Ownership characteristics and access to finance:evidence from a survey of large privatised companies in Hungary and Poland

We examine financial constraints and forms of finance used for investment, by analysing survey data on 157 large privatised companies in Hungary and Poland for the period 1998 - 2000. The Bayesian analysis using Gibbs sampling is carried out to obtain inferences about the sample companies' access to finance from a model for categorical outcome. By applying alternative measures of financial constraints we find that foreign companies, companies that are part of domestic industrial groups and enterprises with concentrated ownership are all less constrained in their access to finance. Moreover, we identify alternative modes of finance since different corporate control and past performance characteristics influence the sample firms' choice of finance source. In particular, while being industry-specific, the access to domestic credit is positively associated with company size and past profitability. Industrial group members tend to favour bond issues as well as sells-offs of assets as appropriate types of finance for their investment programmes. Preferences for raising finance in the form of equity are associated with share concentration in a non-monotonic way, being most prevalent in those companies where the dominant owner holds 25%-49% of shares. Close links with a leading bank not only increase the possibility of bond issues but also appear to facilitate access to non-banking sources of funds, in particular, to finance supplied by industrial partners. Finally, reliance on state finance is less likely for the companies whose profiles resemble the case of unconstrained finance, namely, for companies with foreign partners, companies that are part of domestic industrial groups and companies with a strategic investor. Model implications also include that the use of state funds is less likely for Polish than for Hungarian companies.

West Midlands English:Birmingham and the Black Country

This volume focuses on the closely allied yet differing linguistic varieties of Birmingham and its immediate neighbour to the west, the industrial heartland of the Black Country. Both of these areas rose to economic prominence and success during the Industrial Revolution, and both have suffered economically and socially as a result of post-war industrial decline. The industrial heritage of both areas has meant that tight knit and socially homogeneous individual areas in each region have demonstrated in many respects little linguistic change over time, and have continued to exhibit linguistic features, especially morphological constructions, peculiar to these areas or now restricted to these areas. At the same time, immigration from other areas of the British Isles over time, from Commonwealth countries and later from EU member states, together with increased social mobility, have meant that newly developing structures and more widespread UK linguistic phenomena have spread into these varieties. This volume provides a clear description of the structure of the linguistic varieties spoken in the two areas. Following the structure of the Dialects of English volumes, it provides: •A comprehensive overview of the phonological, grammatical and lexical structure of both varieties, as well as similarities between the two varieties and distinguishing features •Thorough discussion of the historical and social factors behind the development of the varieties and the stigma attached to these varieties •Discussion of the unusual situation of the Black Country as an area undefined in geographical and administrative terms, existing only in the imagination •Examples of the variety from native speakers of differing ethnicities, ages and genders •An annotated bibliography for further consultation

Delegation of pricing authority to the sales force:an agency-theoretic perspective of its determinants and impact on performance

In industrial selling situations, the questions of what factors drive pricing authority delegation to salespeople and under what conditions price delegation is beneficial for the firm are often asked. To advance knowledge in this area, we (1) develop and empirically test a framework of important drivers of price delegation based on agency-theoretic research and (2) investigate the impact of price delegation on firm performance, taking into account agency theory variables as potential moderators. The study is based on data from a sample of 181 companies from the industrial machinery and electrical engineering industry in Germany. The results indicate that the degree of pricing delegation increases as information asymmetry between the salesperson and sales manager increases and as it becomes more difficult to monitor salespeople's efforts. Conversely, risk-aversion of salespeople is negatively related to the degree of price delegation. Furthermore, we find a positive effect of price delegation on firm performance, which is amplified when market-related uncertainty is high and when salespeople possess better customer-related information than their managers. Hence, our results clearly show that rigid, “one price fits all” policies are inappropriate in many B2B market situations. Instead, sales managers should grant their salespeople sufficient leeway to adapt prices to changing customer requirements and market conditions, especially in firms that operate in highly uncertain selling environments.

Strategic logistics outsourcing: an integrated QFD and AHP approach

Third-party logistics service providers (3PLs) play a vital role in contemporary supply chain management. Evaluation and selection of the right 3PLs depends on a wide range of quantitative and qualitative criteria rather than cost-based factors. Although various multi-criteria decision making approaches have been proposed, they have not considered the impact of business objectives and requirements of company stakeholders on the evaluating criteria. To enable the "voice" of company stakeholders is considered, this paper develops an integrated approach for selecting 3PL strategically. In the approach, multiple evaluating criteria are derived from the requirements of company stakeholders using a series of house of quality (HOQ). The importance of evaluating criteria is prioritized with respect to the degree of achieving the stakeholder requirements using analytic hierarchy process (AHP). Based on the ranked criteria, alternative 3PLs are evaluated and compared with each other using AHP again to make an optimal selection.

