Ownership structure and business evaluation practices in family SMEs : evidence from empirical research in Italy

This paper presents early results from a pilot project which aims to investigate the relationship between proprietary structure of small and medium- sized Italian family firms and their owners’ orientation towards a “business evaluation process”. Evidence from many studies point out the importance of family business in a worldwide economic environment: in Italy 93% of the businesses are represented by family firms; 98% of them have less than 50 employees (Italian Association of Family Firms, 2004) so we judged family SMEs as a relevant field of investigation. In this study we assume a broad definition of family business as “a firm whose control (50% of shares or voting rights) is closely held by the members of the same family” (Corbetta,1995). “Business evaluation process” is intended here both as “continuous evaluation process” (which is the expression of a well developed managerial attitude) or as an “immediate valuation” (i.e. in the case of new shareholder’s entrance, share exchange among siblings, etc). We set two hypotheses to be tested in this paper: the first is “quantitative” and aims to verify whether the number of owners (independent variable) in a family firm is positively correlated to the business evaluation process. If a family firm is led by only one subject, it is more likely that personal values, culture and feelings may affect his choices more than “purely economic opportunities”; so there is less concern about monitoring economic performance or about the economic value of the firm. As the shareholders’ number increases, economic aspects in managing the firm grow in importance over the personal values and "value orientation" acquires a central role. The second hypothesis investigates if and to what extent the presence of “non- family members” among the owners affects their orientation to the business evaluation process. The “Cramer’s V” test has been used to test the hypotheses; both were not confirmed from these early results; next steps will lead to make an inferential analysis on a representative sample of the population.

Competitive advantages as a foundation for social advantage: The role of social enterprise in regional development

The belief that regions play a role in determining national economic development and that advantages are found at the local and regional level has been the focus of economic geography and development studies over the last 10 years. However, this issue has historically been dominated by economic perspectives, industrial firms, and public bodies. In recent years the social economy is starting to receive greater attention in creating regional advantage as well as ameliorating regional disadvantage. The social economy includes the impact of the third sector such as social enterprises. This paper proposes that understanding the role and function of social enterprise will enable a more nuanced understanding of the socio-economic aspects of regional development. Drawing upon Oliver’s (1997) framework for sustainable competitive advantage it is argued that this established management framework provides a valuable foundation for examining the organisational resources that social enterprise need to operate effectively, as well as the socio-economic resources they produce for regional communities.

Investigating the future of project management : a co-word analysis approach

If Project Management (PM) is a well-accepted mode of managing organizations, more and more organizations are adopting PM in order to satisfy the diversified needs of application areas within a variety of industries and organizations. Concurrently, the number of PM practitioners and people involved at various level of qualification is vigorously rising. Thus the importance to characterize, define and understand this field and its underlying strength, basis and development is paramount. For this purpose we will referee to sociology of actor-networks and qualitative scientometrics leading to the choice of the co-word analysis method in enabling us to capture the project management field and its dynamics. Results of a study based on the analysis of EBSCO Business Source Premier Database will be presented and some future trends and scenarios proposed. The main following trends are confirmed, in alignment with previous studies: continuous interest for the “cost engineering” aspects, on going interest for Economic aspects and contracts, how to deal with various project types (categorizations), the integration with Supply Chain Management and Learning and Knowledge Management. Furthermore besides these continuous trends, we can note new areas of interest: the link between strategy and project, Governance, the importance of maturity (organizational performance and metrics, control) and Change Management. We see the actors (Professional Bodies, Governmental Bodies, Agencies, Universities, Industries, Researchers, and Practitioners) reinforcing their competing/cooperative strategies in the development of standards and certifications and moving to more “business oriented” relationships with their members and main stakeholders (Governments, Institutions like European Community, Industries, Agencies, NGOs…), at least at central level.

