bluuebunny/crossref_metadata_2025 huggingface dataset:
Customer experience management: a critical review of an emerging idea
Authors: Palmer Adrian
Published: May 2010

Purpose

This paper aims to critically assess the conceptual validity of customer experience as a construct and propose a model which integrates inter‐personal relationships, service quality and brands.

Design/methodology/approach

A critical review of literature is structured around the key components of brands, relationships, quality, emotions and perceptions, viewed from a consumer's perspective.

Findings

Paradoxes in use of the term customer experience are noted. As a verb, experience describes a process of learning, leading to learned response, but as a noun emphasises novelty and the lack of predictable, learned response. By incorporating emotions and perceptual distortion over time, customer experience overcomes many problems associated with static, partial measures of service quality.

Research limitations/implications

Academic coverage of the subject of customer experience remains fragmented. Approaches to its measurement are suggested and their limitations noted. The multi‐dimensional, situation‐specific nature of customer experience favours qualitative rather than quantitative measurement approaches.

Practical implications

The unique nature of customer experience, which is specific to a customer, at a specific time and location, in the context of a specific event, limits its managerial usefulness for planning and control purposes. Many companies have seen customer experience management (CEM) as a successor to customer relationship management (CRM). However, issues of inter‐functional integration become an even greater challenge.

Originality/value

This paper has provided a critical review of an emerging topic and suggested that despite academic interest in the concept, practical application of customer experience management may be difficult to achieve.
Services' influence on minority portrayals in magazine advertising
Authors: Briggs Elten , Landry Timothy D. , Torres Ivonne M.
Published: May 2010

Purpose

The primary goal of this study is to examine how services advertising strategy relates to the prevalence of minority portrayals in magazine advertisements.

Design/methodology/approach

The paper uses a content analysis method. Over 1,000 advertisements were collected, and 455 were employed in the study. Chi‐square difference tests were used to test hypotheses. A second sample was collected to verify some initial findings.

Findings

It was found that minority models were more likely to appear in advertisements for services than in advertisements for goods. Differences were also found across types of services. Asian models were overrepresented in advertisements for technologies, a product category with a strong services influence.

Research limitations/implications

Emphasis was placed on portrayals of African‐Americans and Asians, so findings are most directly applicable to these groups. The generalizability of the results may be limited to the types of publications from which the sample was drawn.

Practical implications

Given the frequency of minority portrayals in advertisements for services, especially for particular types of services, managers must consider implementing this approach to reach these customer groups. Those already implementing portrayals of minority models must be mindful of the negative effects of stereotyping.

Originality/value

The paper considers services advertising strategy in light of changes in the make‐up of the US population. It applies the same theoretical approach to explain differences in the frequency of minority portrayals in services advertising versus goods advertising, and across different types of services.
Reducing online privacy risk to facilitate e‐service adoption: the influence of perceived ease of use and corporate credibility
Authors: Featherman Mauricio S. , Miyazaki Anthony D. , Sprott David E.
Published: May 2010

Purpose

The paper aims to examine ways to reduce privacy risk and its effects so that adoption of e‐services can be enhanced.

Design/methodology/approach

Consumers that form a viable target market for an e‐service are presented with the task of experiencing the e‐service and expressing their attitudes and intentions toward it. Structural equation modeling is used to analyze the responses.

Findings

The paper finds that consumer beliefs that the e‐service will be easy to use and that the e‐service provider is credible and capable reduce privacy risk and its effects, thus enhancing adoption likelihood.

Research limitations/implications

The focus on a financial services product (online bill paying) suggests that similar research should be conducted with other high‐risk e‐services (such as those dealing with healthcare) and lower‐risk e‐services (such as subscription services and social networks).

Practical implications

In addition to addressing consumers' privacy risk directly, e‐service providers can also reduce privacy risk and its effects by enhancing corporate credibility and perceived ease of use of the service. Increased assessments of privacy risk perceptions and efforts to reduce those perceptions will likely yield higher usage rates for e‐services.

Originality/value

The use of the technology acceptance model from information systems research, combined with a multi‐faceted conceptualization of privacy risk, moves the examination of privacy risk to a higher level, particularly in light of the examination of the additional factors of perceived ease of use and corporate credibility.
External equity, loyalty program membership, and service recovery
Authors: Morrisson Olivier , Huppertz John W.
Published: May 2010

Purpose

The purpose of this paper is to extend research on customer loyalty status, external equity, and satisfaction with service recovery. Most people accept that firms give special treatment to their “best” customers; but after service failures, will they accept firms' offering better compensation to loyalty program members?