Personality across working life:the longitudinal and reciprocal influences of personality on work

Summary: This paper focuses on the role of personality at different stages of people's working lives. We begin by reviewing the research in industrial, work, and organizational (IWO) psychology regarding the longitudinal and dynamic influences of personality as an independent variable at different career stages, structuring our review around a framework of people's working lives and careers over time. Next, we review recent studies in the personality and developmental psychology domain regarding the influence of changing life roles on personality. In this domain, personality also serves as a dependent variable. By blending these two domains, it becomes clear that the study of reciprocal effects of work and personality might open a new angle in IWO psychology's long-standing tradition of personality research. To this end, we outline various implications for conceptual development (e.g., trait stability) and empirical research (e.g., personality and work incongruence). Finally, we discuss some methodological and statistical considerations for research in this new research domain. In the end, our review should enrich the way that IWO psychologists understand personality at work, focusing away from its unidirectional predictivist influence on job performance toward a more complex longitudinal reciprocal interplay of personality and working life. © 2013 John Wiley & Sons, Ltd.

Tiger, tiger, burning bright? Industrial policy “lessons” from Ireland for small African economies

The chapter examines possibilities for industrial policy in African countries through the lens of lessons that can be learned from the industrial policy approaches pursued in Ireland as well as in East Asia. As latecomers to industrialization, the small African economies are well positioned to undertake such an exercise, we suggest. This chapter provides some novel insights by providing a comparison between Ireland and the small African economies. To our knowledge such a comparison offers a unique contribution. Cognizant of the fact that a “one size fits all” approach to industrial policy is not appropriate in the African context, we argue in favor of the adoption of a more “holistic” approach to industrial policy in these economies. Such an approach we argue should focus simultaneously on demand and supply factors of industrial development, and on microeconomic as well as macroeconomic factors.

The role of environmental factors in industrial site selection activities:a case of limestone quarry expansion in Barbados, West Indies

Site selection is a key activity for quarry expansion to support cement production, and is governed by factors such as resource availability, logistics, costs, and socio-environmental factors. Adequate consideration of all factors facilitates both industrial productivity and sustainable economic growth. This study illustrates the site selection process that was undertaken for the expansion of limestone quarry operations to support cement production in Barbados. First, alternate sites with adequate resources to support a 25-year development horizon were identified. Second, socio-environmental conditions were described and potential impacts identified. Third, a comparative matrix was constructed to evaluate relative site characteristics with respect to physical, ecological, socio-cultural and economic factors. The study shows that environmental factors were essential to the final site recommendation.

Learning and change in interorganizational networks:the case for network learning and network change

The ALBA 2002 Call for Papers asks the question ‘How do organizational learning and knowledge management contribute to organizational innovation and change?’. Intuitively, we would argue, the answer should be relatively straightforward as links between learning and change, and knowledge management and innovation, have long been commonly assumed to exist. On the basis of this assumption, theories of learning tend to focus ‘within organizations’, and assume a transfer of learning from individual to organization which in turn leads to change. However, empirically, we find these links are more difficult to articulate. Organizations exist in complex embedded economic, political, social and institutional systems, hence organizational change (or innovation) may be influenced by learning in this wider context. Based on our research in this wider interorganizational setting, we first make the case for the notion of network learning that we then explore to develop our appreciation of change in interorganizational networks, and how it may be facilitated. The paper begins with a brief review of lite rature on learning in the organizational and interorganizational context which locates our stance on organizational learning versus the learning organization, and social, distributed versus technical, centred views of organizational learning and knowledge. Developing from the view that organizational learning is “a normal, if problematic, process in every organization” (Easterby-Smith, 1997: 1109), we introduce the notion of network learning: learning by a group of organizations as a group. We argue this is also a normal, if problematic, process in organizational relationships (as distinct from interorganizational learning), which has particular implications for network change. Part two of the paper develops our analysis, drawing on empirical data from two studies of learning. The first study addresses the issue of learning to collaborate between industrial customers and suppliers, leading to the case for network learning. The second, larger scale study goes on to develop this theme, examining learning around several major change issues in a healthcare service provider network. The learning processes and outcomes around the introduction of a particularly controversial and expensive technology are described, providing a rich and contrasting case with the first study. In part three, we then discuss the implications of this work for change, and for facilitating change. Conclusions from the first study identify potential interventions designed to facilitate individual and organizational learning within the customer organization to develop individual and organizational ‘capacity to collaborate’. Translated to the network example, we observe that network change entails learning at all levels – network, organization, group and individual. However, presenting findings in terms of interventions is less meaningful in an interorganizational network setting given: the differences in authority structures; the less formalised nature of the network setting; and the importance of evaluating performance at the network rather than organizational level. Academics challenge both the idea of managing change and of managing networks. Nevertheless practitioners are faced with the issue of understanding and in fluencing change in the network setting. Thus we conclude that a network learning perspective is an important development in our understanding of organizational learning, capability and change, locating this in the wider context in which organizations are embedded. This in turn helps to develop our appreciation of facilitating change in interorganizational networks, both in terms of change issues (such as introducing a new technology), and change orientation and capability.

