The remarkable history of the Hudson's Bay company, including that of the French traders of north-western Canada and of the North-west, XY, and Astor fur companies,

Mode of access: Internet.

The aldermen of the city of London temp. Henry III.-1908. With notes on the parliamentary representation of the city, the aldermen and the livery companies, the aldermanic veto, aldermanic baronets and knights, etc.,

Vol. II has title: The aldermen of the city of London temp. Henry III.-1912.

The use of internal audit by Australian companies

Purpose – The purpose of this study is to explore the voluntary use of internal audit by Australian publicly listed companies and to identify factors that lead listed companies to have an internal audit function. Design/methodology/approach – Drawing on the Institute of Internal Auditors' definition of internal auditing, the paper predicts that internal audit use is associated with factors related to risk management, strong internal controls and strong corporate governance. To test the predictions, the study combines data from a survey of listed companies with information from corporate annual reports. The paper also provides descriptive information on the use of internal audit. Findings – The results indicate that only one-third of the sample companies use internal audit. While size appears to be the dominant driver, there is also a strong association between internal audit and the level of commitment to risk management. However, the study finds only weak support for an association between the use of internal audit and strong corporate governance. Research limitations/implications – A limitation of our study is that some of the variables in the model may not be good proxies for the factors being measured. Refinement of the model and the variables used provides an opportunity for future research. Practical implications – The limited use of internal audit by Australian companies has important implications for sound corporate governance. Originality/value – This is the first study that identifies factors associated with the use of internal audit by Australian listed companies.

Intellectual capital disclosures by South African companies:a longitudinal investigation

Most of the previous studies on intellectual capital disclosures have been conducted from developed countries' context. There is very limited empirical evidence in this area from the context of emerging economies in general and Africa in particular. This paper is one of the early attempts in this regard. The main purpose of this study is to examine the extent and nature of intellectual capitaldisclosures in ‘Top 20’ South African companies over a 5 years period (2002–2006). The study uses content analysis method to scrutinise the patterns of intellectual capital disclosures during the study period. The results show that intellectual capital disclosures in South Africa have increased over the 5 years study period with certain firms reporting considerably more than others. Out of the three broad categories of intellectual capital disclosures human capital appears to be the most popular category. This finding stands in sharp contrast to the previous studies in this area where external capital was found to be most popular category.

Business implications of manufacturing innovation : the experience of increasing automation in smaller to medium sized companies.

Despite the considerable potential of advanced manufacturing technologies (AMT) for improving the economic performance of many firms, a growing body of literature highlights many instances where realising this potential has proven to be a more difficult task than initially envisaged. Focussing upon the implementation of new manufacturing technologies in several smaller to medium sized enterprises (SME), the research examines the proposition that many of these problems can be attributed in part to inadequate consideration of the integrated nature of such technologies, where the effects of their implementation are not localised, but are felt throughout a business. The criteria for the economic evaluation of such technologies are seen as needing to reflect this, and the research develops an innovative methodology employing micro-computer based spreadsheets, to demonstrate how a series of financial models can be used to quantify the effects of new investments upon overall company performance. Case studies include: the development of a prototype machine based absorption costing system to assist in the evaluation of CNC machine tool purchases in a press making company; the economics and strategy of introducing a flexible manufacturing system for the production of ballscrews; and analysing the progressive introduction of computer based printing presses in a packaging and general print company. Complementary insights are also provided from discussion with the management of several other companies which have experienced technological change. The research was conducted as a collaborative CASE project in the Interdisciplinary Higher Degrees Scheme and was jointly funded by the SERC and Gaydon Technology Limited and later assisted by PE-Inbucon. The findings of the research shows that the introduction of new manufacturing technologies usually requires a fundamental rethink of the existing practices of a business. In particular, its implementation is seen as ideally needing to take place as part of a longer term business and manufacturing strategy, but that short term commercial pressures and limited resources often mean that firms experience difficulty in realising this. The use of a spreadsheet based methodology is shown to be of considerable assistance in evaluating new investments, and is seen as being the limit of sophistication that a smaller business is willing to employ. Several points for effective modelling practice are also given, together with an outline of the context in which a modelling approach is most applicable.