Design/methodology/approach

An experiment was conducted involving mobile telephone service failure scenarios affecting two similar customers; the customer received either identical or one‐half the compensation of a referent customer, who was described as either a member or non‐member of the firm's loyalty program. Participants were randomly assigned to conditions in a 2×2 design, completing questionnaires that measured satisfaction with service recovery.

Findings

The paper finds that when both focal and referent customers received equal service recovery, loyalty program status had no effect. When the referent customer received greater compensation, respondents were very dissatisfied with the outcome, but were significantly less dissatisfied if the referent customer was a loyalty program member.

Research limitations/implications

Although respondents were students, 97 percent used mobile telephones and experienced similar service problems.

Practical implications

As communications among firms' customers increase (blogs, online communities), they can compare one another's complaint outcomes. Some inequity in service recovery may be tolerated because of the beneficiary's loyalty program status.

Originality/value

Consumers consider loyalty of other customers when judging fairness of firms' service recovery. Inequity has a powerful effect on satisfaction with recovery initiatives, but the negative impact is moderated by loyalty program status; this paper makes a contribution by showing how inequity and customer loyalty interact.
Expanding care pathways: towards interplay of multiple care‐objects
Authors: Kajamaa Anu
Published: May 2010

Purpose

This study seeks to challenge the notions of the standardized care pathway and patient‐centred care, both of which provide only a partial view of care as a complex system. In exploring and contrasting the care pathway protocol and an actual care pathway, the study aims to analyze the conceptualizations of care that actors involved in the actual care pathway have. The study makes suggestions on how to expand care pathways and thereby improve patient care.

Design/methodology/approach

A care pathway protocol is contrasted with the actual care pathway of a patient at a university hospital in Finland. Observational ethnography is combined with a narrative approach and activity‐theoretical ideas.

Findings

The study depicts the gap between the care pathway protocol and an actual care pathway. The actual care pathway, rather than being a clear‐cut process, is ruptured and unpredictable. The conceptualizations of care (i.e. care‐objects) held by the doctors, nurses and the patient were fragmented and clashed in their practical work activity. The main message to hospital management is that in order to expand care pathways, the multiple care‐objects need to be placed in constructive interplay.

Research limitations/implications

A single actual care pathway is presented and the results are interpreted accordingly.

Originality/value

The study explores the idea of a care pathway and patient‐centred care in the analysis of care‐objects. A new discursive model is introduced that places different care‐objects into interplay and opens up the possibilities for the expansion of care pathways.
Facilitating unlearning during implementation of new technology
Authors: Becker Karen
Published: May 2010

Purpose

One of the critical issues for change management, particularly in relation to the implementation of new technologies, is the existence of prior knowledge and established mental models which may hinder change efforts. Understanding unlearning and how it might assist during organizational change is a way to address this resistance. The purpose of this paper is to present research designed to identify specific factors that facilitate unlearning.

Design/methodology/approach

Drawing together issues identified as potential influencers of unlearning, a survey questionnaire was developed and administered in an Australian corporation undergoing large‐scale change due to the implementation of an enterprise information system. The results were analyzed to identify specific factors that impact on unlearning.

Findings

Findings from this paper identify factors that hinder or help the unlearning process during times of change including understanding the need for change, the level of organizational support and training, assessment of the change, positive experience and informal support, the organization's history of change, individual's prior outlooks, and individuals' feelings and expectations.

Research limitations/implications

The use of only one organization does not allow for comparisons between organizations of different sizes, cultures or industries and therefore extension of this research is recommended.

Practical implications

For practitioners, this paper provides specific elements at both the level of individuals and the organization that need to be considered for optimal unlearning during times of change.

Originality/value

Previous literature on unlearning has been predominantly conceptual and theoretical. These empirical findings serve to further an earlier model based on qualitative research into potential influencers of unlearning.
A deeper understanding of evolution of the role of the object in organizational process
Authors: Hussenot Anthony , Missonier Stéphanie
Published: May 2010

Purpose

The purpose of this paper is to analyze the different roles and natures of objects in organizational process. Furthermore, the concept of the mediation object is developed to understand how the objects help to structure interactions and collective activities over time.

Design/methodology/approach

The paper employs data from a case study (the Pupitre Virtuel) in order to highlight and illustrate the relevance of a process analysis of the roles and natures of objects.

