bluuebunny/crossref_metadata_2025 huggingface dataset:
An analysis of the requirements for DSS on integrated river basin management
Authors: Evers Mariele
Published: January 2008

Purpose

The purpose of this paper is to review the crucial elements of integrated river basin management (IRBM) and their legal frameworks which have to be considered in a comprehensive management approach. A wide range of decision support systems (DSS) have been developed for IRBM‐related fields during the last few decades. However, most of the developed systems are either not used in practice or are used by people other than those they were designed for. The paper also discusses whether DSS are useful for IRBM and presents the requirements which have to be considered in the development of IRBM‐DSS.

Design/methodology/approach

Beside literature research, a variety of requirement elicitation techniques such as interviews, buzz groups, questionnaire and prototype evaluation were employed. Feedback from roughly 200 experts representing different work fields and river basins in Central and Western Europe was collected.

Findings

Different legal frameworks of IRBM fields were analysed with a view to determining whether they can be applied in a comprehensive approach. Broad elicitations affirm that DSS can assist in various phases of planning and management processes. Some general requirements of DSS for IRBM can be identified which should be considered in DSS development. DSS can be described as socio‐technical instruments and “communication vehicles” because of their multiple roles in participation processes.

Practical implications

The paper illustrates different elicitation techniques used to specify what users require of DSS. Furthermore, it describes some essential requirements for DSS development such as the main added value, key functionalities and factors for successful implementation.

Originality/value

The described results are based on my own studies and elicitations which have been conducted in the course of the past two years.
Identification of households' barriers to energy saving solutions
Authors: Throne‐Holst Harald , Strandbakken Pål , Stø Eivind
Published: January 2008

Purpose

The purpose of this paper is to identify households' barriers to energy saving solutions. Six types of barriers are introduced. The question to be answered is: what is the strength and relevance of the various barriers for changing consumer energy behaviour?

Design/methodology/approach

The method is focus group interviews. Focus groups do not aim at giving a representative picture of the population at large, but aim at recording and documenting a wide range of typical responses and reactions. The focus groups were recruited among a group of people who were actively looking for new dwellings and a reference group of environmentally conscious participants.

Findings

Three barriers out of the six proposed were found to be relevant in this study: Cultural‐normative, economic and information.

Research limitations/implications

Energy saving solutions are technically and socially complex matters, so it is important to advice and guide consumers to make changes that contribute substantially, rather than mere symbolic changes.

Practical implications

The finding that consumers not only need information on what and how to save energy, but also need help in identifying when they should do their investments is important for various actors involved in implementation of energy saving solutions.

Originality/value

Measures in the field of energy savings have had various successes. This article which concentrates on the barriers in this field can contribute to increased success rates.
Capital structure decisions: research in Estonian non‐financial companies
Authors: Seppa Raul
Published: January 2008

Purpose

To investigate the relations between company‐specific financial factors and the capital structure decisions of Estonian non‐financial companies and to examine behavioral differences between companies of different sizes.

Design/methodology/approach

Totally 260 Estonian non‐financial companies are divided into small‐, medium‐ and large‐companies, each sample being analysed by correlation‐regression method in two aspects – impact of financial factors on static capital structure and capital structure dynamics. Companies' financial statements of 2002/2003 or 2003/2004 are used. Finally, capital structure adjustments in extreme boundaries are analyzed.

Findings

Capital structure decisions among Estonian non‐financial companies are driven by the pecking order theory, the evidences supporting optimal capital structure choices in long run remain weak. The robustness of the pecking order behavior significantly differs between smaller and bigger companies.

Research limitations/implications

Limited number of companies surveyed due to hard manual work required to adjust financial accounts. Implication of findings is somewhat limited as the study covers a single country.

Originality/value

The paper helps to identify financial drivers and to understand motivations behind capital structure decisions of emerging market companies and it supplements earlier studies. Quasi‐equity debt distorts the observed capital structures. Capital structure is adjusted for operating leases and quasi‐equity debt to identify true amount put at risk and its mix between owners and external lenders.
The evaluation of e‐commerce impact on business efficiency
Authors: Baršauskas Petras , Šarapovas Tadas , Cvilikas Aurelijus
Published: January 2008

Purpose

The paper aims to determine and assess the cost positions that mostly impact the company total cost efficiency in supply chain management under theoretical and empirical background.

Design/methodology/approach

In the paper, the systemic and logical analysis of e‐commerce expert research made over the past several years was used. For the empirical research, the data of a wholesale company cost structure and processes management was used.