Acquisition and management of technology in Malaysian companies

This thesis is about the acquisition and diffusion of imported technology. Writers in the field of technology development in developing countries have always recognised that technical progress depends on the diffusion of imported technology and its applications to the provision of products and processes (Rosemberg, 1982). Despite the massive importation of technology by Malaysian companies, little effort has been made to study and understand the diffusion system in local companies. This study analyses: The problems associated with the acquisition of technology, highlighting the technology strategies adopted by the suppliers of technology; the diffusion pattern and key characteristics of the diffusion process; and major factors affecting the diffusion of technology. The policy implications are examined and the framework to manage the diffusion process within the enterprises is suggested. The findings indicated that the diffusion process is not one of passive acceptance but involves systematic efforts to acquire and diffuse the imported technology. A strong system of diffusion in companies had enabled a rapid diffusion of imported technology resulting in higher levels of technical capability. On the other hand, weakness in the company's diffusion system led to limited diffusion and slow technical progress. Characteristics of diffusion system are analysed and discussed extensively. The thesis attempts to develop the idea of `in-house system of diffusion' associated with the acquisition and development of imported technology. It argues for the development ofa stronger theoretical framework on the diffusion and development of technology particularly in countries like Malaysia which relies extensively on the importation of foreign technology.

Why do firms invest in consumer advertising with limited sales response? A shareholder perspective

Marketing managers increasingly recognize the need to measure and communicate the impact of their actions on shareholder returns. This study focuses on the shareholder value effects of pharmaceutical direct-to-consumer advertising (DTCA) and direct-to-physician (DTP) marketing efforts. Although DTCA has moderate effects on brand sales and market share, companies invest vast amounts of money in it. Relying on Kalman filtering, the authors develop a methodology to assess the effects from DTCA and DTP on three components of shareholder value: stock return, systematic risk, and idiosyncratic risk. Investors value DTCA positively because it leads to higher stock returns and lower systematic risk. Furthermore, DTCA increases idiosyncratic risk, which does not affect investors who maintain well-diversified portfolios. In contrast, DTP marketing has modest positive effects on stock returns and idiosyncratic risk. The outcomes indicate that evaluations of marketing expenditures should include a consideration of the effects of marketing on multiple stakeholders, not just the sales effects on consumers.

Consumers' responses to sponsorship by foreign companies

Purpose: The study aims to explore the novel issue of how consumers perceive sponsorship initiatives by foreign companies and how the sponsors' country-of-origin (COO) cue may influence sponsorship outcomes. Design/methodology/approach: The measurement model and proposed relationships were tested based on a sample of 811 Chinese consumers using confirmatory factor analysis and structural path analysis. Findings: The results reveal that attitudes toward the sponsor completely mediate the effect of event involvement on willingness to buy from the sponsor (WBS). Attitudes toward the sponsor also partially mediate the relationship between economic animosity towards a specific sponsor's COO and WBS. Additionally, the level of a country's economic competitiveness found to moderate the negative relationship between economic animosity, attitudes toward the sponsor and WBS. Research limitations/implications: The nature of the product type and the desire of the consumer to own such a product may have influenced the measurement of willingness to buy. Practical implications: The research adds to the existing knowledge by identifying the opportunities and potential biases that a foreign company may encounter when considering sponsoring a mega sport event in a different cultural context. The study helps managers to understand how sports sponsorship could be used effectively in emerging markets. Originality/value: The proposed conceptual model advances the application of classical conditioning theory, the consumer animosity model of foreign product purchase and the belief-attitude-intention hierarchy in the sponsorship arena. It is the first investigation of the role of event involvement and economic animosity in understanding sponsorship responses. © Emerald Group Publishing Limited.