Conclusion

Grasslands occupy approximately half of the ice-free land area of the world, make up about 70 percent of the world's agricultural area, and are an important agricultural resource, particularly in areas where people are among the most food insecure. Despite their significant potential for carbon (C) sequestration and emission reductions, they are currently not included in international agreements to reduce greenhouse gas (GHG) emissions. The chapters in this book have presented new data on management systems that could sequester C in the soil or biomass, assessed the policy and economic aspects of C sequestration in grassland soils, and evaluated limitations and those techniques required to capitalize on grassland C sequestration as a viable component of mitigation strategy.

Governing virtual worlds : to what extent is it possible to empower players and preserve their rights in virtual worlds, and what is the best method of doing so?

In this paper the author considers the possibilities for establishing democratic governance in virtual worlds. He looks at the freedoms currently available to players in “Second Life”, contrasting these to those established in Raph Koster’s “A Declaration of the Rights of Avatars”, and assess whether some restrictions are more necessary in game spaces than social spaces. The author looks at the early implementations of self-governance in online spaces, and consider what lessons can be taken from these, investigating what a contemporary democratic space looks like, in the form of “A Tale in the Desert”, and finally considers how else we may think of giving players more rights in these developing social spaces.

A lesson from cyclone Larry: An untold story of the success of good coastal planning

When tropical cyclone Larry crossed the Queensland coast on 20 March 2006, commercial, recreational and naval vessels in the port of Cairns, 60 km north of the eye of the cyclone and others closer to the eye, were protected from the destructive winds by sheltering in deep mangrove creeks in Trinity Inlet and off other coastal rivers. The Trinity Inlet mangroves are protected under the comprehensive multi-use Trinity Inlet Management Plan, agreed by the local and state government agencies (Cairns City Council, the Cairns Port Authority and the Queensland Government). Using this Australian example and one from the town of Palompon in Leyte province, central Philippines, we show how long-term mangrove habitat protection resulting from well-conceived coastal planning can deliver important economic and infrastructure benefits.

Australian innovation ecosystem: A critical review of the national innovation support mechanisms

Innovation is understood as the combination of existing ideas or the generation of new ideas into new processes, products and services, and widely viewed as the main driver of growth in contemporary economies. In the age of the knowledge economy, successful economic development is intimately linked to a country’s capacity to generate, acquire, absorb, disseminate, and apply innovation towards advanced technology products and services. This development approach is labelled as knowledge-based economic development and highly associated with a capacity embodied in a country’s national innovation ecosystem. The research reported in this paper aims to critically review the Australian innovation ecosystem in order to provide a better understanding on the potential impacts of policy and support mechanisms on the innovation and knowledge generation capacity. The investigation places Australia’s innovation system and national-level innovation support mechanisms under the microscope. The methodology of the study is twofold. Firstly, it undertakes a critical review of the literature and government policy documents to better understand the innovation policy and support mechanisms in the country. It, then, conducts a survey to capture Australian innovation companies’ perceptions on the role and effectiveness of the existing innovation incentive programs. The paper concludes with a discussion on the key insights and findings and potential policy and support directions of the country to achieve a flourishing knowledge economy.

Recognising the necessity for Indo-Pacific seagrass conservation.

Seagrass meadows are declining globally at an unprecedented rate, yet these valuable ecosystem service providers remain marginalized within many conservation agendas. In the Indo-Pacific, this is principally because marine conservation priorities do not recognize the economic and ecological value of the goods and services that seagrasses provide. Dependency on coastal marine resources in the Indo-Pacific for daily protein needs is high relative to other regions and has been found in some places to be up to 100%. Habitat loss therefore may have negative consequences for food security in the region. Whether seagrass resources comprise an important contribution to this dependency remains largely untested. Here, we assemble information sources from throughout the Indo-Pacific region that discuss shallow water fisheries, and examine the role of seagrass meadows in supporting production, both directly, and indirectly through process of habitat connectivity (e.g., nursery function and foraging areas). We find information to support the premise that seagrass meadows are important for fisheries production. They are important fishery areas, and they support the productivity and biodiversity of coral reefs. We argue the value of a different paradigm to the current consensus on marine conservation priorities within the Indo-Pacific that places seagrass conservation as a priority.