Findings

Major findings allow stating that e‐commerce adoption in business has a positive impact on business efficiency in several areas. The quantitative and qualitative analysis of e‐commerce impact on business efficiency shows that the main cost positions, which directly depend on e‐commerce adoption and use, and experience quite big changes, are average cost of inventory management, the cost of materials ordering process, and the cost of labour.

Research limitations/implications

The presented empirical research confirms the theoretical implications of e‐commerce impact on business efficiency. Using this information, the future research should be made on evaluation of indirect e‐commerce impact on business efficiency.

Practical implications

The empirical research of e‐commerce adoption in a wholesale company confirms that the main areas where e‐commerce has an important positive impact on business efficiency are the cost of inventory management, the cost of materials ordering process and the cost of labour.

Originality/value

The e‐commerce impact on business result analysis is improved by detailed costs, which depend on e‐commerce adoption, analysis and definition of e‐commerce impact on business results, by evaluating the business efficiency in quantitative and qualitative forms.
Recovering the past: reviving the legacy of the early scholars of corporate social responsibility
Authors: Marens Richard
Published: January 2008

Purpose

The purpose of this paper is to elucidate and explain the origins and transformation of the study of corporate social responsibility (CSR) over its half‐century history.

Design/methodology/approach

This paper is a historical study in two parts. The first and larger part examines the CSR literature of the 1950s from both an intellectual and social perspective. It not only analyzes the content of these writings, but it also places them and their authors in a political and economic context. The second part explains why so many of the themes and approaches of this first generation have been abandoned by more recent CSR scholars by pointing to decisive changes in the American social and political environment.

Findings

Early CSR research was a product of the cataclysmic events that the scholars in this field experienced personally and professionally, most importantly the labor conflicts of the 1930s and the uneasy labor peace that subsequently followed. By contrast, the more modern approach that emphasizes the ethics of executive decision making became the dominant paradigm in the 1980s when institutional support for a macro perspective disappeared.

Practical implications

The first generation of scholars were concerned with issues of economic fairness and the independence of governments from interest group pressures. With these issues currently reasserting themselves on a global level, modern scholars could learn a great deal from studying the insights and practical experience of these neglected thinkers.

Originality/value

This is both the first in‐depth study of the content and origins of early CSR scholarship and an explanation of its limited influence.
The Man in the Gray Flannel Suitin the executive suite
Authors: Spector Bert
Published: January 2008

Purpose

The purpose of this paper is to analyze how popular culture in general and movies in particular both reflected and shaped public attitudes to newly emerging corporate giants in the 1950s; to demonstrate how that view was itself shaped by political context and prevailing American ideology.

Design/methodology/approach

The paper rests on a content analysis of 11 corporate films released in the USA between 1954 and 1960.

Findings

Studying corporate movies during the 1950s lends an appreciation of the salience of understanding the political/cultural context of business history. The movies also reflected Cold War realities: the constraints imposed by an anti‐communist blacklist, and the belief – hope, perhaps – that capitalist corporations would stand as a bulwark against the alien ideology of Communism.

Research limitations/implications

The films studied are all US‐made. Studying films from later decades might also lend additional perspective.

Originality/value

The paper demonstrates the value of considering political context and ideology in understanding business history.
Building An Effective Competitive Intelligence System
Authors: Grabowski Daniel P.
Published: January 2008

This article suggests that there is a need to establish an active competitive intelligence function as an integral part of a corporation's existing operations structure. The author goes on to outline how such an intelligence function can be organized utilizing existing resources. An example of the types of information to be collected, and how it can be used to predict a competitor's actions, is also presented.
The Road To Reindustrialization Begins And Ends In The Marketplace
Authors: Smackey Bruce M. , Kolchin Michael G.
Published: January 2008

Based on empirical findings from three industries—steel, electric utility, and health care—reindustrialization should not be viewed as simply the investment of substantial amounts of capital into stagnant or profit‐poor industries. Reindustrialization requires an analysis of the marketplace and an identification of what is necessary to meet customer needs on a competitive basis. The “bottom line” of a company's customer is THE “bottom line.”
THE LAW AND SELLING
Authors: Vaccaro Joseph P.
Published: January 2008

Salespeople assume legal obligations every time they talk with a potential buyer. Obviously, the sales manager is ultimately accountable for these obligations. It is crucial, then, that the sales manager and the sales force of today be cognizant of the part a sales presentation may play in creating a legal warranty. The sales manager must be conscious of the increasing legal penetration into the sales area. It is more and more difficult to direct the sales force to give one's product every available edge, yet stay within the boundaries of the law. The sales manager, therefore, should make all salespeople aware of the legal implications of what they communicate to the customer. In addition, the sales force must realize the importance of its sales delivery in view of the law. There is no excuse for ignorance, for there is an abundance of information available in the form of books, periodicals, and government documents. Care must be taken to insure that the required restraints on ambitious salespeople doesn't weaken their spirits and morale — resulting in fewer sales — but the costs and legal suits avoided, and the good‐will that is retained may more than compensate. Prior to dealing with the specifics of the salesperson's behavior and its legal implications, the pertinent portions of the Uniform Commercial Code are briefly reviewed.
BUSINESS‐TO‐BUSINESS: A VALUE‐ADDED SERVICE TO BUILD OPPORTUNITY
Authors: Zibrun S. Michael
Published: January 2008