Strategies for sustaining manufacturing competitiveness:comparative case studies in Australia and Sweden

Purpose - The purpose of this paper is to report an investigation of local sustainable production in Australia and Sweden aimed at exploring the factors contributing to survival and competitiveness of manufacturing companies. Design/methodology/approach - In Australia, six companies were studied in 2010, with comparisons being made with three of them from earlier projects. In Sweden, eight manufacturing companies were studied on two occasions 30 years apart, in 1980 and 2010. To provide a valid comparative perspective a common format for data collection and analysis was used. Findings - There has been a shift in the nature of competition in both Sweden and Australia due to an increasing complexity of the global business environment as well as changes in technology and customer expectations. Despite the differences in country context, the findings suggest that all the manufacturing companies have a good awareness of the elements of the market environment and the relationships with their competitive strategy. However, in general, the Swedish companies have more experience of managing the risks and benefits from operating in the international environment. Research limitations/implications - The results of the research are based on a relatively small sample of case companies in a limited number of industrial sectors. There are methodology implications for future research in the area. Practical implications - The research results have practical implications for the manufacturing industry, especially for companies operating in a competitive international environment. Originality/value - The paper is based on original case research and comparative analysis of data from different geographical contexts. It contributes to both theory and management practice about the strategic resources, decision choices, competitive environments and firm values needed to address external market demands as well as in building internal capabilities.

A rendszerváltás után alapított és nemzetközileg sikeressé vált magyar vállalatok versenyképessége = The competitiveness of Hungarian companies that were founded and became successful internationally after the change of the economic system

A műhelytanulmány annak a kutatási munkának az első eredménye, amelyben a rendszerváltás után nemzetközileg sikeressé vált magyar vállalatok sikertényezőinek elemzését tűztük ki célul. A kérdés jelentőségét abban látjuk, hogy a magyar piac korlátozott belső nagysága miatt a sikeres magyar vállalatok számára a külföldön való terjeszkedés megkerülhetetlen stratégiai követelmény. A mélyinterjúkon alapuló kutatáshoz szakirodalmi áttekintést végeztünk, összeállítottuk kutatási propozíciónkat, kidolgoztuk a mélyinterjúknál használandó kérdéslistát. Ez a műhelytanulmány az első két mélyinterjú anyagát tartalmazza, de kidolgozás és előkészítés alatt vannak további vállalati esettanulmányok is. ----- This working paper presents the first results of our research project aiming to analyze the success factors of Hungarian companies that became successful internationally after the change in the economic system in Hungary. We believe this is a significant topic as international expansion for successful Hungarian companies is a strategic requirement, due to the limited size of domestic markets. Our research is methodologically based on in-depth interviews, backed by literature review. We have developed propositions and an outline for semi-structured interviews. This working paper covers the recorded material of two in-depth interviews of executives from two different companies, while additional case studies are still being prepared.

EU-s források a vállalkozások tőkeellátottságának javítására - A JEREMIE Kockázati Tőkeprogram (EU funds to improve the capitalization of the companies – JEREMIE Venture Capital Program)