Using catch rate data for simple cost-effective quota setting in the Australian spanner crab (Ranina ranina) fishery.

For many fisheries, there is a need to develop appropriate indicators, methodologies, and rules for sustainably harvesting marine resources. Complexities of scientific and financial factors often prevent addressing these, but new methodologies offer significant improvements on current and historical approaches. The Australian spanner crab fishery is used to demonstrate this. Between 1999 and 2006, an empirical management procedure using linear regression of fishery catch rates was used to set the annual total allowable catch (quota). A 6-year increasing trend in catch rates revealed shortcomings in the methodology, with a 68% increase in quota calculated for the 2007 fishing year. This large quota increase was prevented by management decision rules. A revised empirical management procedure was developed subsequently, and it achieved a better balance between responsiveness and stability. Simulations identified precautionary harvest and catch rate baselines to set quotas that ensured sustainable crab biomass and favourable performance for management and industry. The management procedure was simple to follow, cost-effective, robust to strong trends and changes in catch rates, and adaptable for use in many fisheries. Application of such “tried-and-tested” empirical systems will allow improved management of both data-limited and data-rich fisheries.

Optimaalinen rangaistus talousrikoksesta : Tutkimus velallisen rikoksista

Optimal Punishment of Economic Crime: A Study on Bankruptcy Crime This thesis researches whether the punishment practise of bankruptcy crimes is optimal in light of Gary S. Becker’s theory of optimal punishment. According to Becker, a punishment is optimal if it eliminates the expected utility of the crime for the offender and - on the other hand - minimizes the cost of the crime to society. The decision process of the offender is observed through their expected utility of the crime. The expected utility is calculated based on the offender's probability of getting caught, the cost of getting caught and the profit from the crime. All objects including the punishment are measured in cash. The cost of crimes to the society is observed defining the disutility caused by the crime to the society. The disutility is calculated based on the cost of crime prevention, crime damages, punishment execution and the probability of getting caught. If the goal is to minimize the crime profits, the punishments of bankruptcy crimes are not optimal. If the debtors would decide whether or not to commit the crime solely based on economical consideration, the crime rate would be multiple times higher than the current rate is. The prospective offender relies heavily on non-economic aspects in their decision. Most probably social pressure and personal commitment to oblige the laws are major factors in the prospective criminal’s decision-making. The function developed by Becker measuring the cost to society was not useful in the measurement of the optimality of a punishment. The premise of the function that the costs of the society correlate to the costs for the offender from the punishment proves to be unrealistic in observation of the bankruptcy crimes. However, it was observed that majority of the cost of crime for the society are caused by the crime damages. This finding supports the preventive criminal politics.

Exploring the role of lean thinking in sustainable business practice

A large and growing body of literature has explored corporate environmental sustainability initiatives and their impacts locally, regionally and internationally. While the initiatives provide examples of environmental stewardship and cleaner production, a large proportion of the organisations considered in this literature have ‘sustainable practice’, ‘environmental stewardship’ or similar goals as add-ons to their core business strategy. Furthermore, there is limited evidence of organizations embracing and internalising sustainability principles throughout their activities, products or services. Many challenges and barriers impede outcomes as whole system design or holistic approach to address environmental issues, with some evidence to suggest that targeted initiatives could be useful in making progress. ‘Lean management’ and other lean thinking strategies are often put forward as part of such targeted approaches. Within this context, the authors have drawn on current literature to undertake a review of lean thinking practices and how these influence sustainable business practice, considering the balance of environmental and economic aspects of triple bottom line in sustainability. The review methodology comprised firstly identifying theoretical constructs to be studied, developing criteria for categorising the literature, evaluating the findings within each category and considering the implications of the findings for areas for future research. The evaluation revealed two main areas of consideration: - a) lean manufacturing tools and environmental performance, and; - b) integrated lean and green models and approaches. However the review highlighted the ad hoc use of lean thinking within corporate sustainability initiatives, and established a knowledge gap in the form of a system for being able to consider different categories of environmental impacts in different industries and choose best lean tools or models for a particular problem in a way to ensure holistic exploration. The findings included a specific typology of lean tools for different environmental impacts, drawing from multiple case studies. Within this research context, this paper presents the findings of the review; namely the emerging consensus on the relationships between lean thinking and sustainable business practice. The paper begins with an overview of the current literature regarding lean thinking and its documented role in sustainable business practice. The paper then includes an analysis of lean and green paradigms in different industries; and describes the typology of lean tools used to reduce specific environmental impacts and, integrated lean and green models and approaches. The paper intends to encourage industrial practitioners to consider the merits and potential risks with using specific lean tools to reduce context-specific environmental impacts. It also aims to highlight the potential for further investigation with regard to comparing different industries and conceptualising a generalizable system for ensuring lean thinking initiatives build towards sustainable business practice.