Findings

The paper demonstrates that the roles and natures of objects evolve over time through controversies and compromises. On one hand, the evolution of interactions drives the evolution of the roles and natures of objects. On the other, the evolution of objects help the actors to structure their interactions and activities.

Originality/value

The paper argues that, rather than a static analysis, human‐object interaction needs to be understood and observed through a process analysis, taking into account the evolution of objects and interactions. This paper shows that mediation objects can play three roles – as carriers of controversies, of compromises, and of prescriptions – and that it can appear in one of three aspects – interpretable, modifiable, and non‐interpretable/non‐modifiable.
Who controls store atmosphere customization in electronic retailing?
Authors: Vrechopoulos Adam P.
Published: May 2010

Purpose

Technology now allows e‐tailers to customize online store atmosphere at the individual level, with the customization controlled and executed by either the retailers or the customers, or both. Since in conventional retailing the manipulation of store atmosphere is controlled mainly by retailers (e.g. store layout, product display techniques, store theatrics, etc.), the potential for mass customization with consumer involvement radically changes the way research regarding online store atmosphere must be approached. Positioned in the e‐tailing research area, the purpose of this paper is to summarize the research challenges presented by virtual store atmosphere customization and control and to formulate specific research propositions.

Design/methodology/approach

This viewpoint paper employs an interdisciplinary “desk‐research” approach. It elaborates on the emerging research challenges of customizing store atmosphere in electronic retailing highlighting the differences that exist among the conventional and the virtual retail channels. It then justifies the interdisciplinary nature of store atmosphere studies, investigates the customization challenges available online and formulates specific research questions and direct research propositions.

Findings

E‐tailing store atmosphere customization capabilities at the individual level, revolutionizes the established relevant theory from conventional retailing. However, the control of the customization process is a quite complex issue and should be treated as that, by e‐tailers.

Research limitations/implications

The paper sets the research agenda and builds avenues for further research.

Practical implications

The paper provides direct managerial implications for effectively placing online store atmosphere customization in the hands of the consumer‐user.

Originality/value

The paper clearly justifies why current online store atmosphere studies should be adapted to the mass customization challenge applicable online. Similarly, it demonstrates the promising role that consumer control could potentially play on this topic.
Cookery‐related employment vacancy advertisements and skills shortages
Authors: Robinson Richard N.S. , Arcodia Charles V. , Tian Christina , Charlton Phillip
Published: May 2010

Purpose

Cookery has been identified as an occupation with skills shortages, at least in the developed world. There is currently a dearth of research into the cookery labour market, its occupational culture and characteristics. This paper seeks to address this issue.

Design/methodology/approach

The study utilised a tracking approach to collate and investigate aspects of electronically‐listed job advertisements for cookery‐related vacancies in Australia's northern state of Queensland. Content analysis of advertised employment vacancies has previously been utilised as a method in tourism and hospitality research.

Findings

The findings support the proposition that industry demand exceeds labour supply. Moreover, the content analysis of the vacancies' characteristics suggest that a range of job advertisement details, including remuneration, is infrequently supplied.

Research limitations/implications

The study was limited in scope to cookery‐related vacancies and to those advertised for Queensland. Accounting for vacancy duplications and consequential vacancies were the two key analytical challenges. Future research with refined instruments and more generalisable samples is invited.

Originality/value

The study reveals that the increased electronicisation of information facilitates both the collection and generation of labour market research.
Parametric studies on pulsating heat pipe
Authors: Rama Narasimha K. , Sridhara S.N. , Rajagopal M.S. , Seetharamu K.N.
Published: May 2010

Purpose

The purpose of this paper is to present a numerical investigation on pulsating heat pipe (PHP) to study the slug velocities as a function of various parameters.

Design/methodology/approach

The governing equation of PHP is solved using explicit embedded Runge‐Kutta method, the Dormand–Prince pair in conjunction with MATLAB with the nomenclature 45 for the determination of displacement and the velocity of the slug.

Findings

The results show that lower fill ratio, higher diameter, higher operating temperature and higher temperature difference between evaporator and condenser for a given working fluid results in higher slug velocities, indicating higher momentum transfer and hence better heat transport.

Research limitations/implications

Under steady state conditions, the design of a PHP is facilitated through the introduction of non‐dimensional numbers.

