Dynamic capabilities in a sixth generation family firm: entrepreneurship and the Bibby Line

In this paper we draw on the theory of dynamic capabilities to examine development of the only surviving family-owned Liverpool shipping company. The Bibby Line was founded in 1807 to take advantage of the growing sea-trade based in Liverpool. The company remained in shipping until the mid-1960s, when a series of external crises led the owner, Derek Bibby, to begin a process of diversification. In the last 50 years, the Bibby Line has grown into a £1bn business with interests in retail, distribution and financial services as well as a continuing commitment to shipping. Our intention is to demonstrate how multigenerational ownership contributes to the creation of dynamic capabilities in family firms. The distinctive nature of Bibby as a long-standing family business is related to unique assets such as patient capital, flexible governance structures as well as the ability to mobilise social and human capital.

Measuring significant variability characteristics: An assessment of three UK renewables

The variability of renewable energy is widely recognised as a challenge for integrating high levels of renewable generation into electricity systems. However, to explore its implications effectively, variability itself should first be clearly understood. This is particularly true for national electricity systems with high planned penetration of renewables and limited interconnection such as the UK. Variability cannot be considered as a distinct resource property with a single measurable parameter, but is a multi-faceted concept best described by a range of distinct characteristics. This paper identifies relevant characteristics of variability, and considers their implications for energy research. This is done through analysis of wind, solar and tidal current resources, with a primary focus on the Bristol Channel region in the UK. The relationship with electricity demand is considered, alongside the potential benefits of resource diversity. Analysis is presented in terms of persistence, distribution, frequency and correlation between supply and demand. Marked differences are seen between the behaviours of the individual resources, and these give rise to a range of different implications for system integration. Wind shows strong persistence and a useful seasonal pattern, but also a high spread in energy levels at timescales beyond one or two days. The solar resource is most closely correlated with electricity demand, but is undermined by night-time zero values and an even greater spread of monthly energy delivered than wind. In contrast, the tidal resource exhibits very low persistence, but also much greater consistency in energy values assessed across monthly time scales. Whilst this paper focuses primarily on the behaviour of resources, it is noted that discrete variability characteristics can be related to different system impacts. Persistence and predictability are relevant for system balancing, whereas statistical distribution is more relevant when exploring issues of asset utilisation and energy curtailment. Areas of further research are also identified, including the need to assess the value of predictability in relation to other characteristics.

Measuring research benefits in an imperfect market: second comment

This note generalizes a finding about the necessary and sufficient conditions for research to generate greater benefits in the presence of distortions and highlights a significant source of bias in conventional cost-benefit calculations

Measuring variation in potato roots in both field and glasshouse: the search for useful yield predictors and a simple screen for root traits

Aims Potatoes have an inadequate rooting system for efficient acquisition of water and minerals and use disproportionate amounts of irrigation and fertilizer. This research determines whether significant variation in rooting characteristics of potato exists, which characters correlate with final yield and whether a simple screen for rooting traits could be developed. Methods Twenty-eight genotypes of Solanum tuberosum groups Tuberosum and Phureja were grown in the field; eight replicate blocks to final harvest, while entire root systems were excavated from four blocks. Root classes were categorised and measured. The same measurements were made on these genotypes in the glasshouse, 2 weeks post emergence. Results In the field, total root length varied from 40 m to 112 m per plant. Final yield was correlated negatively with basal root specific root length and weakly but positively with total root weight. Solanum tuberosum group Phureja genotypes had more numerous roots and proportionally more basal than stolon roots compared with Solanum tuberosum, group Tuberosum genotypes. There were significant correlations between glasshouse and field measurements. Conclusions Our data demonstrate that variability in rooting traits amongst commercially available potato genotypes exists and a robust glasshouse screen has been developed. By measuring potato roots as described in this study, it is now possible to assess rooting traits of large populations of potato genotypes.