A Critical Evaluation of the MARS Treatment in Finland

The Molecular Adsorbent Recirculating System (MARS) is an extracorporeal albumin dialysis device which is used in the treatment of liver failure patients. This treatment was first utilized in Finland in 2001, and since then, over 200 patients have been treated. The aim of this thesis was to evaluate the impact of the MARS treatment on patient outcome, the clinical and biochemical variables, as well as on the psychological and economic aspects of the treatment in Finland. This thesis encompasses 195 MARS-treated patients (including patients with acute liver failure (ALF), acute-on-chronic liver failure (AOCLF) and graft failure), and a historical control group of 46 ALF patients who did not undergo MARS. All patients received a similar standard medical therapy at the same intensive care unit. The baseline data (demographics, laboratory and clinical variables) and MARS treatment-related and health-related quality-of-life data were recorded before and after treatment. The direct medical costs were determined for a period of 3.5 years.Additionally, the outcome of patients (survival, native liver recovery and need for liver transplantation) and survival predicting factors were investigated. In the outcome analysis, for the MARS-treated ALF patients, their 6-month survival (75% vs. 61%, P=0.07) and their native liver recovery rate (49% vs. 17%, P<0.001) were higher, and their need for transplantations was lower (29% vs. 57%, P= 0.001) than for the historical controls. However, the etiological distribution of the ALF patients referred to our unit has changed considerably over the past decade and the percentage of patients with a more favorable prognosis has increased. The etiology of liver failure was the most important predictor of the outcome. Other survival predicting factors in ALF included hepatic encephalopathy, the coagulation factors and the liver enzyme levels prior to MARS treatment. In terms of prognosis, the MARS treatment of the cirrhotic AOCLF patient seems meaningful only when the patient is eligible for transplantation. The MARS treatment appears to halt the progression of encephalopathy and reduce the blood concentration of neuroactive amino acids, albumin-bound and water-soluble toxins. In general, the effects of the MARS treatment seem to stabilize the patients, thus allowing additional time either for the native liver to recover, or for the patients to endure the prolonged waiting for transplantation. Furthermore, for the ALF patients, the MARS treatment appeared to be less costly and more cost-efficient than the standard medical therapy alone. In conclusion, the MARS treatment appears to have a beneficial effect on the patient outcome in ALF and in those AOCLF patients who can be bridged to transplantation.

The Finnish Competition State and Entrepreneurial Policies in the Helsinki Region