Originality/value

The displacement and slug velocities for additional working fluids, namely ethanol and methanol, are determined for the first time. The behaviour of non‐dimensional numbers, i.e. Poiseuille number, capillary number and Eckert number in a PHP as a function of various parameters have been studied for the first time.
Development of vapour chamber‐based VGA thermal module
Authors: Wang Jung‐Chang
Published: May 2010

Purpose

The purpose of this paper is to describe how a traditional metal base plate is replaced with a vapour chamber, a two‐phase flow heat transfer module with high heat transfer efficiency, to effectively reduce the temperature of heat sources as graphic processing unit (GPU) of smaller area and higher power.

Design/methodology/approach

As a first step, the nature of flow field of a vapour chamber‐based thermal module with heat sink is simulated and analysed through computational numerical method. Second, a sample is prepared according to the theoretical results and the performance of thermal modules is tested together with thermal performance experiment.

Findings

The results show that when the fin height from vapour chamber top to fan bottom area is more than 3 mm and not more than 8 mm, the vapour chamber‐based thermal module can achieve the optimum heat dissipation and the maximum heat flux may exceed 90 W/cm2. Also, when copper fins are 3 mm in height, 0.2 mm in thickness, 53 in number and spaced out 1.0 mm apart, the optimum total thermal resistance of a vapour chamber‐based thermal module is 0.28 ○C/W.

Originality/value

The Sapphire Atomic HD3870 of Video Graphics Array module for AMD RV670XT using MicroLoops vapour chamber has greater thermal performance than the AMD reference dual slot thermal module. So, AMD latest GPU is considered to be the vapour chamber thermal cooler to solve the higher power consumption.
On the application of finite differences, method of lines and pseudo‐spectral methods to smectic‐C liquid crystals
Authors: Dada K.B. , Momoniat E.
Published: May 2010

Purpose

The purpose of this paper is to derive a dynamic equation for modelling the behaviour of smectic‐C liquid crystals under the effect of an electric field.

Design/methodology/approach

The model equation is solved using a finite difference approximation, method of lines and pseudo‐spectral methods. The solutions are compared for accuracy and efficiency. Comparison is made of the efficiency of finite differences, method of lines and pseudo‐spectral methods.

Findings

The Fourier pseudo‐spectral method is shown to be the most efficient approach.

Originality/value

This work is original; a computational comparison of numerical schemes applied to liquid crystals has not been found in the literature.
A cross‐cultural analysis of intellectual asset protection in SMEs
Authors: Bérard Céline , Delerue Hélène
Published: May 2010

Purpose

This paper aims to examine the effect of national culture on the capacity of small and medium‐sized biotechnology enterprises to protect their intellectual assets by analysing the mediator role of environmental scanning behaviour. The extent to which environmental scanning behaviour helps firms to protect their intellectual assets is investigated, and the effects of national cultural values on environmental scanning behaviour are analysed.

Design/methodology/approach

The hypotheses are tested with survey data from 123 biotechnology SMEs located in 14 countries.

Findings

Environmental scanning appears to be an important step in the intellectual property strategy, as it enhances the firm's capacity to protect its intellectual assets. Nevertheless, the results show that firms located in cultures with high uncertainty avoidance, high power distance and low individualism do more scanning, whereas the capacity to protect intellectual assets is perceived as being more important in firms located in cultures with low uncertainty avoidance, low power distance and high individualism.

Research limitations/implications

Certain limitations should be noted. For instance, the research is based on cross‐sectional data, which provide limited insight into the temporal aspects of dynamic environments.

Practical implications

The study has important implications for practitioners. It demonstrates that, in international working relationships, cultural values have a direct effect on environmental scanning behaviour, and hence an indirect effect on intellectual property (IP) protection capability. Given the strategic importance of scanning and IP for innovative firms, the results could help managers to make strategic decisions, specifically in R&D internationalization through decentralization or partnership.

Originality/value

Although few studies have empirically analysed the role of environmental scanning in a particular domain, such as intellectual property strategic management, or adopted a comparative cross‐cultural design to do so, this paper investigates the role of environmental scanning in intellectual property strategy from a cross‐cultural perspective.
Entrepreneurial orientation in the forestry industry: a population ecology perspective
Authors: St‐Jean Etienne , LeBel Luc , Audet Josée
Published: May 2010

Purpose

This study primarily seeks to focus on how entrepreneurial orientation (EO) may have influenced the evolution of SMEs in a constrained environment, namely the forestry industry. It also aims to find out how EO still acts on strategic intentions, management behaviour of the business leader and the SME's performance.

