bluuebunny/crossref_metadata_2025_split huggingface dataset:
Knowledge management in law firm business
Authors: Gottschalk Petter , Terje Karlsen Jan 
Published: July 2009

PurposeTo support knowledge work by lawyers, law firms have implemented knowledge management systems. This paper aims to present a stage model for knowledge management technology (KMT) in law firms.Design/methodology/approachThe four stages are lawyer‐to‐technology, lawyer‐to‐lawyer, lawyer‐to‐information and lawyer‐to‐application, respectively. An exploratory empirical study is carried out in law firms in Norway to determine their stage of KMT.FindingsMost surveyed law firms are at the third stage of what‐they‐know systems with lawyer‐to‐information applications.Research limitations/implicationsThe path of evolution through stages of growth connot not be verified with the collected survey data.Originality/valueLaw firms are undergoing significant changes. They are emerging as knowledge organizations in the legal knowledge business. Knowledge is their strategic resource that must be managed to achieve profitable growth. Since knowledge resides predominantly in the heads of individuals, recruitment and development of lawyers is critical for success in law firms.
Investigating the e‐CRM activities of Irish SMEs
Authors: Harrigan Paul , Ramsey Elaine , Ibbotson Patrick 
Published: July 2009

PurposeRelationship marketing principles have seldom been applied to the small‐ and medium‐sized enterprise (SME). The purpose of this paper is to develop what is a striking link by presenting empirical evidence on the role of internet technologies in the customer relationship management activities of Irish SMEs. More specifically, this is a comparative study investigating electronic‐customer relationship management (e‐CRM) in international and domestic firms. The nature and role of e‐CRM is assessed, the strategies behind e‐CRM delineated, and the ensuing benefits and challenges revealed.Design/methodology/approachThe paper has an exploratory outlook and a quantitative approach to data collection is adopted to facilitate broad classification in an under researched area. A self‐completion questionnaire is distributed to a sample of 1,445 SMEs. A response rate of 20 per cent is obtained, providing 286 usable responses. Univariate and bivariate analyses were performed using SPSS.FindingsThe findings of this paper confirm that SMEs are implementing fundamental e‐CRM practices. Those firms serving international markets tend to place greater emphasis on e‐CRM and are reaping greater benefits. Benefits range from enhanced customer service, reduced business cost, increased sales, and improved profitability. Challenges are few, but centre on a preference for face‐to‐face relationships and a lack of government support.Practical implicationsIt is hoped that this exploratory research has laid the foundation for further examination of e‐CRM in the SME context. Future research will add explanation through in‐depth qualitative methods, while the potential exists to replicate the study in other countries. The authors conclude that e‐CRM can and must move on to a more strategic and integrated level if SMEs in Ireland are to compete both locally and globally.Originality/valueThis paper has shed light on the marginalised subject of e‐CRM in SMEs. For SMEs operating in a peripheral economy such as Ireland, the benefits to be gained from e‐CRM are lucrative. SMEs viewing their market beyond national borders are using e‐CRM to achieve a range of business benefits. The quantitative methodology adopted has provided an exploratory, yet solid, insight into an important area for academics and practitioners.
Performance of microenterprises in Ghana: a resource‐based view
Authors: Masakure Oliver , Henson Spencer , Cranfield John 
Published: July 2009

PurposeThe purpose of this paper is to assess the financial performance of microenterprises in Ghana by applying the resource‐based theory of the firm. Specifically, it is tested that if firm‐specific resources dominate sector and market‐wide effects in explaining microenterprise performance, as suggested by the resource‐based theory.Design/methodology/approachThe relevant literature for both microenterprise performance and the resource‐based theory is reviewed. Data from the 1998/1999 Ghana Living Standards Survey are analysed using ordinary least squares, followed by robustness checks.FindingsFactors embodied in firm‐specific resources jointly impact enterprise performance. However, sector/market factors also play a role, suggesting that the interaction between microenterprise, sector, and market factors helps explain enterprise performance.Research limitations/implicationsAll the constructs of the resource‐based theory cannot be tested due to data limitations.Originality/valueSmall enterprises play a key role in promoting developing country growth, but no study has evaluated microenterprise performance using this particular data set and the resource‐based theory of the firm. Future research should focus on collecting data to further validate this theory.
To grow or not? Growing small service firms
Authors: Kirkwood Jodyanne 
Published: July 2009

