bluuebunny/crossref_metadata_2025_split huggingface dataset:
A reactive greedy randomized adaptive search procedure for a mixed integer portfolio optimization problem
Authors: Anagnostopoulos K.P. , Chatzoglou P.D. , Katsavounis S. 
Published: October 2010

PurposeThe purpose of this paper is to present a procedure for finding the efficient frontier, i.e. a non‐decreasing curve representing the set of Pareto‐optimal or non‐dominated portfolios, when the standard Markowitz' classical mean‐variance model is enriched with additional constraints.Design/methodology/approachThe mean‐variance portfolio optimization model is extended to include integer constraints that limit a portfolio to have a specified number of assets, and to impose limits on the proportion of the portfolio held in a given asset. Optimization‐based procedures run into difficulties in this framework and this motivates the investigation of heuristic algorithms to find acceptable solutions.FindingsThe problem is solved by a greedy randomized adaptive search procedure (GRASP), enhanced by a learning mechanism and a bias function for determining the next element to be introduced in the solution.Originality/valueThis is believed to be the first time, a GRASP for finding the efficient frontier for this class of portfolio selection problems is used.
Model‐based management (MBM): a vital prerequisite for organizational viability
Authors: Schwaninger Markus 
Published: October 2010

PurposeThe purpose of this paper is to introduce and conceptualize the topic of Model‐based management (MBM) in organizations.Design/methodology/approachThe relevance of different types of models for management is elaborated, and a research agenda for this new topic is proposed.FindingsAn analysis of the concept, role and function of models in the context of management and organization, as well as an outline for a new understanding of both the concept and role of models for management, grounded in system science is found.Practical implicationsUltimately, MBM can enhance the intelligence, adaptiveness and viability of organizations of any kind: private, public, non‐profit, large or small.Originality/valueTaking models as the pivot of a research project on general management is unconventional. The gain promised by such an innovative scope derives from its high potential: both theory and practice can benefit from the envisaged research. Theoretically speaking, advances in management and organization science can be achieved, while on the practical side, the insights gained will caution managers and leaders against succumbing to the traps of complexity, while radically improving their managerial effectiveness.
Why markets make mistakes
Authors: Birdseye Weil Henry 
Published: October 2010

PurposeMany models of markets are based on assumptions of rationality, transparency, efficiency, and homogeneity in various combinations. This paper aims to explain why markets routinely and repeatedly make “mistakes” that are inconsistent with these simplifying assumptions.Design/methodology/approachSystem dynamics models are used to show how misestimating demand growth, allowing financial discipline to lapse, unrealistic business planning, and misperception of technology trajectories can produce disastrously wrong business decisions. Examples are drawn from airlines, telecommunications, IT, aerospace, energy, and media.FindingsThe undesirable outcomes can include vicious cycles of investment and profitability, market bubbles, accelerated commoditization, excessive investment in dead‐end technologies, giving up on a product that becomes a huge success, waiting too long to reinvent legacy companies, and changes in market leadership. Differentiating transient phenomena from the longer term trends, movement away from vertically integrated business models, and effective use of early warning signs avoid these mistakes, or at least limit the damage that they cause.Practical implicationsDecision makers tend to rely on simple mental models which have serious limitations. They become increasingly deficient as problems grow more complex, as the environment changes more rapidly, and as the number of decision makers increases. The amplification and tipping dynamics typical of highly coupled systems, for example, bandwagon, network, and lemming effects, are not anticipated. Behavioural factors that play critical roles in the evolution of markets often are misunderstood or ignored.Originality/valueThe paper illuminates the effects of bounded rationality, imperfect information, and fragmentation of decision making on the behavior of markets. Models which assume, at least implicitly, that decision makers understand the structure of the market and how it produces the dynamics which can be observed or might potentially occur can be dangerous simplifications and seriously misleading.
Modeling drivers of organizational change
Authors: Milling Peter M. , Zimmermann Nicole S. 
Published: October 2010