A hazai kis- és középvállalkozások (kkv-k) tőkeellátottságának javítása meghatározó szerepet játszik fejlődésük előmozdításában. Jelen tanulmány az Új Széchenyi Terv (ÚSZT) keretében a vállalkozások rendelkezésére álló pénzügyi eszközök közül a kockázati tőke működését mutatja be. A fejlődésük növekedési ciklusában járó cégek mellett a korai életszakaszukban járó, innovatív tevékenységet folytató, gyors növekedésre képes, de forráshiányos vállalkozások finanszírozásában nyújthat segítséget Magyarországon a 2010-ben elindult JEREMIE Kockázati Tőkeprogram. Az állami és a privát tulajdonban levő piaci szereplők hazánkban újnak mondható együttműködése révén megvalósuló program a magyar kockázatitőke-piac kínálati oldalának bővítését szolgálja, abban az alsó (döntően az 1-1,5 millió EUR/tranzakció alatti) szegmensben, ahol a tisztán piaci alapon működő befektetők korlátozottabb szerepvállalása figyelhető meg, és így a piacon hiány jelentkezik. Az EU-s támogatások ezen új típusú felhasználási formája színesíti és kibővíti a vállalkozások számára elérhető pénzügyi eszközök körét és volumenét, fokozottabb mértékben érvényesül a piaci szemlélet, hiszen verseny van a forrásokért, és verseny van a források kihelyezését végző pénzügyi közvetítő szervezetek között is, mindezek mellett további magánforrások bevonását biztosítja, ösztönzőleg hat a cégek működésére, és a visszaforgó rendszer biztosítja a fenntarthatóságot, a források későbbi újbóli felhasználását is. _______ To improve the capitalization of the domestic small and medium-sized enterprises (SMEs) has a decisive role in promoting development. This study presents the operation of venture capital from the available business financial instruments of the New Széchenyi Plan. In Hungary the JEREMIE Venture Capital Program, which launched in 2010, can help in financing of the rapidly growth, innovative, early life stage companies besides the development cycle of growth companies. This program with new cooperation between the stateowned and private companies enlarge the supply-side of the Hungarian venture capital market, at that the bottom (mostly in the 1 to 1.5 million EUR / transaction below) segment, where can be observed the limited role of the purely market-based investors, and thus there is a shortage in the market. These new type application form of the EU supports enriches and expands the scope and volume of the available financial instruments for the enterprises, the market orientation prevails more broadly, because there is a competition for resources and there is a competition between the resources allocation financial intermediaries,in addition ensures further private resources.

Companies need clear internet use policy

Opinion & Analysis: Companies need clear internet use policy

Integrated Reporting in OMXS30 companies - An Analysis of Human Capital Disclosures

Background and Problem: Sustainability reporting is a growing interest in today’s organizations and it is essential to report on non-financial matters. Many of the existing frameworks have been criticized for being used only of symbolical reasons which is why the concept of integrated reporting and the <IR> framework have been developed. One of the cornerstones in the <IR> framework is human capital which is one of the most valuable assets in an organization. Traditionally, employee costs have only been treated as an expense and there have been limited disclosures in corporate reports. In the current business world it is instead seen as an investment in human resources. Since previous studies have shown an increase of human capital disclosures when corporate reports become integrated, integrated reporting might be the solution to this problem. Purpose: The purpose of this study is to examine if there are differences in human capital disclosures between integrated reports and separate annual and sustainability reports in companies listed at OMXS30. Delimitations: This study’s empirical examination is limited to include the companies listed at Stockholm OMX30. Only corporate reports issued for the year 2014 are treated. Methodology: For this study a self-constructed disclosure scoreboard with human capital- related items has been used to collect data from the companies’ corporate reports. Also additional information beyond the pre-determined items has been collected to extend the data collection. Empirical Results and Conclusion: The results show that human capital seems to be a subject that is relatively little reported about. The integrated reporting companies do not disclose more information compared to non-integrated reporting companies. However, the results show that integrated reporting companies seem to have a more future-oriented focus and that the disclosures are more dispersed throughout the reports. It can be concluded that company sector and size do not affect the amount or type of information. 