PurposeThe purpose of this paper is to investigate whether entrepreneurs realised their growth aspirations for their service sector businesses after five years. Growth in sales turnover and employee numbers is explored, as well as entrepreneurs' perspectives of how they achieved growth (or why they did not). There have been few examples of longitudinal research which compares entrepreneurs' growth aspirations with actual growth, and fewer still that focus on service businesses.Design/methodology/approachTwenty‐six entrepreneurs are interviewed in New Zealand in 2001 and re‐interviewed in 2006. Face‐to‐face interviews are used in the first instance, and the follow‐up interview is conducted by telephone.FindingsTwenty‐one entrepreneurs aspired growth in terms of either sales or employees (most aspired growth in both). The majority achieved growth in sales through having a good reputation, attention to customer service, diversification and employing good staff. Fewer entrepreneurs achieved their aspired growth in employee numbers, due to difficulties in employing and managing staff, skill shortages and a tight labour market. Findings support prior research that show if an entrepreneur chooses to grow his or her business it is likely that growth will actually occur.Research limitations/implicationsThis qualitative sample of 26 entrepreneurs is relatively small, but allows for an in‐depth look at the growth process. Implications for policy makers are presented.Originality/valueThe findings of this paper contribute to the growth aspirations' literature, and narrow the focus to service sector firms particularly. The qualitative approach also provides a new lens through which to understand more about the growth process from the entrepreneurs' perspective.
Schumpeterian versus Kirznerian entrepreneurship
Authors: Roininen Sari , Ylinenpää Håkan 
Published: July 2009

PurposeThe purpose of this paper is to identify how different modes of resource configuration, entry strategy and product/market characteristics affect new ventures' start‐up processes as well as outcomes in terms of firm growth and revenues.Design/methodology/approachCase studies of three academic spin‐offs and three non‐academic new ventures are employed as a base for analytical generalisation.FindingsNon‐academic ventures and academic spin‐offs have different bases for their venture creation and follow different strategies to enter their specific markets. Academic spin‐offs are to a larger extent innovative, product‐oriented and enter their target markets employing a technology/science‐push strategy, which requires considerable resources and partner cooperation to manage. The non‐academic ventures, on the contrary, exploit emerging opportunities on the market through a market‐pull strategy relying mainly on offerings already known to the market and building on their own, in‐house resources.Research limitations/implicationsFuture research should benefit from investigating factors and conditions affecting different ventures' start‐up process by utilizing qualitative, in‐depth approaches as well as quantitative approaches and a more robust database.Practical implicationsVenture creation processes are not uniform but dependent on situational and contextual factors. Overall, academic spin‐offs come forward as examples of Schumpeterian entrepreneurship characterised by exploration and innovation, while the more “Kirznerian” and non‐academic start‐ups primarily recognise and exploit upcoming market opportunities based on resources they control. The results highlight challenges for nascent entrepreneurs as well as for policy makers supporting new venture creation.Originality/valueA comparison highlighting critical events, resource configurations and environmental conditions of different start‐up processes depending on the new ventures' origin.
A resource‐based view of micro‐firm management practice
Authors: Kelliher Felicity , Reinl Leana 
Published: July 2009

PurposeThe purpose of this paper is to discuss a resource‐based approach for exploring micro‐firm management practice, as informed by the relevant literature. Specifically, the paper analyses available literature and catalogues micro‐firm and managerial competence criteria in pursuit of managerial insights in this environment.Design/methodology/approachA comprehensive literature review precedes the conceptualisation of micro‐firm management practice.FindingsLiterary findings suggest that, considering micro‐firms' internal resource constraints, minimal environmental power, and owner‐centred culture, it is vital for these organisations to embed their valuable resource in their core business strategy, to ensure survival in the longer term. Furthermore, there is an assumption that knowledge must be used optimally within the micro‐firm by developing the analytical and critical skills of individuals, groups and the entire organisation so as to sustain and grow these firms' competitive advantage. Having identified and catalogued a range of factors that impact micro‐firms, the authors propose a “resource taxonomy of micro‐firm management practice”, which establishes factor interaction and the interrelationships between each resource in this environment. The purpose of this taxonomy is to assist in the analysis of management practices in the micro‐firm milieu.Research limitations/implicationsThe authors go on to discuss taxonomy implications for micro‐firm training policy and propose further exploration of micro‐firm management practice and resource‐based research in this environment.Originality/valueAcademic research, which focuses specifically on the micro‐firm, has historically been rare, despite multiple calls to study these firms in their own right. By proffering a “resource taxonomy of micro‐firm management practice”, the authors seek to inform this neglected research area.
What determines the capital structure of real estate companies?
Authors: Morri Giacomo , Cristanziani Fabio 
Published: July 2009