A review of the effects of distributed energy resources and power-electronic controlled loading on distribution network stability

This paper looks at potential distribution network stability problems under the Smart Grid scenario. This is to consider distributed energy resources (DERs) e.g. renewable power generations and intelligent loads with power-electronic controlled converters. The background of this topic is introduced and potential problems are defined from conventional power system stability and power electronic system stability theories. Challenges are identified with possible solutions from steady-state limits, small-signal, and large-signal stability indexes and criteria. Parallel computation techniques might be included for simulation or simplification approaches are required for a largescale distribution network analysis.

A European competence framework for industrial pharmacy practice in biotechnology

Project Report: The PHAR-IN ("Competences for industrial pharmacy practice in biotechnology") looked at whether there is a difference in how industrial employees and academics rank competences for practice in the biotechnological industry. A small expert panel consisting of the authors of this paper produced a biotechnology competence framework by drawing up an initial list of competences then ranking them in importance using a three-stage Delphi process. The framework was next evaluated and validated by a large expert panel of academics (n = 37) and industrial employees (n = 154). Results show that priorities for industrial employees and academics were similar. The competences for biotechnology practice that received the highest scores were mainly in: . "Research and Development", . "Upstream" and "Downstream" Processing', " . "Product development and formulation", " . "Aseptic processing", ."Analytical methodology", . "Product stability", and . "Regulation". The main area of disagreement was in the category "Ethics and drug safety" where academics ranked competences higher than did industrial employees.

A hálózati pozíció és a versenyképesség kapcsolata (Business networks: network position and competitiveness in Hungary)

A cikk fókuszában az üzleti hálózatok állnak. Az IMP-csoport (Industrial Marketing and Purchasing Group) üzleti kapcsolatokkal, üzleti hálózatokkal foglalkozó több évtizedes kutatási eredményeire és fogalomrendszerére építve a szerzők áttekintik a téma alapvető megközelítéseit, majd a Versenyképesség-kutatás 2009. évi felmérésének adatait Felhasználva, megvizsgálják a vállalatvezetők által észlelt hálózati pozíció és a versenyképesség összefüggéseit. A vállalatvezetők értékelése szerint elemzik az iparági hálózatukban központi szerepet játszó, befolyással bíró (domináns hálózati pozícióval rendelkező) vállalatokat, különös tekintettel az üzleti teljesítmény és a versenyképesség jellemzőire. / === / The paper analyses the business network position of Hungarian companies, based on data of the Competitiveness research program. After an overview of the theoretical background of business relationships, business networks and network position – based on the IMP (Industrial Marketing and Purchasing Group) approach, the authors analyse the performance and competitiveness characteristics of firms with central position in their industrial network.