PurposeIt is the purpose of this paper to analyze drivers of organizational change as well as their inhibitors with a particular focus on the influence of management and the environment.Design/methodology/approachThe question will be addressed with the help of the case study of the New York Stock Exchange's (NYSE) move towards electronic trading. A system dynamical analysis of underlying forces and feedback will help elucidate the strength of mechanisms that drive or impede change.FindingsThe stepwise analysis of the model in accordance with different model boundaries reveals that neither the environment nor endogenous pressures from stakeholders and management alone are able to replicate the reference behavior; all three model elements are necessary to simulate the process of the NYSE's radical move. Additionally, with only minor changes in the underlying assumptions, the model is able to show the contrasting behaviors predicted by different streams of literature.Research limitations/implicationsThe paper's contribution is limited by the number of but one exemplary case it provides.Originality/valueThe paper contributes to one of the most prominent topics in the organizational change literature and adds a valuable example of representative drivers of change. It opens the black box of organizational change by its focus on the relationship of structure and behavior as well as on the process of change.
Merger dynamics
Authors: Miczka Switbert , Größler Andreas 
Published: October 2010

PurposeMergers and acquisitions (M&As) have drawn the attention of researchers for several decades. Many studies have investigated the factors apparently influencing the success of an M&A deal, leading to an extensive, yet extremely fragmented body of knowledge. Although the logical quest for integration has been expressed by several authors, in most cases investigations focus only on details of M&As. The aim of this paper is to offer a different way of synthesis that allows testing well‐established theories of post‐merger integration processes.Design/methodology/approachWith the help of a literature‐based system dynamics (SD) model, the paper opens up a new perspective on the organizational processes occurring during post‐merger integration. Particular emphasis is put on the investigation of capability transfer, the change of corporate culture, and the employees' perception of the integration process.FindingsThe model‐based analysis delivers explanations for the contradicting results of many empirical studies, based on the structural integration of a broad body of knowledge and the analysis of simulation runs. The paper suggests that SD models may be used as a means to achieve a more consistent conceptual integration than usual “theoretical frameworks” can provide.Research limitations/implicationsSince the model is primarily based on theoretical ideas, an empirical validation of results seems most critical. Additionally, the linkage to organizational performance measures may need additional modelling effort.Practical implicationsThe paper demonstrates the various interrelationships between organizational capabilities, culture, and employee commitment of two merging companies.Originality/valueThe paper is one of the few that strives for an integrated perspective on post‐merger phenomena.
Models of organizational cybernetics for diagnosis and design
Authors: Pérez Ríos José 
Published: October 2010

PurposeThe purpose of this paper is to introduce a framework, based on Beer's viable system model (VSM) that enables managers of public and private organizations to cope with the complexities faced by their organizations.Design/methodology/approachBased on concepts from organizational cybernetics (OC) an heuristic is elaborated for the design or diagnosis of any organization, from the point of view of its viability.FindingsAn outline of the process that enables managers to diagnose or design the organization they manage is formalized in a structured sequence which, starting with the clarification of an organization's identity, purpose and boundaries, guides the whole process of structure creation and the detailed diagnosis of all its structural components from the point of view of its viability. A taxonomy of frequent pathologies that affect organizations is also presented.Practical implicationsThis kind of framework can guide managers to apply the cybernetic concepts for higher organizational performance, thereby overcoming the oft‐bemoaned difficulties in applying these concepts in practice.Originality/valueThe paper tries to fill the gap between the conceptual deep theoretical works in OC by Stafford Beer and other researchers, and the need of managers for a structured process that can guide their application. The framework presented tries to provide that kind of guide. It integrates different components within a single framework, which covers the creation of the general structure, the diagnosis of each particular organization within it, the evaluation of the degree of coherence between organizational levels, and a taxonomy of organizational pathologies to facilitate such a structuring. Another contribution is the introduction of the VSMod software, created precisely to facilitate the implementation of the VSM.
Brain‐supporting environments for decision making in complex systems
Authors: Hetzler Sebastian 
Published: October 2010

PurposeThis paper aims to address the issue of modeling and model‐based management from a psycho‐ and sociological perspective, showing that the requisite decision‐making models are a necessary but not sufficient condition for taking the right decisions. To overcome this lack of a physical space, a “brain‐supporting environment” is proposed to support group decision making in complex situations.Design/methodology/approachFollowing the interdisciplinary character of management problems, findings from different fields are used to derive requirements for complex problem solving.FindingsProcedural, structural and technological measures are proposed to debias individual and group decision making. Finally, a “brain‐supporting environment” is sketched in which humans, as well as humans and machines, interact in order to arrive at better decisions.Practical implicationsThe paper points out ways that today's technologies can be used to enhance the ability to manage complexity and to prepare the management of organizations for the challenges of the twenty‐first century.Originality/valueThe paper contributes to the management of complex systems by integrating findings from different scientific disciplines in a comprehensive approach to support decision making.
Using a system dynamics approach for identifying and removing management model inadequacy
Authors: Ambroz Kristjan , Derencin Alda 
Published: October 2010