PurposeThis paper aims to investigate the determinants affecting the choice of the capital structure of European property companies.Design/methodology/approachThe analysis considers the set of companies belonging to the EPRA/NAREIT Europe Index (both REITs and non‐REITs) and is based on panel data to get greater reliability and to check the cross‐time path of explanatory variables. Seven independent variables (size, profitability, growth opportunities, cost of debt, ownership structure, risk, and category) are studied over a five‐year period.FindingsResults clearly show that non‐REIT companies are significantly more leveraged than REITs, confirming the importance of the tax‐exempt status in affecting capital structure choices. The negative relationship between operating risk and leverage demonstrates that the managers of riskier firms tend to reduce the overall company's uncertainty by adopting a more careful capital structure. Moreover, more profitable firms have less recourse to leverage. Evidence also suggests that the company's asset size is able to directly influence the amount of debt issued, confirming the hypothesis that debt is cheaper for bigger firms and its issue is affected by economies of scale.Originality/valueThe paper represents a break point with past literature for the sample, based on European companies, and the methodology, that relies more on market rather than on balance‐sheet or income statement items (obtaining higher comparability and avoiding country‐specific bias mainly concerning law, fiscal and earning management issues).
Empirical examination of REITs in Turkey: an emerging market perspective
Authors: Aktan Bora , Ozturk Mustafa 
Published: July 2009

PurposeThe aim of this paper is to investigate the risk‐return relationship of REITs listed on the Istanbul Stock Exchange (ISE) in order to assess the risk and to find some empirical results for investors within the framework of modern portfolio theory (MPT) using the standard version of the capital asset‐pricing model (CAPM) and the single index model (SIM) over the period January 2002‐June 2008.Design/methodology/approachTime series, cross‐sectional regression and structural literature review are employed.FindingsResults indicate that linearity assumption for both the CAPM and the SIM are rejected. It should be emphasized that the econometrical specification exposed the weaknesses of t‐test methodology for testing coefficients of regression due to the non‐normality of residuals.Originality/valueUnderstanding of risk and its resultant impact on the returns and evaluation of risk‐return relationship is extremely important for investors. In this regard, real estate investment trusts (REITs) as indirect investment instruments are increasingly becoming an important part of investors' diversified portfolios to lessen the risk. The study is the first attempt to explore the structure of REITs in Turkey as an emerging market.
Australian securitised property funds: an examination of their risk‐adjusted performance
Authors: Higgins David , Ng Boon 
Published: July 2009

PurposeThis paper aims to gain exposure to Australian real estate investment trusts (A‐REITs). Many institutional investors make use of securitised property funds as they employ experienced property professionals with specialist knowledge of underlying property fundamentals, direct property markets and the 30‐plus A‐REITs. As securitised property funds operate in a competitive environment, investment performance benchmarks are important.Design/methodology/approachTo add to the familiar risk and return benchmarks, the risk adjusted performance (RAP) measure first outlined by Modigliani and Modigliani provides an additional and valuable return measure to a definite level of risk. This research selected 16 wholesale securitised property funds each with seven years of continuous quarterly total return data.FindingsOverall a large proportion of the selected funds (14 out of 16), on average, outperformed the market benchmark return (14.53 per cent) with the worst fund marginally under‐performing the index by 0.54 per cent. In contrast, the annualised RAP measure highlighted the differences in the securitised property fund returns for a given level of risk, with a wide 12.90‐16.66 per cent range. To achieve this uniform level of risk, five securities property funds had to replace up to 21 per cent of their property portfolio with a risk‐free asset (90 day bank bills). The RAP measure also decomposes the excess returns above the benchmark. In this instance, the securitised property funds outperformance was from a mixture of active portfolio selection and simply taking on additional risk exposure.Originality/valueThe research demonstrated the benefits of analysing securitised property funds beyond the standard return and risk measures. The RAP approach provides a measure of return for a definite level of risk with the benchmark excess attributed to portfolio selection and additional risk. This performance information can provide valuable additional information for an astute investor.
Developing the real estate derivative market for Singapore: issues and challenges
Authors: Eng Ong Seow , Hwa Ng Kah 
Published: July 2009

PurposeWhile the development of real estate derivative contracts has important implications for real estate as an asset class, it has not been widely accepted in Asia. This paper aims to examine the issues involved in developing the real estate derivative market for Singapore.Design/methodology/approachThe concept of real estate derivatives is reviewed. The limitations to the extant real estate index are discussed. Different approaches to constructing real estate indices are discussed in particular reference to the features of the Singapore real estate market.FindingsThe Singapore residential market is dominated by public housing, heterogeneity and relatively low turnover. The applicability of repeat sales approach may not be well suited. Geostatistical models appear promising. The commercial real estate market suffers from even lower turnover. The most appropriate commercial real estate index could be similar to that offered by IPD. Several issues were also highlighted. First, the index must pass the stringent scrutiny of academia and experts. Second, the index must be well understood and accepted by the industry. Third, the index must be published in a timely fashion and without biases. Fourth, there must be a trustworthy producer of the index.Research limitations/implicationsFor an index to be accepted, it must satisfy the issue of fungibility. International investors looking for exposure or hedging strategies are likely to be familiar with established methodologies such as the repeat sales and appraisal‐based approaches.Practical implicationsMarket acceptability of RED. If the experience in Europe is anything to go by, this is not an insurmountable issue that cannot be addressed with education and knowledge dissemination.Originality/valueWhile real estate derivatives have immense potential and a tremendous growth in its development in Europe has been witnessed, it is clear that the real estate derivative industry is in its infancy. The paper examines the issues peculiar to Singapore with regard to the establishment of real estate derivative contracts. The paper is of interest to policy makers and industry practitioners.
Sarbanes‐Oxley Act, perceived earnings quality and cost of capital
Authors: Chang Hsihui , Fernando Guy D. , Liao Woody 
Published: July 2009

