Shareholder or stakeholder management:strategies for performance optimisation

This paper is based upon the findings of a CIMA research project into the way which corporate performance is affected by the performance measurement system adopted. It compares and contrasts the techniques in use in a sample of large companies that use a variety of techniques. We have classified these techniques into 3 types: • Value based management techniques • Stakeholder management techniques • Traditional accounting techniques. The analysis traces the interactions between corporate objectives, decision making criteria, performance measurement systems, and executive incentive schemes in order to develop an understanding of the effects of such techniques upon corporate performance. This paper seeks to provide some answers to the following two questions: • What approach leads to superior performance for a firm? • What is different between these approaches when they are used in practice, as distinct from theory? In doing so we have drawn upon both contingency theory and sociobiology theory to develop a framework for understanding the relationship between the choke of performance measurement system and the resulting performance.

Shareholder value application in UK listed companies

This paper is based upon the initial findings of a CIMA research project into the way in which corporate performance measurement systems are influenced by the use of shareholder value management techniques. It compares and contrasts the techniques in use in a sample of 10 companies that either explicitly use shareholder value techniques also known as Value-Based Management (VBM), or explicitly do not use such techniques. The analysis undertaken is based upon the finding of semi-structured interviews with company representatives which formed the first part of the data collection process of the project. The analysis traces the interactions between corporate objectives, decision making criteria, performance measurement systems and executive incentive schemes in order to develop an understanding of the effects of such shareholder value techniques upon corporate behaviour. The literature reviewed suggests that the other aspects of the planning and control system should be aligned with the corporate objectives whether a company has adopted VBM or not. Therefore this research contributes new evidence on the use of VBM techniques in the UK and also more generally on whether VBM and non-VBM companies internal planning and control systems are aligned.

Evaluating corporate performance:a critique of economic value added

There has been a revival of interest in economic techniques to measure the value of a firm through the use of economic value added as a technique for measuring such value to shareholders. This technique, based upon the concept of economic value equating to total value, is founded upon the assumptions of classical liberal economic theory. Such techniques have been subject to criticism both from the point of view of the level of adjustment to published accounts needed to make the technique work and from the point of view of the validity of such techniques in actually measuring value in a meaningful context. This paper critiques economic value added techniques as a means of calculating changes in shareholder value, contrasting such techniques with more traditional techniques of measuring value added. It uses the company Severn Trent plc as an actual example in order to evaluate and contrast the techniques in action. The paper demonstrates discrepancies between the calculated results from using economic value added analysis and those reported using conventional accounting measures. It considers the merits of the respective techniques in explaining shareholder and managerial behaviour and the problems with using such techniques in considering the wider stakeholder concept of value. It concludes that this economic value added technique has merits when compared with traditional accounting measures of performance but that it does not provide the universal panacea claimed by its proponents.

Raising the bar for systematic conservation planning

Mathematical methods in systematic conservation planning (SCP) represent a significant step toward cost-effective, transparent allocation of resources for biodiversity conservation. However, research demonstrates important consequences of uncertainties in SCP. Current research often relies on simplified case studies with unknown forms and amounts of uncertainty and low statistical power for generalizing results. Consequently, conservation managers have little evidence for the true performance of conservation planning methods in their own complex, uncertain applications. SCP needs to build evidence for predictive models of error and robustness to multiple, simultaneous uncertainties across a wide range of problems of known complexity. Only then can we determine true performance rather than how a method appears to perform on data with unknown uncertainty.

Modelling trade offs between public and private conservation policies

To reduce global biodiversity loss, there is an urgent need to determine the most efficient allocation of conservation resources. Recently, there has been a growing trend for many governments to supplement public ownership and management of reserves with incentive programs for conservation on private land. This raises important questions, such as the extent to which private land conservation can improve conservation outcomes, and how it should be mixed with more traditional public land conservation. We address these questions, using a general framework for modelling environmental policies and a case study examining the conservation of endangered native grasslands to the west of Melbourne, Australia. Specifically, we examine three policies that involve i) spending all resources on creating public conservation areas; ii) spending all resources on an ongoing incentive program where private landholders are paid to manage vegetation on their property with 5-year contracts; and iii) splitting resources between these two approaches. The performance of each strategy is quantified with a vegetation condition change model that predicts future changes in grassland quality. Of the policies tested, no one policy was always best and policy performance depended on the objectives of those enacting the policy. Although policies to promote conservation on private land are proposed and implemented in many areas, they are rarely evaluated in terms of their ecological consequences. This work demonstrates a general method for evaluating environmental policies and highlights the utility of a model which combines ecological and socioeconomic processes.