The thesis examines the intensification and characteristics of a policy that emphasises economic competitiveness in Finland during the 1990s and early 2000s. This accentuation of economic objectives is studied at the level of national policy-making as well as at the regional level through the policies and strategies of cities and three universities in the Helsinki region. By combining the analysis of state policies, urban strategies and university activities, the study illustrates the pervasiveness of the objective of economic competitiveness and growth across these levels and sheds light on the features and contradictions of these policies on a broad scale. The thesis is composed of five research articles and a summary article. At the level of national policies, the central focus of the thesis is on the growing role of science and technology policy as a state means to promote structural economic change and its transformation towards a broader, yet ambivalent concept of innovation policy. This shift brings forward a tension between an increasing emphasis on economic aspects – innovations and competitiveness – as well as the expanding scope of issues across a wide range of policy sectors that are being subsumed under this market- and economy oriented framework. Related to science and technology policy, attention is paid to adjustments in university policy in which there has been increasing pressure for efficiency, rationalisation and commercialisation of academic activities. Furthermore, political efforts to build an information society through the application of information and communication technologies are analysed with particular attention to the balance between economic and social objectives. Finally, changes in state regional policy priorities and the tendency towards competitiveness are addressed. At the regional level, the focus of the thesis is on the policies of the cities in Finland’s capital region as well as strategies of three universities operating in the region, namely the University of Helsinki, Helsinki University of technology and Helsinki School of Economics. As regards the urban level, the main focus is on the changes and characteristics of the urban economic development policy of the City of Helsinki. With respect to the universities, the thesis examines their attempts to commercialise research and thus bring academic research closer to economic interests, and pays particular attention to the contradictions of commercialisation. Related to the universities, the activities of three intermediary organisations that the universities have established in order to increase cooperation with industry are analysed. These organisations are the Helsinki Science Park, Otaniemi International Innovation Centre and LTT Research Ltd. The summary article provides a synthesis of the material presented in the five original articles and relates the results of the articles to a broader discussion concerning the emergence of competition states and entrepreneurial cities and regions. The main points of reference are Bob Jessop’s and Neil Brenner’s theses on state and urban-regional restructuring. The empirical results and considerations from Finland and the Helsinki region are used to comment on, specify and criticise specific parts of the two theses.

A Success Story or a Failure? : Representing the European Integration in the Curricula and Textbooks of Five Countries

The economic, political and social face of Europe has been changing rapidly in the past decades. These changes are unique in the history of Europe, but not without challenges for the nation states. The support for the European integration varies among the countries. In order to understand why certain developments or changes are perceived as threatening or as desired by different member countries, we must consider the social representations of the European integration on the national level: how the EU is represented to its citizens in media and in educational systems, particularly in the curricula and textbooks. The current study is concerned with the social representations of the European integration in the curricula and school textbooks in five European countries: France, Britain, Germany, Finland and Sweden. Besides that, the first volume of the common Franco-German history textbook was analyzed, since it has been seen as a model for a common European history textbook. As the collective representations, values and identities are dominantly mediated and imposed through media and educational systems, the national curricula and textbooks make an interesting starting point for the study of the European integration and of national and European identities. The social representations theory provides a comprehensive framework for the study of the European integration. By analyzing the curricula and history and civics textbooks of major educational publishers, the study aimed to demonstrate what is written on the European integration and how it is portrayed how the European integration is understood, made familiar and concretized in the educational context in the five European countries. To grasp the phenomenon of the European integration in the textbooks in its entirety, it was investigated from various perspectives. The two analysis methods of content analysis, the automatic analysis with ALCESTE and a more qualitative theory-driven content analysis, were carried out to give a more vivid and multifaceted picture of the object of the research. The analysis of the text was complemented with the analysis of visual material. Drawing on quantitative and qualitative methods, the contents, processes, visual images, transformations and structures of the social representations of European integration, as well as the communicative styles of the textbooks were examined. This study showed the divergent social representations of the European integration, anchored in the nation states, in the five member countries of the European Union. The social representations were constructed around different central core elements: French Europe in the French textbooks, Ambivalent Europe in the British textbooks, Influential and Unifying EU in the German textbooks, Enabling and Threatening EU in the Finnish textbooks, Sceptical EU in the Swedish textbooks and EU as a World Model in the Franco-German textbook. Some elements of the representations were shared by all countries such as peace and economic aspects of the European cooperation, whereas other elements of representations were found more frequently in some countries than in others, such as ideological, threatening or social components of the phenomenon European integration. The study also demonstrated the linkage between social representations of the EU and national and European identities. The findings of this study are applicable to the study of the European integration, to the study of education, as well as to the social representation theory.