PurposeThe purpose of this paper is to discuss how system dynamics (SD) modeling can help in cases where the management models used by an organization are not adequate for the task at hand.Design/methodology/approachTwo specific cases of management model inadequacy are discussed in this paper – namely management model obsolescence and management model inappropriateness. Each of the two cases is being demonstrated with the use of a specific practical case study. SD simulation models have been constructed based on a more comprehensive view than the ones used at the outset in order to come up with more robust and reliable management models, which were appropriate to the situations at hand. The cases conducted were exploratory in the tradition of action research and the findings are preliminary.FindingsThe inadequacy of prior management models was demonstrated by the superior results obtained – as derived from the SD models – if more appropriate management models, leading to new value potentials, were used.Practical implicationsThe use of complete systems models prevented the organizational obstacles hindering the assessment of management models used for their adequacy. The paper is addressed primarily to the academic research community; however, the findings are of interest to practitioners as well.Originality/valueThe paper contributes to the research on management models, and the use of SD in organizations more generally.
Dynamic cost benefit analysis for mental health reform
Authors: Wolstenholme Eric , Monk David , Todd David 
Published: October 2010

PurposeThis paper aims to describe the application of system dynamics to enhance traditional cost benefit analysis (CBA) in planning a significant expansion of therapy capacity for mental health treatment in the UK. The aim of the initiative is to benefit the health of individuals, reduce costs to society and the exchequer and increase employment.Design/methodology/approachThe paper describes a conventional CBA and comments on its merits and limitations. The development and use of a system dynamics model of the situation is then described, together with how this complements and supports the conventional analysis and its outcome.FindingsBy focussing analysis on the dynamics of people flows over time, simulation is shown to assist understanding of the issue and its potential benefits. The numbers of patients expected to benefit is shown to depend on the treatment capacity, on the sources of people presenting, the number and type of treatment channels and their parameters, the success of treatment, the provision for patients moving between treatment channels, the dynamics of the labour market and employment opportunities.Originality/valueThe paper is totally original and has provided decision support to a large investment on which implementation has begun. The overall methodological conclusion is that dynamic factors are often left out of CBA because they cause too much complexity for decision makers, whereas system dynamics allows these factors to be included without masking the clarity of the case. The paper suggests that CBA and system dynamics are very complementary.
Model‐based management in start‐ups
Authors: Michal Wasilewski Stefan 
Published: October 2010

PurposeThe paper's aim is to share honest insights into how one management team used model‐based management to establish new businesses and products.Design/methodology/approachThe paper shows the approach used for each business, why its area of operations may have changed the preceding processes but the functional form remained the same then eventually finding expression in the viable system model (VSM).FindingsThe paper finds that regardless of proper innovation and profitability, without a holistic approach to capital management the dominant logic of the market place will: subsume good start‐up businesses believing that established ones will go on forever; risk‐pricing in the capital markets will continue the boom/bust tradition; system boundaries must be carefully chosen thereby implementing appropriate controls at each recursive level; and avoid moral hazard emerging through ill‐considered rules that allow people to “game the system”.Practical implicationsThis paper informs regulators and business managers of the advantages of a functional management model based upon the protection of core capital.Originality/valueThe paper validates the principles of systems management of the VSM and sensitivity model in a modern idiom and suggests methods for the better control of insurance and capital markets institutions.
Model‐based lawmaking and the curious case of the Colombian criminal justice system
Authors: Olaya Camilo 
Published: October 2010