Utilization of the telephone to add incremental business is now an accepted merchandising approach. What only a few short years ago was viewed as “nuisance calls” has now developed into a second‐level marketing arm at firms and associations across the country. This report overviews this “newest” marketing tool — its roots, structure, pitfalls, and potential.
POST‐SHIPMENT SERVICES: TURNING CUSTOMER COMPLAINTS INTO ASSETS
Authors: Cooke Ernest F.
Published: January 2008

A major area of customer complaints involves warranty and nonwarranty repairs for industrial durables (capital goods). A customer‐oriented approach is necessary to solve these problems.
MARKETING PRESCIENCE: PICKING THE RIGHT HORSE
Authors: Melville Donald R.
Published: January 2008

The point of marketing prescience is to predict what customers may want in the future so that you can tailor your products or services to their future needs. The key to marketing prescience is to have an open mind, using any and all experience, working from analogy, and accepting ideas from any source, or from any person, no matter how bizarre the idea may appear at first blush. Conversely, the major inhibition to marketing prescience is the closed mind, the mind that says, “We have tried that before” or “It cannot work” or “It's a stupid idea.”
QUALITATIVE INSIGHTS INTO COMPANY EXPERIENCES IN INTERNATIONAL MARKETING RESEARCH
Authors: Tamer Cavusgil S.
Published: January 2008

Relying upon personal interviews with 70 companies, this article offers some conclusions on the nature and scope of international marketing research activities. Specifically, the analysis provides a general characterization of such activities and gives specific examples of how companies approach international marketing research. Various indicators of market potential used by companies are also discussed. A categorization of research themes is offered based upon level of company internationalization. Use of various sources of information is discussed. Finally, specific approaches to foreign market opportunity analysis are highlighted and illustrated with company experiences.
TOWARD MORE REALISTIC FORECASTS FOR HIGH‐TECHNOLOGY PRODUCTS
Authors: Wheeler David R. , Shelley Charles J.
Published: January 2008

Forecasts of demand for innovative, high‐technology products in the 1980s have usually erred on the high side, often by as much as 50 percent or more. Business decisions based on those inflated forecasts have sometimes spelled disaster: empty plants, layoffs, even bankruptcy. This article examines the problem of overoptimistic forecasting in the high‐technology arena, offers reasons for this bias, and suggests some action recommendations which can be applied by high‐tech decision makers to make forecasts more realistic. These recommendations include getting to know your market better, developing forecasting judgment, and finally, applying a “deflator” of up to 30–50 percent to forecasts that involve an abnormally high level of risk.
ORGANIZING FOR GLOBAL IDENTITY
Authors: Hartigan Maureen F.
Published: January 2008

Organizing a communications function for a “global” company and focusing its marketing image offer rare opportunities and challenges. Yet it is possible to do so, and to do it profitably.
USING TRANSPORTATION INTERMEDIARIES FOR INDUSTRIAL PURCHASING DECISIONS
Authors: Morash Edward A.
Published: January 2008

One of the less observed results of transportation deregulation has been the explosive growth of transportation intermediaries or third‐party specialists such as brokers, shippers' agents and integrated leasing companies for use by industrial purchasers and marketing management. Such transportation intermediaries have the performance potential and apparent reasons for existence to suggest that they can both reduce delivered product costs and enhance service quality attributes to promote a company's competitive advantage. In a broader sense, intermediaries may be ideally positioned to assist in coordinating and processing information for the entire value‐added chain.
MARKETING CHANGES THE CORPORATE CULTURE
Authors: Messikomer Edwin E.
Published: January 2008

Given the intensity of competition in today's world marketplace, it is difficult to find an American manager who isn't telling his organization to strengthen its marketing function. As a consequence, those of us in marketing often find ourselves receiving an increased share of corporate assets as well as more visible support from senior management. As welcome as such assets and support are, however, they are only part of what is needed to turn a company into a first‐class marketing organization. The real goal must be the creation of a marketing community within the company.
THE SALES FORCE AS A MARKETING INTELLIGENCE SYSTEM
Authors: Festervand Troy A. , Grove Stephen J. , Eric Reidenbach R.
Published: January 2008

