattern, and the form-rolls. A roll editor program can then be used to modify, if required, the computer generated roll profiles. As far as manufacturing is concerned, a special-purpose roll machining program and postprocessor can be used in conjunction to generate the NC control part-programs for the production of form-rolls by NC turning. Graphics facilities have been incorporated into the CAD/CAM software programs to display drawings interactively on the computer screen throughout all stages of execution of the CAD/CAM software. It has been found that computerisation can shorten the lead time in all activities dealing with the design and manufacture of form-rolls, and small or medium size manufacturing companies can gain benefits from the CAD/CM! technology by developing, according to its own specification, a tailor-made CAD/CAM software system on a low cost minicomputer.

Product innovation in a medium size mature manufacturing company

This thesis is concerned with the management of product innovation inside the medium size, mature, manufacturing company. An academic perspective of innovation is integrated with an account of direct participation acquired over a two year period. The emergent synthesis provides fresh insight into some of the problems associated with producing and sustaining innovation. Product innovation is a very complex activity, and it presents particular difficulties for mature industry. However, the ability to innovate is fundamental to a company's continued survival. Three aspects of product innovation are examined in detail. Firstly, is the requirement to separate innovation activity from the on-going business interests; dependency between the degree of separation and novelty is supported. Secondly, a simple sequential model of the innovation process is tested and shown to be of considerable practical value. Thirdly a relationship is established between the age of the recipient market and the type of innovation to be found in that market All three aspects are found to have important implications for management in their pursuit of innovation. Management deficiencies which inhibited the successful resolution of innovation-linked problems are described and solutions which stress the need for commitment and coherency are proposed. The long existing management structure in the mature company which mitigates against successful and continuing innovation are examined in detail and a strategy is evolved which uses the intrinsic strengths of the mature company to promote innovation of a kind compatible with success in the market. A set of guidelines of practical value is presented for those managers wishing to pursue, and sustain, product innovation in the medium size mature company.

Purchasing in small firms – past assumptions, current evidence and future research

This paper reviews the literature on purchasing in small and medium sized enterprises (SMEs), in the context of the wider literature on SMEs. Evidence from these sources is related to insights from exploratory interviews with the owner-managers of 15 small firms, to derive recommendations for further research. Our findings complement those of Ellegaard (2006) but also extend these with specific proposals for the process and settings of future research, notably that the priority is to understand purchasing in small firms (cf medium or micro-firms) firms and research should be ‘small firm-centric’.