Design/methodology/approach

The approach takes the form of an empirical study based on a sample of 717 forestry SME owner‐managers, with cluster analysis of the data, taking a population ecology perspective.

Findings

The study reveals the existence of two types of forestry SMEs. The first, which could be referred to as an entrepreneurially‐oriented enterprise, generates a large portion of its revenues from out‐of‐forest activities. The second type is a small‐business‐oriented enterprise. In the context of the forestry sector, many opportunities to start a business were created following the decision of large corporations to subcontract their wood supply. The study shows how entrepreneurial orientation may influence the SMEs population distribution within different categories.

Research limitations/implications

Forestry SMEs should no longer be considered as mere subcontractors on the payroll of large firms, as the presence of genuine forestry entrepreneurs has been confirmed. These exhibit a strong entrepreneurial orientation and overcome the scarcity of opportunities in the industrial sector to sustain their growth willingness. With a shortage of entrepreneurs expected in the coming years, these “true” entrepreneurs may be called on to perform a more important role within the forest value chain.

Practical implications

Even when environment is not munificent, entrepreneurially‐oriented businesses find strategies to pursue growth opportunities. In the forest sector, diversification within the sector by offering turnkey projects to large contractors seems to be the first step to fuel further diversification outside the forest. A transition towards increasing the scope of forestry businesses as well as supporting diversification could be important avenues to pursue.

Originality/value

This may be the first time that empirical investigation of the entrepreneurial orientation has been done in a constrained environment and from a population ecology perspective. The study confirms the role of this concept in the development of entrepreneurship.
Entrepreneurial opportunities in changing communities
Authors: Heilbrunn Sibylle
Published: May 2010

Purpose

The purpose of this paper is to investigate entrepreneurial opportunities in changing communities via the development of a conceptual model, drawing on Hudson's concepts of places and spaces. It also aims to explore the scope and variety of entrepreneurial opportunities in Kibbutzim located within a conceptual model of four clusters based on availability of economic and social capital.

Design/methodology/approach

The sample for this study consists of 81 Kibbutzim representing 29 per cent of the Kibbutz population (277 Kibbutzim). Data were collected via official sources of the kibbutz movement and analyzed using Anova models comparing groups.

Findings

The findings reveal that both scope and variety of entrepreneurship vary within the four clusters of kibbutz communities and point to a positive influence of availability of economic and social community capital on entrepreneurial opportunities.

Originality/value

The paper presents the development of a conceptual model more sensitive to the heterogeneity of kibbutz communities than former dichotomous categorizations.
Relational capabilities for value co‐creation and innovation in SMEs
Authors: Ngugi Isaac K. , Johnsen Rhona E. , Erdélyi Peter
Published: May 2010

Purpose

The purpose of this paper is to examine the relational capabilities developed by small and medium‐sized suppliers in relationships with larger customers and to explore the influences of these relational capabilities on value co‐creation and innovation.

Design/methodology/approach

The paper presents a framework to evaluate the types of relational capabilities developed by small and medium‐sized suppliers that enable them to manage in relationships with larger customers in the context of changing relationship requirements in the organic food sector. The methodology employed involves in‐depth case studies of small and medium‐sized UK organic food suppliers working in relationships with large retail supermarket customers.

Findings

The findings suggest that the identified set of relational capabilities may be employed by small and medium‐sized suppliers to enable them to inform and support innovation and the implementation of initiatives to create value in the eyes of their current and potential customers and concomitantly enhance their position as preferred suppliers.

Research limitations/implications

The findings were based on a small number of case studies of small UK organic food suppliers. Therefore, there is scope for future studies to explore the issues addressed in the paper in wider relationship, network and country settings.

Originality/value

The research is among the first to offer a conceptual framework and an empirical contribution linking relational capabilities, value co‐creation and innovation in small and medium‐sized suppliers.
Do all SMEs practise same kind of marketing?
Authors: Reijonen Helen
Published: May 2010

Purpose

The purpose of this paper is to get a deeper understanding of how the concept of marketing is seen and put into practice in SMEs. Furthermore, it seeks to examine whether the perceptions and practices differ according to the size, industry and customers of the SMEs.

Design/methodology/approach

The study was conducted among SMEs in three industries in eastern Finland.

Findings

Marketing was seen as a means to inform the customers about the enterprise and its offerings. SME marketers were also interested in creating and maintaining customer relationships. The main aim of marketing seemed to be to create sales. Marketing thought and practices cannot be regarded as being uniform within SMEs. The results show that they vary depending on firm size and customers.