In recent years the importance of market‐related information obtained by the sales force and used in marketing decision making has been recognized, but seldom studied. Where investigations have explored the sales force intelligence‐gathering function, researchers have focused on selected aspects of this activity and generally ignored the overall system in which information collection and transfer take place. This article attempts to satisfy the need for such a system by presenting a model of the sales force intelligence‐gathering function.
PRICING DECISION MAKING FOR HIGH‐TECHNOLOGY PRODUCTS AND SERVICES
Authors: Grunenwald Joseph P. , Vernon Thomas T.
Published: January 2008

High‐technology markets are characterized by rapid evolution that alters the emphasis existing in some traditional marketing decisions. This article examines the nature of these markets and suggests certain factors for special consideration in the pricing decision. First, it relates the economic, technological, and competitive factors that affect the firm's objectives. Then, it examines these factors and offers alternative strategies in view of high‐technology dynamics.
PROMOTING COMMODITY PRODUCTS WITH CO‐OP
Authors: Maizel Sanford
Published: January 2008

It's no secret that an aggressive co‐op advertising campaign can make an important difference in the marketing of branded consumer products. Consumers do buy the items by brand name, and therefore they can and will respond to the kind of “where‐to‐buy” information that conventional use of co‐op allowances delivers so well.
BRIDGING THEORY AND PRACTICE IN THE ALLOCATION OF SALES AND PROMOTIONAL RESOURCES WITHIN CUSTOMER ORGANIZATIONS
Authors: Ghingold Morry
Published: January 2008

Business marketers' sales and promotional costs continue to escalate. These marketers face complex problems in identifying and reaching key influencers in targeted prospect organizations. This article links current developments in industrial buying behavior theory and research to the problem of allocating sales and promotional resources. It defines a customer‐driven approach, specifying that marketer actions be linked to the prospect organization's buying activities. Specifically, the phase or stage of the buying process, the makeup of the decision‐making unit over time, and the roles played by buying participants, particularly stakeholders, should all dictate the content, timing, and targeting of sales and promotional efforts. An outline framework for allocating these resources is proposed and an overview of how buying and selling activities interact is presented.
CONTINGENCY PRICING FOR IMPROVED PROFIT PERFORMANCE
Authors: LaPlaca Peter J.
Published: January 2008

During the past decade few areas of marketing strategy have received more attention than the establishment and implementation of pricing strategies. This emphasis has been due in part to the erosion of purchasing power during the past ten years. Both individual household income and real company profits (profits discounted for the impact of inflation) suffered declines which have only recently been turned around.
Cash Management in ICI
Authors: Clements Alan W.
Published: January 2008

An article on cash management in a multinational company like ICI can easily become boringly factual and descriptive. I propose, therefore, in this short paper to attempt to do two things—first, to say what I, personally, think the role of the finance function in a large company is, and how important the job of cash management is within that total role; and second, to highlight some of the more significant and interesting aspects of cash management in a large group, involved in world‐wide activities, and under modern conditions.
Corporate Planning ‐ the making of Strategy
Authors: Hussey D.E.
Published: January 2008

It is very easy to obtain agreement that corporate planning is a “good thing”, for the idea of planning has a powerful appeal to logic and reason which few would dare to refute. The need for planning is not, unfortunately, the same as the ability to plan well and it is in the performance that corporate planning can so easily come to grief Because it is never possible to turn the clock back, the success or failure of corporate planning is often hidden from view, and planners share the distinction with economists of always being able to “prove” they were right— simply because no one can prove they were wrong!
What's in a Balance Sheet?
Authors: Farmer Ray
Published: January 2008

An enterprise may appoint a specialist to assume responsibility for financial management, but his achievements will be constrained to the extent that other functional managers, at all levels, fail to see, as a complement to their particular specialism, their own responsibilities as finance managers. The same point may be made of personnel management.
Direct Investment Abroad
Authors: Macnair H.S.A.
Published: January 2008

In this article the writer looks at the framework of exchange control and explains those aspects concerned with the financing of direct investment abroad. The emphasis is on cash flow rather than long‐term profitability with the result that the investor has to be prepared in many instances to pay the penalty of the investment currency pool premium. Attention is directed to some blind alleys and the general need to observe detailed rules for traffic in currency. With reasonable foresight official requirements need not impede a worthwhile project but cannot remove the dimension of uncertainty where foreign currency is involved.
Current Account ‐ The Rights Issue Boom
Authors: Goch Desmond
Published: January 2008