Interferometric technique for measuring terahertz antenna phase patterns

A quasi-optical interferometric technique capable of measuring antenna phase patterns without the need for a heterodyne receiver is presented. It is particularly suited to the characterization of terahertz antennas feeding power detectors or mixers employing quasi-optical local oscillator injection. Examples of recorded antenna phase patterns at frequencies of 1.4 and 2.5 THz using homodyne detectors are presented. To our knowledge, these are the highest frequency antenna phase patterns ever recovered. Knowledge of both the amplitude and phase patterns in the far field enable a Gauss-Hermite or Gauss-Laguerre beam-mode analysis to be carried out for the antenna, of importance in performance optimization calculations, such as antenna gain and beam efficiency parameters at the design and prototype stage of antenna development. A full description of the beam would also be required if the antenna is to be used to feed a quasi-optical system in the near-field to far-field transition region. This situation could often arise when the device is fitted directly at the back of telescopes in flying observatories. A further benefit of the proposed technique is simplicity for characterizing systems in situ, an advantage of considerable importance as in many situations, the components may not be removable for further characterization once assembled. The proposed methodology is generic and should be useful across the wider sensing community, e.g., in single detector acoustic imaging or in adaptive imaging array applications. Furthermore, it is applicable across other frequencies of the EM spectrum, provided adequate spatial and temporal phase stability of the source can be maintained throughout the measurement process. Phase information retrieval is also of importance to emergent research areas, such as band-gap structure characterization, meta-materials research, electromagnetic cloaking, slow light, super-lens design as well as near-field and virtual imaging applications.

Measuring motion with kinematically redundant accelerometer arrays: theory, simulation and implementation

This work presents two schemes of measuring the linear and angular kinematics of a rigid body using a kinematically redundant array of triple-axis accelerometers with potential applications in biomechanics. A novel angular velocity estimation algorithm is proposed and evaluated that can compensate for angular velocity errors using measurements of the direction of gravity. Analysis and discussion of optimal sensor array characteristics are provided. A damped 2 axis pendulum was used to excite all 6 DoF of the a suspended accelerometer array through determined complex motion and is the basis of both simulation and experimental studies. The relationship between accuracy and sensor redundancy is investigated for arrays of up to 100 triple axis (300 accelerometer axes) accelerometers in simulation and 10 equivalent sensors (30 accelerometer axes) in the laboratory test rig. The paper also reports on the sensor calibration techniques and hardware implementation.

A critical review of methodologies for measuring rental depreciation applied to UK commercial real estate

Real estate depreciation continues to be a critical issue for investors and the appraisal profession in the UK in the 1990s. Depreciation-sensitive cash flow models have been developed, but there is a real need to develop further empirical methodologies to determine rental depreciation rates for input into these models. Although building quality has been found to be an important explanatory variable in depreciation it is very difficult to incorporate it into such models or to analyse it retrospectively. It is essential to examine previous depreciation research from real estate and economics in the USA and UK to understand the issues in constructing a valid and pragmatic way of calculating rental depreciation. Distinguishing between 'depreciation' and 'obsolescence' is important, and the pattern of depreciation in any study can be influenced by such factors as the type (longitudinal or crosssectional) and timing of the study, and the market state. Longitudinal studies can analyse change more directly than cross-sectional studies. Any methodology for calculating rental depreciation rate should be formulated in the context of such issues as 'censored sample bias', 'lemons' and 'filtering', which have been highlighted in key US literature from the field of economic depreciation. Property depreciation studies in the UK have tended to overlook this literature, however. Although data limitations and constraints reduce the ability of empirical property depreciation work in the UK to consider these issues fully, 'averaging' techniques and ordinary least squares (OLS) regression can both provide a consistent way of calculating rental depreciation rates within a 'cohort' framework.

Measuring student perception and actual usage of online learning management system

Online learning management systems are in use to facilitate the face to face learning process in many universities. There are many variables that shape and influence a student’s perception of an online learning management system. This study investigates whether there is a relationship between the perception of a student regarding the learning management system and their actual usage of such system. It is believed to help better understand the student usage of online learning management system. An online questionnaire was published on a course management system for a selected subject and the student participation was voluntary. Results indicate that no significant relationship between the perception students had about the learning management system and the actual use of the system. Interestingly, a significant relationship was found between having internet access away from university and the student perception about the system. Students who had internet access away from university had better perception about the learning management system even though there was no significant difference in the level of online learning management system usage between the groups.

Measuring European real estate investment performance: A comparison of different approaches

The performance of real estate investment markets is difficult to monitor because the constituent assets are heterogeneous, are traded infrequently and do not trade through a central exchange in which prices can be observed. To address this, appraisal based indices have been developed that use the records of owners for whom buildings are regularly re-valued. These indices provide a practical solution to the measurement problem, but have been criticised for understating volatility and not capturing market turning points in a timely manner. This paper evaluates alternative ‘Transaction Linked Indices’ that are estimated using an extension of the hedonic method for index construction and with Investment Property Databank data. The two types of indices are compared over Q4 2001 to Q4 2012 in order to examine whether movements in these indices are consistent. The Transaction Linked Indices show stronger growth and sharper declines than their appraisal based counterparts over the course of the cycle in different European markets and they are typically two to four times more volatile. However, they have some limitations; for instance, only country level indicators can be published in many cases owing to low trading volumes in the period studied.