Originality/value

The study offers an insight into the little researched area of comparing marketing within SMEs. It brings empirical evidence of the perceptions of marketing and how they affect marketing management in small enterprises.
Benchmarking tool for improved corporate social responsibility in purchasing
Authors: Björklund Maria
Published: May 2010

Purpose

The purpose of this paper is to develop a benchmark tool that can be applied to improve corporate social responsibility (CSR) in purchasing. The tool has been tested on two companies that illustrate how the benchmarking tool can be applied.

Design/methodology/approach

A literature review provides arguments for the importance of a benchmarking tool in the area of social responsible purchasing. The literature review also provides information about the practices and activities that can be applied as well as a structure for these. Empirical data are based on the sustainability reports of two companies.

Findings

A benchmarking tool for social responsible purchasing is developed. The tool facilitates companies in their structuring, categorising and presenting of relevant data in order to benchmark their social responsibility in purchasing. The testing of the tool provided concrete examples of activities that can be used to address different aspects of CSR in purchasing.

Practical implications

The largest contribution is the development of a benchmarking tool that can be of great help for companies and organisations in their striving towards increased social responsibility in purchasing. The tool provides guidance to companies who want to understand the areas in which their strengths and weaknesses lie. The paper can also inspire and motivate companies to discover and try new ideas and ways to address CSR matters in purchasing.

Originality/value

The paper develops a benchmarking tool that can be applied in the area of corporate social responsible purchasing.
Eco‐design planning in a Chinese telecommunication network company
Authors: Zhu Qinghua , Liu Qing
Published: May 2010

Purpose

This paper aims to develop a framework for Chinese telecommunication network companies on how to implement eco‐design by benchmarking its parent foreign company.

Design/methodology/approach

A case study approach is used to study key aspects for eco‐design planning in Alcatel Shanghai‐Bell Co. Ltd (ASB). Challenges and possible solutions are discussed.

Findings

It is reasonable and effective for Chinese joint ventures to develop their eco‐design planning by benchmarking their parent companies. Key aspects for such eco‐planning include top management commitments, awareness of employees, and training of eco‐design tools.

Research limitations/implications

Eco‐design is still an emerging environmental tool among Chinese telecommunication network companies. As a result, quantified data about eco‐design practices and performance improvements are not available. How to record such data still requires further study and data acquisition.

Practical implications

This paper provides ideas for Chinese (and other) telecommunication companies to develop their eco‐design planning. The proposed solutions can guide Chinese telecommunication network companies to overcome challenges for their eco‐design planning and implementation.

Originality/value

This paper puts forward a framework for Chinese telecommunication companies to initiate their eco‐design practices by benchmarking their leading parent companies. The framework can be applied to Chinese and other telecommunication network companies with few environmental experiences and practices.
Benchmarking environmental performance: five leading steel mills in India
Authors: Ruhul Amin M. , Banerjee Sharmistha
Published: May 2010

Purpose

The purpose of this paper is to review general applications of the ISO14001 certification process and show how limitations such as ensuring minimum environmental performance standard, public access to performance information, and peer benchmarking may be overcome by voluntary commitment to attainable standards by association of specific industries.

Design/methodology/approach

A replicable environmental performance (weighted) index was developed by the authors. Secondary data obtained from five (public and private) steel mills provided technical data under voluntary compliance standards. Primary data on non‐technical items of performance index were collected. The index was tested to demonstrate peer benchmarking process.

Findings

ISO 14001 certification cannot serve as an end in itself for industries as peer companies under voluntary compliance may exceed environmental performance. Minimum acceptable environmental standards could be enforced through industry‐wide consensus. Public access to performance indicators can be ensured under a voluntary mandate; peer benchmarking may allow for competitive goal setting. The model proposed could be gainfully replicated particularly in developing countries.

Research limitations/implications

The weighted index used in the paper could be further expanded to include additional non‐technical items such as occupational employee health and R&D expenditure of plants on environmental management system.

Practical implications

Peer benchmarking should allow for competitive goal setting for continuous improvement. The weighted index could be replicated for other industries in India. This index with minor adjustment, if needed, could be used in other countries and by industries already certified by ISO 14001 standards for peer benchmarking toward continuous improvement.