The stock market revival that began in the early weeks of 1975 and carried the Financial Times Industrial Ordinary Share Index from its lowest point for many years back to a level of comparative respectability provided many companies with the opportunity they were looking for to fund some of their borrowings or to provide new investment capital by making rights issues of ordinary shares.
A Guide to Unquoted Share Valuations
Authors: Wyman Peter
Published: January 2008

There are numerous factors which must be considered in the valuation of shares in an unquoted company. The placing of a particular value on those shares is a matter of subjective judgment based on a careful study of the relevant details. The expert valuer is one who has a sound knowledge of the principles and skill in applying them to practice. This article outlines those principles and gives brief guidance as to their practical application.
Inflation Accounting
Authors: Kirkman P.R.A.
Published: January 2008

Many private individuals in the UK have been brought up by parents who have stressed the disadvantages of being in debt. As a result there are many people in this country who will not consider the purchase of goods unless they can be paid for in cash. Building society mortgage funds are sometimes looked upon as an honourable exception to the general rule, although even in this case there are still many individuals who cannot accept the idea of having a debt of several thousand pounds around their neck for say twenty‐five years. In conditions of inflation, however, these ideas should be questioned by both private individuals and business organisations, although there are many who will still prefer the comfort of a sizeable bank balance which will provide protection in the difficulties that may lie ahead.
Financial Modelling
Authors: Marsh P.J.
Published: January 2008

This paper seeks to examine the growth, purpose and effectiveness of financial modelling, and classify financial models according to four basic characteristics examining advantages and disadvantages in each case. Consideration is given to the organisational impact of financial modelling and organisational requirements for the successful utilisation of these techniques.
Interfirm Comparison Helps Management Stay Competitive
Authors: Palmer H.W.
Published: January 2008

How often does the financial director pore over his latest set of management accounts, nodding with satisfaction at the improvements during the period, frowning at those disappointing variances from budget that tend to creep in, but wondering all the time whether the figures really come up to scratch, wondering whether his standards are the right ones, whether the company is doing as well as the competition, whether there aren't a number of weaknesses buried half way down the second page which are hard to spot without some external yardstick. He is wondering in fact whether there isn't some method of comparing his company's performance with that of other firms in his industry to see where he is going wrong, if at all, and how he can become more profitable.
Current Account ‐ Finance for Industry
Authors: Goch Desmond
Published: January 2008

During the past year or two the City has had to face criticism that the private financial sector has failed in its proclaimed purpose of providing industry with the funds it needs for expansion and investment in new plant and equipment. To the extent that business can only flourish in a secure and confident economic environment—and it is the Government that it looks to for creating that environment—it may feel that it is being blamed for the sins and omissions of others.
The Financing of British Industry
Authors: Samuels J.M. , Goddard C.S.
Published: January 2008

A number of schemes have recently been proposed all of which wish to channel funds into industry. One such scheme was Mr. Jack Jones's plan to form a £2 billion companies' investment fund, which, in liaison with the National Enterprise Board would channel funds into new investment. The scheme which, unfortunately, has not been published in detail has already been attacked by both Government and Opposition on the grounds that public bodies are not competent to make investment decisions, and a plan of this nature would necessitate major changes in the financing pattern of industry.
The Efficient Market Theory of Share Price Behaviour
Authors: Firth Michael
Published: January 2008

Over the past fifteen years there has been a lot of research into the behaviour of share prices. This has largely involved investigating whether share prices were predictable by mechanical means and whether any class of investors has had consistent and substantial success in investment matters. The main researchers involved in these studies have been (a)academics, who were interested in determining the efficiency of stockmarkets in socio‐economic terms and (b) practising investors and investment advisory firms, who sought to derive profitable investment strategies. Perhaps not surprisingly the published results of the two categories of researchers tended to clash with investors claiming success for their methods whilst the academics have in general refuted their claims. Greater reliance can be placed on the academic investigations however as apart from their disinterested positions and their generally superior research methodologies, they have tested all the publicised “profitable” investment strategies.
The Changing Face of the Annual Report
Authors: Goch Desmond
Published: January 2008

It is a matter for sober reflection on the state of the art of communicating information to shareholders and others who are interested in corporate financial affairs when one compares the complexity of today's annual report document with its counterpart of, say, fifteen years ago.
Problems of Liquidity
Authors: Jones Frank H.
Published: January 2008

Adequate cash resources are the life‐blood of any business undertaking and since 1972 managements have been concerned as much, and in all too many cases more, with the maintenance of liquidity as with profitability, although these two basic factors in the conduct of a business cannot be divorced.
Measuring the Performance of Production Systems Using Management Ratios
Authors: Fadel Hisham
Published: January 2008