An auditory, acoustic, articulatory and sociophonetic study of Swedish Viby-i

The study investigates the acoustic, articulatory and sociophonetic properties of the Swedish /iː/ variant known as 'Viby-i' in 13 speakers of Central Swedish from Stockholm, Gothenburg, Varberg, Jönköping and Katrineholm. The vowel is described in terms of its auditory quality, its acoustic F1 and F2 values, and its tongue configuration. A brief, qualitative description of lip position is also included. Variation in /iː/ production is mapped against five sociolinguistic factors: city, dialectal region, metropolitan vs. urban location, sex and socioeconomic rating. Articulatory data is collected using ultrasound tongue imaging (UTI), for which the study proposes and evaluates a methodology. The study shows that Viby-i varies in auditory strength between speakers, and that strong instances of the vowel are associated with a high F1 and low F2, a trend which becomes more pronounced as the strength of Viby-i increases. The articulation of Viby-i is characterised by a lowered and backed tongue body, sometimes accompanied by a double-bunched tongue shape. The relationship between tongue position and acoustic results appears to be non-linear, suggesting either a measurement error or the influence of additional articulatory factors. Preliminary images of the lips show that Viby-i is produced with a spread but lax lip posture. The lip data also reveals parts of the tongue, which in many speakers appears to be extremely fronted and braced against the lower teeth, or sometimes protruded, when producing Viby-i. No sociophonetic difference is found between speakers from different cities or dialect regions. Metropolitan speakers are found to have an auditorily and acoustically stronger Viby-i than urban speakers, but this pattern is not matched in tongue backing or lowering. Overall the data shows a weak trend towards higher-class females having stronger Viby-i, but these results are tentative due to the limited size and stratification of the sample. Further research is needed to fully explore the sociophonetic properties of Viby-i.

Business model evolution and firm performance of entrepreneurial companies

This research explores the business model (BM) evolution process of entrepreneurial companies and investigates the relationship between BM evolution and firm performance. Recently, it has been increasingly recognised that the innovative design (and re-design) of BMs is crucial to the performance of entrepreneurial firms, as BM can be associated with superior value creation and competitive advantage. However, there has been limited theoretical and empirical evidence in relation to the micro-mechanisms behind the BM evolution process and the entrepreneurial outcomes of BM evolution. This research seeks to fill this gap by opening up the ‘black box’ of the BM evolution process, exploring the micro-patterns that facilitate the continuous shaping, changing, and renewing of BMs and examining how BM evolutions create and capture value in a dynamic manner. Drawing together the BM and strategic entrepreneurship literature, this research seeks to understand: (1) how and why companies introduce BM innovations and imitations; (2) how BM innovations and imitations interplay as patterns in the BM evolution process; and (3) how BM evolution patterns affect firm performances. This research adopts a longitudinal multiple case study design that focuses on the emerging phenomenon of BM evolution. Twelve entrepreneurial firms in the Chinese Online Group Buying (OGB) industry were selected for their continuous and intensive developments of BMs and their varying success rates in this highly competitive market. Two rounds of data collection were carried out between 2013 and 2014, which generates 31 interviews with founders/co-founders and in total 5,034 pages of data. Following a three-stage research framework, the data analysis begins by mapping the BM evolution process of the twelve companies and classifying the changes in the BMs into innovations and imitations. The second stage focuses down to the BM level, which addresses the BM evolution as a dynamic process by exploring how BM innovations and imitations unfold and interplay over time. The final stage focuses on the firm level, providing theoretical explanations as to the effects of BM evolution patterns on firm performance. This research provides new insights into the nature of BM evolution by elaborating on the missing link between BM dynamics and firm performance. The findings identify four patterns of BM evolution that have different effects on a firm’s short- and long-term performance. This research contributes to the BM literature by presenting what the BM evolution process actually looks like. Moreover, it takes a step towards the process theory of the interplay between BM innovations and imitations, which addresses the role of companies’ actions, and more importantly, reactions to the competitors. Insights are also given into how entrepreneurial companies achieve and sustain value creation and capture by successfully combining the BM evolution patterns. Finally, the findings on BM evolution contributes to the strategic entrepreneurship literature by increasing the understanding of how companies compete in a more dynamic and complex environment. It reveals that, the achievement of superior firm performance is more than a simple question of whether to innovate or imitate, but rather an integration of innovation and imitation strategies over time. This study concludes with a discussion of the findings and their implications for theory and practice.