PurposeThe purpose of this paper is to investigate the impact of the Sarbanes‐Oxley Act (SOX) on market‐based measures of earnings quality and cost of capital.Design/methodology/approachThe paper uses empirical data to determine measures for the market's perception of earnings quality and the ex‐ante cost of capital. The measures for 2001 (pre‐SOX) are compared to the measures for 2003 (post‐SOX).FindingsThe results indicate that in the post‐SOX period, the market's perception of earnings quality has improved, while the firms' cost of equity capital has decreased.Research limitations/implicationsAt a time when debate is raging as to the overall impact of SOX on the US economy, this study provides some evidence as to its beneficial nature. A limitation is that the method of computing restricts the sample, potentially creating biases.Originality/valueThis is the first study to investigate the impact of SOX on the market's perception of earnings quality and the firms' cost of equity capital.
The association between audit fees and reported earnings quality in pre‐ and post‐Sarbanes‐Oxley regimes
Authors: Mitra Santanu , Deis Donald R. , Hossain Mahmud 
Published: July 2009

PurposeThe purpose of this paper is to examine the empirical association between expected and unexpected audit fees and reported earnings quality for a sample of Big 4(5) client companies over a period from 2000 to 2005.Design/methodology/approachThe paper employs a cross‐sectional multiple regression model for a sample of 1,142 firms (6,852 firm‐years) covering a time period of six years comprising 2000 to 2005 to evaluate the relationship between both expected and unexpected audit fees and performance‐adjusted discretionary accruals that are estimated from the extended version of the modified Jones model.FindingsThe paper finds that both expected and unexpected audit fees are associated with an increase in earnings quality, as indicated by the reduction of both absolute and signed discretionary accrual adjustments. Furthermore, in some analyses these associations are found to persist into the post‐Sarbanes‐Oxley Act (SOX) period. The main results hold in sensitivity tests that involve using both the absolute and signed unexpected audit fees as independent variables and in tests that use both the absolute and signed current accruals as dependent variables of interest.Research limitations/implicationsThe results suggest that audit efforts consistent with client‐specific business attributes and reflected in expected audit fees mitigate financial reporting biases, the effect of which is incrementally observable to some extent in the post‐SOX period as well. Unexpected audit fees, a proxy for fee surprise arising out of auditor‐client‐specific contractual situations, are also associated with an increase in earnings quality. The association is, in some analyses, significant for the post‐SOX years. The test results do not exhibit any evidence of auditor independence problems associated with high expected and unexpected audit fees; a result that supports the “reputation protection” argument for auditors' reporting decisions.Originality/valueIn a time period surrounding the introduction of SOX when nonaudit consulting services have severely been restricted, and the audit fee growth for publicly traded companies have been dramatic, an analysis of this nature potentially produces valuable insights into the auditors' fee decision, audit efforts, and auditor independence issue. The study looks into a new perspective concerning the relationship between audit fees and financial reporting practice over the two regulatory regimes, pre‐ and post‐SOX.
Disclosure channel and cost of capital: evidence from open vs closed conference calls
Authors: Zhao Yijiang , Davis Michael , Berry Kevin T. 
Published: July 2009

PurposeThe purpose of this paper is to examine the effect on the cost of capital of increased disclosure that reduces information asymmetry among market participants.Design/methodology/approachThis study uses the decision to regularly hold open (closed) conference calls pre‐Reg FD as a proxy for a commitment to the policy of public (selective) disclosure and a cross‐sectional research design to examine the associations between open/closed conference calls and three proxies for firms' cost of capital (i.e. bid‐ask spreads, share turnover, and implied costs of capital).FindingsThe results show that firms that commit to open calls exhibit lower relative bid‐ask spreads, lower implied costs of capital, and higher share turnover than firms that commit to closed calls.Practical implicationsThe findings suggest that increased disclosure that “levels the playing field” for small investors benefits investors as a whole by improving firms' market liquidity and reducing the cost of capital.Originality/valueThis study contributes to existing literature on the association between corporate disclosure and firms' cost of capital.