Production systems can be: (1) functional layout‐based manufacture (sometimes referred to as batch production), (2) assembly lines and manufacturing lines, (3) plant dominated systems, (4) small groups in manufacturing (group technology), (5) small groups in assembly (group assembly), or various combinations of the above.
Capital Project Appraisal: A Modern Approach
Authors: Broyles Jack , Franks Julian
Published: January 2008

Managerial finance has become a modern professional discipline with a coherent theory and a growing body of statistical research in support of the theory. Finance faculty in leading business schools around the world are now actively engaged in making the modern theory accessible to executive participants in post‐experience educational programmes. What makes the modern theory of finance exciting is the simplicity and the authority with which issues of concern to management today can be resolved. One of the areas of interest where answers to old questions are being found is in the estimation of discount rates or required rates of return for capital projects.
The Management of Trade Creditors
Authors: Parkinson John
Published: January 2008

Decision Rules Exist for Most Decisions. Faced with the problem of managing the various components of a typical balance sheet, the financial manager can draw on a range of techniques to assist in the decision processes. Techniques which have been specially created or adapted to make the decisions most efficient in operation, and effective in achieving corporate strategy.
Numerical Points Systems in Credit Screening
Authors: Savery Barry J.
Published: January 2008

The development of numerical points systems, or credit scoring systems, have become increasingly important in this country as aids in the credit screening process. Most of the initial research on these techniques has been undertaken in the US, but in the last decade the principles have been used in this country, particularly by financial institutions operating in the consumer credit field. In broad terms, numerical points systems attempt to discriminate potentially bad from potentially good credit risks and offer an alternative to a purely subjective assessment of a credit applicant. The systems are particularly relevant in the consumer credit field where most of the information needed can be obtained from a credit application form. Under the system, numerical weights are assigned to certain types of information given (e.g. occupation, income, marital status, etc.), the total of the scores then being used as a measure of payment potential: the higher the score, the more likely is the applicant to possess characteristics which indicate a prompt payment disposition. In this article, it is emphasised that the construction of a numerical points system fits into the overall credit screening process, and it is important to appreciate the principles of the latter before full use can be made of any system. The empirical research is summarised both in the US and in the UK with a view to assessing the effectiveness of the systems, and a survey amongst UK financial institutions is also summarised to evaluate the extent of the use of the techniques in the UK. Emphasis throughout has been placed on the consumer credit field but the principles can also be applied to trade credit.
Human Resource Accounting and the Football League
Authors: Trussell Peter
Published: January 2008

My objectives in this chapter are firstly to familiarise readers with the proposed methods by which human resources can be valued and secondly to summarise the benefits and objections to this concept of accounting. Finally, the significant effect of human resource accounting on annual accounts is demonstrated with regard to Liverpool Football Club.
Share Price Behaviour
Authors: Firth Michael
Published: January 2008

The purpose of this paper is to discuss briefly the types of research that have been undertaken, to reference a number of American and British studies and to summarise some work in this general area that has been completed by the author whilst at Bradford University and subsequently at Stirling University.
Financial Criteria and Techniques for Appraising Individual and Portfolios of Investments
Authors: Wiper Linda , Longbottom David
Published: January 2008

INTRODUCTION With the increasing importance of capital investment selection in modern business the field has attracted a large body of interest in the literature of the last two decades. It is the purpose of the survey to trace this development from the use of simple financial criteria for assessing investments to the use of more sophisticated financial measures, techniques for assessing risk in investments and finally complex models for selecting portfolios of investments.
Financial Objectives: The Traditional Approach
Authors: Pass Christopher , Dobbins Richard
Published: January 2008

The objective traditionally attributed to firms is maximisation of profits. In more recent years this has been replaced with the financial objective of maximisation of shareholder wealth.
Managerial Theories of the Firm
Authors: Pass Christopher , Lowes Bryan
Published: January 2008

The continuing growth in the size and importance of very large joint‐stock companies in the modern economy has prompted a search for new theories of the firm which are more relevant in explaining the behaviour of giant enterprises. For whilst the traditional profit‐maximising theory of the firm derived from neo‐classical economics may be an appropriate generalised approximation of the behaviour of firms operating in competitive markets, the need for broader theories to explain the behaviour of large manager‐controlled, oligopolistic companies has been recognised.
Financial Objectives and Directors' Remuneration
Authors: Dobbins Richard , Lowes Bryan
Published: January 2008