The influence of composition on the optical properties of electrodeposited gold

In industry the colour of a gold alloy electrodeposit is checked by visual comparison with standard panels. The aims of the present work have been to access the application of spectrophotmetric techniques to the measurement of the colour of gold alloy electrodeposits and to examine the factors that influence the colour of thin deposits. The minimum thickness of deposit required to produce its final colour and completely hide the underlying substrate was measured and found to depend on the nature of the substrate, the plating solution and the operating conditions. Bright and matt electrodeposits were studied. The influence of alloying gold by adding copper, silver and indium to the plating solution were investigated. CIE chromaticity coordinates were calculated from spectrophotometric data using a computer programme written for the purpose. The addition of silver to a simple gold bath caused the colour of the deposit to change from yellow through green to near white in a smooth progression as the amount of silver in solid solution steadily increased. The colour of deposits formed when additions of copper were made was complicated by the formation of intermediate phases. À colour in the blue region of the spectrum was obtained in a few experiments investigating the influence of indium additions to the gold bath.

Researching with, not on:using photography in researching street children in Accra, Ghana

What is discussed in this chapter is work-in-progress, an opportunity for reflection upon elements of an on-going research project examining the lives of street children in Accra, Ghana. Street children have received much research in recent years but our project is, we believe, distinctive in two respects. The first of these is that access to reliable data on the growing presence of children on the streets of African cities is often problematic. Available research is often diffuse and hard to access, it is more often than not driven by the short-term requirements of specific programmes and interventions and as a consequence can be lacking in depth, rigour and innovation. Without the means to provide a sufficiently self-conscious and critical engagement with accepted understandings of the lives of street children, consideration of the experience of street children in Africa continues to rely heavily on the more capacious and better disseminated research from the Americas (e.g., Mickelson, 2000). At the very least, Africa's specific experience of large population displacements, diversity of family forms, rapid urbanisation, vigorous structural adjustment and internal conflict raise important questions about the appropriateness of such ready generalisations. Judith Ennew (2003, p. 4) is clear that caution is needed in an uncritical endorsement of the “globalisation of the street child based on Latin American work”. She is equally mindful, however, that as far as Africa is concerned the absence of reliable evidence continues to hinder debate.

An artificial neural network stratifies the risks of reintervention and mortality after endovascular aneurysm repair:a retrospective observational study

Background Lifelong surveillance after endovascular repair (EVAR) of abdominal aortic aneurysms (AAA) is considered mandatory to detect potentially life-threatening endograft complications. A minority of patients require reintervention but cannot be predictively identified by existing methods. This study aimed to improve the prediction of endograft complications and mortality, through the application of machine-learning techniques. Methods Patients undergoing EVAR at 2 centres were studied from 2004-2010. Pre-operative aneurysm morphology was quantified and endograft complications were recorded up to 5 years following surgery. An artificial neural networks (ANN) approach was used to predict whether patients would be at low- or high-risk of endograft complications (aortic/limb) or mortality. Centre 1 data were used for training and centre 2 data for validation. ANN performance was assessed by Kaplan-Meier analysis to compare the incidence of aortic complications, limb complications, and mortality; in patients predicted to be low-risk, versus those predicted to be high-risk. Results 761 patients aged 75 +/- 7 years underwent EVAR. Mean follow-up was 36+/- 20 months. An ANN was created from morphological features including angulation/length/areas/diameters/ volume/tortuosity of the aneurysm neck/sac/iliac segments. ANN models predicted endograft complications and mortality with excellent discrimination between a low-risk and high-risk group. In external validation, the 5-year rates of freedom from aortic complications, limb complications and mortality were 95.9% vs 67.9%; 99.3% vs 92.0%; and 87.9% vs 79.3% respectively (p0.001) Conclusion This study presents ANN models that stratify the 5-year risk of endograft complications or mortality using routinely available pre-operative data.

Corporate Recruiters and Alumni: Perceptions of Professional Courses

Corporate recruiters and alumni of the School of Hotel and Restaurant Management at Northern Arizona University were asked their perceptions of hospitality professional courses. The study investigates the importance that these groups attribute to 22 professional courses commonly offered in institutions of higher education.

Ethical Challenges of the Industry: Are Graduates Prepared?

Hospitality graduates often enter their first jobs unaware of the difficult ethical dilemmas they will face. By having ethics teaching in a curriculum, the authors of this article believe that the perceptions of ethics of senior hospitality students at Northern Arizona University were comparable to those of operating industry managers.

Hospitality Education: Prevalent Perceptions

The composition of hospitality curricula has been debated by educators, alumni, and industry professionals for the last 30 years. Some higher education programs have emphasized the teaching of professional courses, while others have focused primarily on management. This study recalls highlights of curriculum research conducted since the late 1970s and provides current perceptions of alumni, lodging, and restaurant professionals on core, support, and advisor-approved electives.

Leadership in the Hospitality Curriculum

Although some universities have introduced leadership courses in their curricula, schools of hotel and restaurant management are not following suit. As the industry's rate of growth and complexity outpaces that of its human resources, the formation of hospitality leaders becomes indispensable.

Assessment of Higher-Education Hospitality Programs

The function of assessment in higher-education hospitality programs is to improve student learning. Although the assessment process is common in higher-education institutions, examples of assessment practices in hospitality programs have not been made available to academic practitioners. This paper describes a method successful at formulating assessment in a hospitality college professional program.