PurposeThe purpose of this paper is to demonstrate the significance and necessity of adequate management tools to face dynamic complexity. In particular, the paper shows the importance of model‐based support for designing public systems defined through laws. This is illustrated by means of an example: the new reform of the Colombian criminal justice system.Design/methodology/approachLiterature review of model‐based reasoning and justice systems. Illustration with a case study: reform of the Colombian criminal process.FindingsHuman reasoning can be characterized as a model‐based activity, which in turn can be improved by constructing and using diverse models. The support of dynamic models for designing law‐defined public systems represents an open field of research. Specific relevance and conceptualization for criminal justice systems are developed.Originality/valueTo introduce the significance of the contribution of computer simulation modeling for supporting system design and lawmaking processes.
Adaptability to fair value accounting in an emerging economy
Authors: Peng Songlan , Bewley Kathryn 
Published: October 2010

PurposeThis paper seeks to assess the feasibility and desirability of a major emerging economy adopting and implementing fair value accounting (FVA), as codified in the International Financial Reporting Standards (IFRS), by studying China's recent experience.Design/methodology/approachThe paper examines the extent of FVA adoption in China's new accounting standards (“2007GAAP”), reasons for differences from the International Accounting Standard Board's IFRS, and how 2007GAAP has been implemented in practice. Data are obtained from content analyses of IFRS and 2007GAAP FVA requirements, critical assessments of standard setters' official statements, and analyses of empirical evidence from official reports, media, and academic research.FindingsThe authors find a high degree of adoption of IFRS FVA standards in China's 2007GAAP for financial instruments, but many differences for non‐financial long‐term asset investments. Standard setters justify this divergence by fundamental characteristics of the Chinese environment. The resulting differences from IFRS in the 2007GAAP FVA standards, and in their implementation, challenge official claims of “substantial convergence” between 2007GAAP and IFRS. Hence, the benefits desired by Chinese regulators from adopting FVA and international accounting convergence to IFRS may not be realized.Research limitations/implicationsThe findings are derived from aggregated data in government reports. These findings can be extended in future research by examining specific implementation outcomes in company financial statements.Originality/valueThe paper contributes a timely critical examination of a major emerging economy's convergence with the controversial FVA requirements, which supports the IFRS's standing as a high quality set of accounting standards. The findings provide new insights into factors that can impede international accounting convergence in emerging economies.
Using Foucault to make strategy
Authors: McKinlay Alan , Carter Chris , Pezet Eric , Clegg Stewart 
Published: October 2010

PurposeThe premise of the paper is that Foucault's concept of governmentality has important but unacknowledged implications for understanding strategy. Highlighting the strengths and weaknesses of the governmentality approach, the paper seeks to suggest how governmentality can be used to conceptualise strategy. More generally, the paper seeks to contribute to the body of research on governmentality articulated by authors such as Peter Miller, Ted O'Leary and Nikolas Rose.Design/methodology/approachThe paper reprises the argument that accounting is constitutive of social relations. It proceeds to discuss Peter Miller, Ted O'Leary and Nikolas Rose's seminal contributions to the conceptual development of governmentality. In outlining their work, the paper highlights the significance accorded to the emergence of standard costing and scientific management and its subsequent role in developing both the strategies and structures of managerial capitalism. The paper examines how this, in turn, was pivotal to the emergence of strategy as an important means through which organisations began to understand and conceive of themselves. The paper rehearses the standard criticisms made of governmentality within the accounting literature, before arguing that the concept emerges intact from the critique levelled against it. Proceeding to summarise Foucault's radical conception of power, the paper notes the elusiveness of Foucault's relationship with strategy. Elaborating on the nature of governmentality, the paper employs the concept to re‐examine the managerial revolution. The objective is to explore its implications for understanding strategy.FindingsThe paper builds on the innovative work published in accounting on governmentality to construct an account of the emergence of the managerial revolution. This yields important insights on strategy. In particular, the paper challenges Chandler, arguing that the birth of strategy is best seen as apost‐hocrationalisation produced by the emergence of systematic management and standard costing. The paper explores how governmentality might be developed to study strategy. The overarching message of the paper is that there is a need to rethink strategy as a language and social practice. Strategy, therefore, must be understood as much as a cultural and political project than as an economic one.Originality/valueThe paper highlights how strategy can be regarded as a cultural and political phenomenon. This opens up the possibility of accounts of strategy that are firmly grounded within studies of organisations, politics and society. Dispensing with neo‐economic notions of strategy, the paper advocates writing Foucault into strategic management.