Az ipari parkok szerepe a kínai - magyar gazdasági kapcsolatok fejlesztésében (Industrial parks in the development of Hungarian – Chinese economic relations)

A kínai-magyar gazdasági kapcsolatoktól mindenki sokat várt eddig, de viszonylag kevés növekedési hatást sikerült elérnie Magyarországnak a dinamikusan felemelkedő kínai gazdaságból. A tanulmány azt vizsgálja, hogy az ipari parkok, logisztikai bázisok terén mi teheti vonzóvá Magyarországot az EU piacát megcélzó kínai vállalatok számára, illetve milyen gazdasági lehetőségek rejlenek az ipari parkok hálózatában ahhoz, hogy a kínai növekedési dinamika valamennyire érvényesüljön a magyar gazdaságban is. / === / Most of the economic and political actors in Hungary have expected high benefits from the Chinese – Hungarian economic relations, but only moderated growth impact has been imported from the dynamic emerging Chinese economy. The study surveys the potentials of industrial parks and logistic bases whether how much they can add to the attractiveness of Hungary toward the Chinese companies targeting the single market of the EU, and what range of economic opportunities is exploitable in the network of industrial parks for having the Chinese growth dynamics to prevail particularly in the Hungarian economy.

Üzleti hálózatok – Hálózati pozíció és versenyképesség = Business networks: network position and competitiveness in Hungary

Tanulmányunk fókuszában az üzleti hálózatok állnak. Az IMP csoport (Industrial Marketing and Purchasing Group) üzleti kapcsolatokkal, üzleti hálózatokkal foglalkozó több évtizedes kutatási eredményeire és fogalomrendszerére alapozva áttekintjük a téma alapmegközelítéseit, majd a Versenyképesség-kutatás 2009. évei felmérése adatainak felhasználásával vizsgáljuk a hálózati kép és a versenyképesség összefüggéseit. Jellemezzük a vállaltvezetők értékelése szerint az iparági hálózatukban központi szerepet játszó, befolyással bíró (domináns hálózati pozícióval rendelkező) vállalatokat, különös tekintettel az üzleti teljesítmény és versenyképesség jellemzőire. ________ The paper analyses the business network position of Hungarian companies, based on data of the Competitiveness research program. After an overview of the theoretical background of business relationships, business networks and network position – based on the IMP (Industrial Marketing and Purchasing Group) approach, we analyse the performance and competitiveness characteristics of firms with central position in their industrial network.

Winners and Losers in the Liberalized Energy Retail Sector in Hungary:A Co-evolutionary Approach

This paper examines the recent history of the Hungarian energy trading market in a co-evolutionary framework. Hungary is characterized by a mixed ownership structure with mainly multinational incumbents in energy retail and distribution, while the wholesale is dominantly owned by state-owned companies. The legal framework also has dual characteristics, with free-market regulation for industrial consumers and a regulated price regime for households. Our research method follows a longitudinal approach from the period of market liberalization in 2008 until 2013. We identified strong relationship between the individual and sector performance of the trading companies and the current political ideology and institutional regime.

Personality and job performance: The mediating roles of leader -member exchange quality and action control

The present investigation examined the relationships among personality (as conceptualized by the Big Five Factors), leader-member exchange (LMX) quality, action control, organizational citizenship behaviors (OCB), and overall job performance (OJP). Two mediator variables were proposed and tested in this study: LMX and Action Control. Two-hundred and seven currently employed regular elementary school classroom teachers provided data during the 2000–2001 academic school year. Teachers provided personality, LMX quality (member or subordinate perspective), action control, job tenure, and demographic data. Nine school administrators (i.e., Principals, Assistant Principals) were the source for supervisor ratings of OCB, OJP, and LMX quality (leader or supervisor perspective). In eight of the nine total schools, teachers completed questionnaires during an after-school teacher gathering; in the remaining school location questionnaires were dropped off, distributed to teachers, and re-collected two weeks later. Results indicated a significant relationship between the OCB scale and overall supervisory ratings of OJP. The relationship among the big five factors of personality and OJP did not reach statistical significance, nor did the relationships among personality and OCB. The data indicated that none of the teacher tenure variables (i.e., teacher, school, or time worked with principal tenure) moderated the personality-OCB relationship nor the personality-OJP relationship. Finally, a review of the correlations among the variables of interest precluded conducting a mediation between personality-performance by OCB, mediation of personality-OCB by action control, and mediation of personality-OCB by LMX. In conclusion, the data reveal that personality was not significantly correlated with supervisory ratings of OJP or significantly related to supervisory ratings of overall OCB. Moreover, LMX quality and action control did not mediate the relationships between Personality-OJP nor the Personality-OCB relationship. Significant relationships were found between disengagement and overall LMX quality and between Initiative and overall LMX quality (both LMX-Teacher perspectives) as well as between personality variables and both Disengagement and Initiative action control variables. Despite the limitations inherent in this study, these latter findings suggest “lessons” for teachers and school administrators alike. ^