Retrieval of sea surface temperature from space based on modeling of infrared radiative transfer: capabilities and limitations

The retrieval (estimation) of sea surface temperatures (SSTs) from space-based infrared observations is increasingly performed using retrieval coefficients derived from radiative transfer simulations of top-of-atmosphere brightness temperatures (BTs). Typically, an estimate of SST is formed from a weighted combination of BTs at a few wavelengths, plus an offset. This paper addresses two questions about the radiative transfer modeling approach to deriving these weighting and offset coefficients. How precisely specified do the coefficients need to be in order to obtain the required SST accuracy (e.g., scatter <0.3 K in week-average SST, bias <0.1 K)? And how precisely is it actually possible to specify them using current forward models? The conclusions are that weighting coefficients can be obtained with adequate precision, while the offset coefficient will often require an empirical adjustment of the order of a few tenths of a kelvin against validation data. Thus, a rational approach to defining retrieval coefficients is one of radiative transfer modeling followed by offset adjustment. The need for this approach is illustrated from experience in defining SST retrieval schemes for operational meteorological satellites. A strategy is described for obtaining the required offset adjustment, and the paper highlights some of the subtler aspects involved with reference to the example of SST retrievals from the imager on the geostationary satellite GOES-8.

Measuring the value of “all play and no work”: can rigorous assessment of simulation games drive innovative teaching in construction?

The construction field is dynamic and dominated by complex, ill-defined problems for which myriad possible solutions exist. Teaching students to solve construction-related problems requires an understanding of the nature of these complex problems as well as the implementation of effective instructional strategies to address them. Traditional approaches to teaching construction planning and management have long been criticized for presenting students primarily with well-defined problems - an approach inconsistent with the challenges encountered in the industry. However, growing evidence suggests that employing innovative teaching approaches, such as interactive simulation games, offers more active, hands-on and problem-based learning opportunities for students to synthesize and test acquired knowledge more closely aligned with real-life construction scenarios. Simulation games have demonstrated educational value in increasing student problem solving skills and motivation through critical attributes such as interaction and feedback-supported active learning. Nevertheless, broad acceptance of simulation games in construction engineering education remains limited. While recognizing benefits, research focused on the role of simulation games in educational settings lacks a unified approach to developing, implementing and evaluating these games. To address this gap, this paper provides an overview of the challenges associated with evaluating the effectiveness of simulation games in construction education that still impede their wide adoption. An overview of the current status, as well as the results from recently implemented Virtual Construction Simulator (VCS) game at Penn State provide lessons learned, and are intended to guide future efforts in developing interactive simulation games to reach their full potential.

Building dynamic capabilities of adaptation and innovation: a study of micro-foundations in a transition economy

What are the microfoundations of dynamic capabilities that sustain competitive advantage in a highly volatile environment, such as a transition economy? We explore the detailed nature of these dynamic capabilities along with their antecedents by tracing the sequence of their development based on a longitudinal case study of an organization subject to an external context of radical transition — the Russian oil company, Yukos. Our rich qualitative data indicate two distinct types of dynamic capabilities that are pivotal for organizational transformation. Adaptation dynamic capabilities relate to routines of resource exploitation and deployment, which are supported by acquisition, internalization and dissemination of extant knowledge, as well as resource reconfiguration, divestment and integration. Innovation dynamic capabilities relate to the creation of completely new capabilities via exploration and path-creation processes, which are supported by search, experimentation and risk taking, as well as project selection, funding and implementation. Second, we find that sequencing the two types of dynamic capabilities, helped the organization both to secure short-term competitive advantage, and to create the basis for long-term competitive advantage. These dynamic capability constructs advance theoretical understanding of what dynamic capabilities are, whilst their sequencing explains how firms create, leverage and enhance them over time.

The capability-affordance model: a method for analysis and modelling of capabilities and affordances

Existing capability models lack qualitative and quantitative means to compare business capabilities. This paper extends previous work and uses affordance theories to consistently model and analyse capabilities. We use the concept of objective and subjective affordances to model capability as a tuple of a set of resource affordance system mechanisms and action paths, dependent on one or more critical affordance factors. We identify an affordance chain of subjective affordances by which affordances work together to enable an action and an affordance path that links action affordances to create a capability system. We define the mechanism and path underlying capability. We show how affordance modelling notation, AMN, can represent affordances comprising a capability. We propose a method to quantitatively and qualitatively compare capabilities using efficiency, effectiveness and quality metrics. The method is demonstrated by a medical example comparing the capability of syringe and needless anaesthetic systems.