Originality/value

The weighted index is the original contribution. It is likely to make definitive contribution to the literature of environmental performance measurement. It also makes a contribution to the benchmarking literature in general and to peer benchmarking in particular. The paper not only shows the limitation of ISO 14001 standards but demonstrates how to overcome the limitations toward the competitive goal setting and continuous improvement of performance by the benchmarked industries.
Pharmaceutical companies and sustainability: an analysis of corporate reporting
Authors: Schneider Jennifer L. , Wilson Anna , Rosenbeck Joseph M.
Published: May 2010

Purpose

The purpose of this research paper is to benchmark the evolution of reported sustainability activity in the pharmaceutical sector, which has been recognized as a leading sector in industrial sustainability.

Design/methodology/approach

The authors examined recent published corporate sustainability activity reports for 11 pharmaceutical sector‐related companies and compared this to a similar earlier study.

Findings

Sustainability related activity has increased in breadth and depth, but activity is now being shifted toward corporate social responsibility, which is reflective of corporate need to satisfy public sentiment.

Research limitations/implications

The paper is formed on the basis of voluntarily reported activities and published documentation, therefore, it does contain a potential for bias and “greenwashing”; however, regardless of the impetus, the integration of sustainability is still evident.

Practical implications

The paper is of value to the practicioner and manager to benchmark the venues and activities reported for sustainability, in other words, what is the sector participating in and what is it reporting?

Originality/value

Benchmarking of corporate practice in a sustainability leadership sector provides a glimpse into the emerging standard of practice for industry.
Uncertainty principles in risk finance
Authors: Powers Michael R.
Published: May 2010

Purpose

The purpose of this editorial is to consider the existence and implications of epistemological constraints in the field of risk finance arising from statistical inequalities similar to the Cramér‐Rao lower bound (CRLB) of statistical estimation theory and the Heisenberg uncertainty principle (HUP) of quantum physics.

Design/methodology/approach

The conceptual equivalence of the CRLB to the HUP suggests that certain statistical inequalities in the field of risk finance might imply practical constraints on knowledge analogous to those encountered in the measurement of subatomic particles. To explore this possibility, the editorial first considers the tradeoff between the variability of an estimator and the variability of the score of the associated joint probability distribution, and then interpret the latter quantity in a manner permitting the identification of real‐world counterparts.

Findings

Under certain simple assumptions, the editorial finds that the estimation of two fundamental actuarial quantities of property‐liability insurance – the expected individual loss amount and the expected discounted total claim payments – is subject to a type of uncertainty principle in that a high degree of accuracy in measuring one quantity implies a low degree of accuracy in measuring the other, and vice versa. Since the principle holds in the limit only as one, but not both, of the two quantities is measured with certainty, the editorial characterizes it as a semi‐uncertainty principle. This principle is likely to result in certain economic behaviors by insurance companies that may be verified empirically.

Originality/value

The editorial provides a concrete example of two‐financial quantities whose estimation is governed by a type of uncertainty principle similar to Heisenbergs.
The growing importance of risk in financial regulation
Authors: Ojo Marianne
Published: May 2010

Purpose

The purpose of this paper is not only seek to trace developments that have contributed to the importance of risk in regulation, but also to justify why risk has become so significant within regulatory and governmental circles.

Design/methodology/approach

This task will be facilitated through a consideration of theories associated with risk, and by reference to two forms of risk regulation, namely risk‐based regulation and meta regulation. As well as a consideration of the application of both in jurisdictions such as the UK, the paper adopts a comparative approach through references to the their application in jurisdictions such as Germany, Italy, and the USA, and also through a comparison between meta‐regulatory strategies and risk‐based regulation.

Findings

This paper concludes that all regulatory strategies should take into consideration the importance of management responsibilities – both on individual and corporate levels. Meta‐risk regulation has not only assumed such a prominent position in regulation through its application in Basel II, but also is preferred to risk‐based regulation – not only because of the element of ambiguity which risk‐based regulation introduces into its assessment (through a consideration of the external environment of the firm), but also because of its impact of the use of external auditors in regulation and supervision.

Practical implications

The practical implications of a move towards risk‐based regulatory strategies, and meta‐regulatory strategies in particular, is that courts are simply not adequately equipped to deal with the pace with which some financial instruments, such as derivatives, operate.

