Entrepreneurial failure and economic crisis: an historical perspective

This chapter analyses the major UK economic crises that have occurred since the speculative bubbles of the seventeenth century. It integrates insights from economic history and business history to analyse both the general economic conditions and the specific business and financial practices that led to these crises. The analysis suggests a significant reinterpretation of the evidence – one that questions economists’ conventional views.

Towards a Protocol for the Attachment of Metadata to Service Descriptions and its Use in Semantic Discovery

Service discovery in large scale, open distributed systems is difficult because of the need to filter out services suitable to the task at hand from a potentially huge pool of possibilities. Semantic descriptions have been advocated as the key to expressive service discovery, but the most commonly used service descriptions and registry protocols do not support such descriptions in a general manner. In this paper, we present a protocol, its implementation and an API for registering semantic service descriptions and other task/user-specific metadata, and for discovering services according to these. Our approach is based on a mechanism for attaching structured and unstructured metadata, which we show to be applicable to multiple registry technologies. The result is an extremely flexible service registry that can be the basis of a sophisticated semantically-enhanced service discovery engine, an essential component of a Semantic Grid.

Corporate governance failure and its impact on National Australia Bank's performance

The National Australia Bank (NAB) is the largest financial services institution listed on the Australian stock exchange and is within the 30 most profitable financial services organisation in the world. In January 2004, the bank disclosed to the public that it had identified losses relating to unauthorised trading in foreign currency options amounting to AUD360 million. This foreign exchange debacle was classified as operational risk, the risk of loss resulting from inadequate or failed processes, people, or systems and reiterated the importance of corporate governance for banks. Concurrent issues of National Australia Bank’s AUD4.1 billion loss on US HomeSide loans in 2001, the degree of strength of their risk management practices and lack of auditor independence, were raised by the US Securities and Exchange Commission in 2004, reinforcing the view that corporate governance had not been given the priority it deserved over a number of years. This paper will assess and critically analyse the impact of corporate governance failure by management and Board of Directors on NAB’s performance over the years 2001-2005.

Relationship marketing and pay TV: satisfaction, complaining behavior, service recovery, and repurchase

The aims of this research included demonstrating the detenninants of Pay TV subscriber satisfaction, and displaying the relationships between key aspects of relationship marketing, such as perceptions of value, satisfaction, customer complaint behavior and service recovery, and the intention to repurchase. A survey of 171 Australian respondents suggested that the perceived quality of the variety of the programs available and the perceived quality of the monthly program guide were major contributors to value, and that value was the main driver of overall satisfaction, which in tum was the main driver of the likelihood of disconnection from the Pay TV service. Those respondents who reported having a problem but not complaining directly about it were significantly more likely to have the intention to disconnect in the future, but they were not significantly different in tenns of their value perceptions or overall satisfaction.

The dimensions of self-service technologies and the relation to 'self'

This paper assesses the “behavioural” notion of “self” across the various dimensions of self-service technologies (SSTs). In the context of SSTs, it is acknowledged that the customer role is extended to include that of “service employee”. Therefore, the authors propose the need to explore this new role, from the customer’s perspective, across a diverse range of SSTs. This proposition is supported in that prior research has looked generally across a broad range of SSTs, as opposed to drawing comparisons across the different types of SSTs. In bringing together two classification schemes of SSTs, which does not appear to have been done previously, the authors draw on past research and industry examples to explore the customer experience across different categories of SSTs. It is proposed that the dimensions of SSTs, including level of customer participation as influenced by the purpose of the SST, location of the SST, and type of technology employed, will uniquely influence the notion of “self”, and thus the customer’s SST experience. These propositions have implications for both future research and practice. Future research is needed to study empirically the characteristics of specific SSTs, and compare the many different types of SSTs, and how their unique characteristics influence the customer’s production/consumption experience. When marketers gain a better understanding of the dimensions of individual SSTs, and their influence on the customer, more effective management and use of SSTs will result.

Service guarantees and customer satisfaction: an empirical study of guarantee type and service experience

Scenario analysis was used to examine empirically the relationships between guarantee type and service experience, and consumer satisfaction, for the service of an Internet Service Provider (ISP). The scenarios involved hypothetical situations in which several factors were varied: the existence of a problem; the invocation of a guarantee, the identity of the invoker; and the manner of resolution of any problem. Alternative service guarantees were associated with each hypothetical experience: a specific guarantee, and an unconditional guarantee. Overall, consumer satisfaction related to the nature of the service experience much more strongly than it did to the difference in guarantee type.

Corporate governance failure and its impact on National Australia Bank's performance

The National Australia Bank (NAB) is the largest financial services institution listed on the Australian stock exchange and is within the 30 most profitable financial services organisation in the world. In January 2004, the bank disclosed to the public that it had identified losses relating to unauthorised trading in foreign currency options amounting to AUD360 million. Thisforeign exchange debacle was classified as operational risk, the risk of loss resulting from inadequate or failed processes, people, or systems and reiterated the importance of corporate governance for banks. Concurrent issues of National Australia Bank's AUD4.1 billion loss on US HomeSide loans in 2001, the degree of strength of their risk management practices and lack of auditor independence, were raised by the US Securities and Exchange Commission in 2004, reinforcing the view that corporate governance had not been given the priority it deserved over a number of years. This paper will assess and critically analyse the impact of corporate governance failure by management and Board of Directors on NAB's performance over the years 2001-2005.

Service guarantee redress options in a hotel environment

Unconditional service guarantees are a popular marketing tool in the hotel industry worldwide. They promise total satisfaction and guests are free to invoke the guarantee whenever they are dissatisfied. While many hotels offer “money-back” compensation following guarantee invocation, others vary the payout depending on the severity of the service failure and still others will only compensate the customer if the problem leading to invocation of the guarantee cannot be fixed. To the researcher’s knowledge, the influence of compensation and fix (i.e., taking action to resolve the problem) on consumers’ perceptions of distributive justice has not been examined previously in a service guarantee context. This paper begins to address this gap by presenting a conceptual model and related propositions, arguing that redress (compensation and fix) is an important predictor of consumers’ perceptions of distributive justice, and that this relationship is moderated by service failure severity.

Exploring the relationship between customer loyalty to the service worker and customer citizenship behaviors to the service organization

This paper conceptualizes the positive relationship between customer loyalty to the service worker (personal loyalty) and customer citizenship behaviors to the service organization including: positive word of mouth; suggestions for improvements; customer participation in activities; benevolent acts of service facilitation; customer policing; customer flexibility; customer voice and displays of relationship affiliation.

Self-service technologies and voice intentions : an empirical investigation

Consumer dissatisfaction with self-service technologies (SSTs) has become prevalent. Although consumers’ voice has been studied in the interpersonal services context, in the context of SSTs it has been subject to very little conceptual or empirical scrutiny. To fill this void, this study tests empirically a model of the antecedents of consumers’ voice intentions in the context of unsatisfactory SST encounters. The findings suggest the need to integrate both “new” and “conventional” complaint behaviour management in the SST setting.