The theory of financial management suggests that the objective of the firm is to maximise shareholder wealth. The valuation of the firm is its net operational cash flows discounted at the stock market's average required rate of return. A firm's risk class determines the rate of return required by investors. The operating objective for management is to maximise the difference between operational receipts and operational expenditures plus investment, whilst minimising risk. However, the separation of ownership by shareholders and control by professional managers enables directors to pursue objectives other than maximisation of shareholder wealth. Directors might attempt to maximise sales revenue, maximise growth in assets or employees, maximise value added or even their own well‐being. They may choose to pursue multiple objectives as described in corporate planning systems. Multiple objectives may include social goals as well as goals relating to marketing, production, personnel and finance. It has been suggested that levels of directors' remuneration might be associated with the extent to which directors achieve corporate objectives. Several research projects have tried to identify the major determinants of directors' remuneration. Some of these are summarised below.
Alternative Strategies for Managing Foreign Exchange Risk
Authors: Dufey Gunter , Walker David P.
Published: January 2008

This essay analyses alternative strategies for a firm to deal with exchange risk. “Profit maximising” and “risk minimising” strategies are examined as extreme alternatives. The former requires successful exchange rate forecasting, the latter is based on avoiding any impact of unexpected exchange rate changes on the firm. This strategy is illustrated using three “typical” firms as examples: the occasional exporter, the permanent exporter/or importer, and a firm with multi‐national operations. In each case, operational aspects are carefully identified and conclusions are drawn as to the necessary structuring of the firms' liabilities.
To What Extent Can Forecasters “Out‐Predict” The Forward Markets: The Track Record of Forex Research
Authors: Hesketh B.C.J.
Published: January 2008

With the introduction of a much more flexible exchange rate “system” in the 1970s, the need to predict currency movements has become an increasingly important preoccupation of the corporate treasury. At the same time, however, the task of making reasonable exchange rate predictions has become very much more difficult. Are the forecasting problems now insuperable? This paper presents the record of one of the major forecasting services, in its attempt to out‐predict or “beat” the forward rate over the period October 1975 to January 1978.
Taxation and Foreign Exchange Management
Authors: Parkinson John , Walker David P.
Published: January 2008

There is a wide variety of actions which management may take in order to cope with the effects of possible movements in exchange rates. The choice of which action to take must be considered in the context of tax planning, both from the point of comparing costs and benefits on an “after‐tax” basis, and also as to the timing of the relevant payments. As with most decisions in the international finance arena, the problem resolves itself to one of maximising the after‐tax return to the parent company, though many sub‐objectives may also be identified. In this article we shall firstly examine the tax implications of individual foreign exchange management actions for a UK‐based company; and secondly, we shall briefly examine some of the differences which exist in other national tax environments.
Decision Networks—A Simplified Application to North Sea Oil
Authors: Bestwick P.F. , Sadjadi J.
Published: January 2008

Decision networks are a network presentation of dynamic and Markov programming problems. The technique is particularly useful in identifying preferred decisions, from a range of possible decisions, in sequential decision making formulations of a given problem. The technique is introduced by considering an aggregate stock control problem and then applied to an extraction rate problem facing oil companies exploiting North Sea oil reserves.
Congestion Analysis in Widely Dispersed Queues
Authors: Wolstenholme E.F.
Published: January 2008

The normal concept of a queueing situation is that of a static service point which is visited by customers who wait for service in a formal line or queue. This paper outlines the concepts of queueing theory and examines its application to congestion situations where the queueing entities themselves are dispersed and static and where the servers must visit the customer. Results from studies into two diverse categories of such types of situation are presented. These are the servicing of large installations by mobile teams and the provision of centralised emergency medical services to communities.
Systems, Control and Output Measurement
Authors: Gilding D.B.
Published: January 2008

Management scientists have devoted much effort to the development of corporate models and in general the extent of the use of such models has been disappointing, largely because of the less than enthusiastic support of management. Through a discussion of the concepts of system and control it is suggested that the key characteristic of corporate models is as a method of measuring the output of business systems rather than as simplified planning devices. Measurement of the output is seen as the essential pre‐requisite of any business control system of an adaptive type and it is argued that measurements of the necessary variety or detail can best be made through the process of corporate modelling and simulation. Such an approach could make the expense of corporate modelling more justifiable.
The Markowitz Contribution to Portfolio Theory
Authors: Witt Stephen F. , Dobbins Richard
Published: January 2008

This issue of Managerial Finance is devoted to modern portfolio theory which has evolved since the pioneering work of Markowitz in 1952. Before the development of modern portfolio theory investors and their advisers used the “traditional approach” to investment management and portfolio selection.
Technical Analysis: Forecasting or Fortune‐Telling?
Authors: Fanning David
Published: January 2008