Originality/value

This paper not only introduces originality through its comparative approach and the choice of jurisdictions involved, but also through the attention it draws to the need for more innovative techniques such as meta regulation. Meta regulation can be considered to be the most evolved and collaborative form of regulation, which is best suited for such an ever‐evolving and changing regulatory environment that currently exists.
Disentangling the value premium in the UK
Authors: Mouselli Sulaiman
Published: May 2010

Purpose

The aim of this paper is twofold. First, it aims to provide better understanding for the main sources behind the value premium in the UK. Second, given that the value factor (HML) in the Fama‐French three‐factor model is itself a proxy for value premium, this paper seeks to illustrate the component of HML responsible for explaining UK portfolio returns.

Design/methodology/approach

For the period July 1991 to June 2006, value premium is broken into two components: one is related to small stocks and the other to big stocks. Then monthly time‐series regressions are used to test which component of value premium provides better explanatory power for UK portfolio returns.

Findings

The empirical results indicate that the value premium in average returns is due to small market capitalization stocks. Moreover, value stocks do not seem riskier than growth stocks according to their market beta. Furthermore, the significance of the value factor (HML) in explaining UK portfolio returns is mainly due to its small stock component (HMLS). The paper suggests a revision for the Fama‐French three‐factor model that replaces HML by HMLS.

Originality/value

Academics are interested in understanding the main sources of value premium and the reasons behind the significance of the value factor in explaining UK portfolio returns. Investors and fund managers who wish to exploit the value premium will tilt their portfolios towards value stocks that have low‐market capitalization. Both academics and practitioners may consider altering the Fama‐French model, as suggested by the paper, when estimating the cost of capital.
Volatility persistence and trading volume in an emerging futures market
Authors: Chandra Pati Pratap , Rajib Prabina
Published: May 2010

Purpose

The purpose of this paper is to estimate time‐varying conditional volatility, and examine the extent to which trading volume, as a proxy for information arrival, explain the persistence of futures market volatility using National Stock Exchange S&P CRISIL NSE Index Nifty index futures.

Design/methodology/approach

To estimate the volatility and capture the stylized facts of fat‐tail distribution, volatility clustering, leverage effect, and mean‐reversion in futures returns, appropriate ARMA‐generalized autoregressive conditional heteroscedastic (GARCH) and ARMA‐EGARCH models with generalized error distribution have been used. The ARMA‐EGARCH model is augmented by including contemporaneous and lagged trading volume to determine their contribution to time‐varying conditional volatility.

Findings

The paper finds evidence of leverage effect, which indicates that negative shocks increase the futures market volatility more than positive shocks of the same magnitude. In addition, the results indicate that inclusion of both contemporaneous and lagged trading volume in the GARCH model reduces the persistence in volatility, but contemporaneous volume provides a greater reduction than lagged volume. Nevertheless, the GARCH effect does not completely vanish.

Practical implications

Research findings have important implications for the traders, regulatory bodies, and practitioners. A positive volume‐price volatility relationship implies that a new futures contract will be successful only to the extent that there is enough price uncertainty associated with the underlying asset. Higher trading volume causes higher volatility; so, it suggests the need for greater regulatory restrictions.

Originality/value

Equity derivatives are relatively new phenomena in Indian capital market. This paper extends and updates the existing empirical research on the relationship between futures price volatility and volume in the emerging Indian capital market using improved methodology and recent data set.
Gaming and simulation for transforming and reengineering government
Authors: Janssen Marijn , Klievink Bram
Published: May 2010

Purpose

In the process of transformation, governments have to deal with a host of stakeholders and complex organizational and technical issues. In this viewpoint paper, an argument is made in favour of using gaming and simulation as tools designed to aid the transformation and reengineering of government. Based on the argument, a research agenda is proposed.

Design/methodology/approach

The approach taken is a combination of literature research, argumentation and illustrations.

Findings

Simulation and gaming have the potential to be used to activate and involve stakeholders at all layers of government in transformational efforts. These tools should be closely connected to visualization and interaction options, to facilitate communication and participation. Because the various stakeholders involved have different views and different approaches, it is both necessary and difficult to involve them in identifying problems and developing solutions. Given the considerable potential of these tools, more research is needed on the use and development of participative simulation and gaming tools.

Research limitations/implications

Although gaming and simulation have been used in many domains, they have yet to be tried in the area of e‐government. More research is needed into the instruments that can help governments in their transformation processes.

Practical implications

E‐government projects should be supported by tools such as gaming and simulation to facilitate the participation, involvement of and communication among the various relevant stakeholders, to create a shared understanding of the problems and of future scenarios.

Originality/value

The primary value of this viewpoint lies in the analysis of the potential opportunities of gaming and simulation in terms of transforming and reengineering government and the research agenda that follows from this analysis.