This paper outlines the present state of technical analysis and describes the various mechanisms associated with current practices. In particular, the relative strength analysis approach is identified as a useful tool for investment appraisal. Empirical research on specific technical theories is called for, especially into the relative price behaviour patterns of industrial stocks. Overall, there is seen to be some merit in a proper application of technical theories allied to accurate forecasting of company earnings and dividends.
Capital Asset Prices: Risk and Return
Authors: Lawson G.H. , Pike Richard
Published: January 2008

Though of fairly recent origin, the capital‐asset pricing model (CAPM) is becoming a dominant influence in the analysis of financial and investment decisions. While continuing to undergo stringent theoretical and empirical examination, the demonstrable explanatory and predictive ability of the CAPM have led to its widespread recognition as the foundation of modern financial management. Though usually attributed to Sharpe, Lintner and Mossin, the origins of the CAPM can be traced back to the celebrated work of Harry Markowitz on portfolio selection.
Some Implications of the Efficient Market Hypothesis
Authors: Dobbins Richard , Witt Stephen F.
Published: January 2008

The efficient market hypothesis (EMH) asserts that share prices fully reflect all available information, any new or shock information being very rapidly incorporated into the share price. This apparently simple hypothesis, if true, has very powerful implications for investment analysis and corporate management.
Financial Institutions and The Stock Market
Authors: Briston Richard J. , Dobbins Richard
Published: January 2008

Institutional investors—insurance companies, pension funds, investment trust companies and unit trusts—have increased significantly and persistently their ownership of British industry. At the end of 1977 they owned approximately 46 per cent of the ordinary shares in UK quoted companies and in recent years have accounted for over 50 per cent of stock market turnover in UK equities. Their presence in the stock market has been associated with their ability to influence share prices, decide the outcome of takeover battles, and trade outside the London Stock Exchange. As major shareholders in public companies they have been encouraged to participate in managerial decision‐making. For corporate management, the growth of institutional shareholdings provides opportunities to utilise their voting power in takeover situations, encourage their support for the market value of the company, and use financial institutions as sources of new capital.
Internal Audit — An Essential Element of Good Management
Authors: Shaw J.C.
Published: January 2008

There is currently considerable interest in the topic of Internal Audit. This can be seen as a manifestation of the current concern of “accountability” by those who control the use and allocation of economic resources. The business enterprise—in both the public and private sectors (to the extent to which these can be regarded in the UK as mutually exclusive!)—is seen as a potent force in our society. It influences the quality of our environment not just in the physical sense— e.g. aspects of pollution and efficient control and impact on the landscape —but also as a result of its activities in the creation and allocation of economic wealth. The quality of product, the maintenance of employment, reward for investment, labour and raw materials, are all directly influenced by decisions taken within the business enterprise. Those who direct and manage the business enterprise are seen to have onerous responsibilities to account to society for their actions and for the results of their decisions. This rapid development in perceptions of obligations of accountability is seen in some circles as one aspect of the crisis of authority. As such it is a characteristic of virtually every society— certainly every economically‐developed society. The crisis of authority and the challenge of accountability is not manifest solely in the United Kingdom, but it is from a domestic viewpoint that I want to examine some of the implications of those developments for the rapidly developing field of internal audit.
A Bayesian Approach to Routine Decisions in Internal Auditing
Authors: Etor John R.
Published: January 2008

The internal auditor estimates the amount of error in routine accounting records by sampling and other procedures. These investigations cost money, and there is a risk that his conclusions may be wrong. This article shows how Bayesian theory can be used in planning and controlling the routine audit, and in interpreting audit findings. It suggests rules for choosing economic sample sizes in discovery sampling, and deciding whether to submit an unfavourable report on an accounting system when unexpected errors are found. It also discusses the use which the practitioner should make of any prior knowledge of a system which he may possess, and the impact of such knowledge on the frequency of audits. This study is seen as part of the current search for a general theory of audit decision making, and suggestions are made for further empirical and theoretical work in that field.
External Financial Control Systems: Theory and Application
Authors: Laughlin Richard C.
Published: January 2008

As has been pointed out throughout this edition the whole concept of financial control in the literature has been treated in rather a narrow, confused way. The purpose of this present article is not to repeat these arguments but rather to highlight a major omission in the literature and this edition — the whole idea of what could be called “external” financial control.
The Capital Investment Process
Authors: Dobbins Richard , Pike Richard
Published: January 2008

The corporate manager could easily be forgiven for assuming that capital budgeting is primarily concerned with the selection of an appropriate evaluation technique. Most texts on the subject are devoted almost entirely to such topics as comparisons of evaluation techniques, determining hurdle rates of return and incorporating risk into the equations. Only a few writers have suggested that this emphasis is misplaced. This article places evaluation within the whole capital investment process from the conception of an investment opportunity to its completion. It also considers the total investment programme and how it relates to organisational planning and control systems.