Bartholemew Kenner, Dayton M. Lambert, Carlos Omar Trejo-Pech, Jada M. Thompson and Thomas Gill
The purpose of this paper is to determine the stochastic net present value (NPV) of a model smallholder poultry operation in Rwanda under production and market uncertainty.
Abstract
Purpose
The purpose of this paper is to determine the stochastic net present value (NPV) of a model smallholder poultry operation in Rwanda under production and market uncertainty.
Design/methodology/approach
A discounted cash flow calculator was used to determine the NPV of operator investments and operating cash flows, including time, materials and capital. Broiler production data, market prices and variable input costs were collected from 125 smallholder operations in the Musanze District, Rwanda. These data were combined with a historical price index tracking the inflation rate of Rwanda’s currency. Policies including overstocking, technical support repayment scheduling, selling broilers at a spot market price, using marketing contracts and selling poultry manure were compared using non-parametric paired comparisons and stochastic dominance.
Findings
Risk-neutral and risk-averse producers would prefer overstocking, delaying repayment of technical support services and selling manure to status quo operational policy. No differences were observed between the option to sell birds at spot market prices or through contracts.
Research limitations/implications
This analysis demonstrates how individual managerial or an intervention in smallholder broiler production affects financial performance.
Practical implications
To mitigate risk associated with this novel enterprise, producers should consider overstocking birds. If local markets for manure were developed, the risks faced by new or beginning poultry operators could be mitigated.
Originality/value
A stochastic, discounted cash flow model calculator was used to determine the NPV and discounted payback period of operator investments and operating cash flows, including time, materials and capital.
Details
Keywords
The study aims at reviewing a synthesis of disclosure, transparency, and International Financial Reporting Standards (IFRS) implementation in an attempt to provide directions for…
Abstract
The study aims at reviewing a synthesis of disclosure, transparency, and International Financial Reporting Standards (IFRS) implementation in an attempt to provide directions for future research. Prior research overwhelmingly supports that the IFRS adoption or effective implementation of IFRS will enhance high-quality financial reporting, transparency, enhance the country’s investment environment, and foreign direct investment (FDI) (Dayanandan, Donker, Ivanof, & Karahan, 2016; Gláserová, 2013; Muniandy & Ali, 2012). However, some researchers provide conflicting evidence that developing countries implementing IFRS are probably not going to encounter higher FDI inflows (Gheorghe, 2009; Lasmin, 2012). It has also been argued that the IFRS adoption decreases the management earnings in countries with high levels of financial disclosure. In general, the study indicates that the adoption of IFRS has improved the financial reporting quality. The common law countries have strong rules to protect investors, strict legal enforcement, and high levels of transparency of financial information. From the extensive structured review of literature using the Scopus database tool, the study reviewed 105 articles, and in particular, the topic-related 94 articles were analysed. All 94 articles were retrieved from a range of 59 journals. Most of the articles (77 of 94) were published 2010–2018. The top five journals based on the citations are Journal of Accounting Research (187 citations), Abacus (125 citations), European Accounting Review (107 citations), Journal of Accounting and Economics (78 citations), and Accounting and Business Research (66 citations). The most-cited authors are Daske, Hail, Leuz, and Verdi (2013); Daske and Gebhardt (2006); and Brüggemann, Hitz, and Sellhorn (2013). Surprisingly, 65 of 94 articles did not utilise the theory. In particular, four theories have been used frequently: agency theory (15), economic theory (5), signalling theory (2), and accounting theory (2). The study calls for future research on the theoretical implications and policy-related research on disclosure and transparency which may inform the local and international standard setters.
Details
Keywords
Alasdair MacIntyre’s path-breaking book After Virtue launched him into a place of prominence in social and moral philosophy. Two central, and still relevant, themes are…
Abstract
Alasdair MacIntyre’s path-breaking book After Virtue launched him into a place of prominence in social and moral philosophy. Two central, and still relevant, themes are identifiable in the corpus of MacIntyre’s work. First, advanced modernity is in a perilous state because of the philosophical creation of the emotivist self. Second, virtue must be reclaimed if the crisis in moral philosophy is to be addressed and an institutional world worthy of what we are as human beings is to be built. MacIntyre’s heroic effort in this regard is a new presentation of a Thomistic Aristotelianism but he was not naïve about the chances of his project’s success. Emotivism has made it extremely difficult for a virtue perspective to even gain a hearing. MacIntyre proposed a way forward different from abstract theorising. He felt that at this point we could, and had to, learn how to act from accounts of exemplary lives. This chapter presents the wisdom of legendary basketball coach John Wooden as a contribution to aid in the recovery of virtue. The central claim being made is that it is long overdue that John Wooden should take his rightful place in the virtue tradition in ethics. This work gives John Wooden’s conception of leadership that flows from his understanding of virtue the attention it deserves. The examination of John Wooden’s life undertaken bridges virtue theory and leadership. Several other key elements of MacIntyre’s thought set the structure of the inquiry. The chapter begins with a biographical sketch of Wooden’s life because of the stress that MacIntyre places on tradition and narrative unity. The basis of Wooden’s reflection on virtue, the tradition informing his practical reasoning, is a selected canon of Western civilisation, its great literature and the Bible. The Midwestern values of hard work, honesty, faith, and caring for one’s family are also significant. MacIntyre places great emphasis on the need to understand the story of a life and, in particular, the need to understand how development was aided or hindered in childhood and what kind of apprenticeship into a practice was available. The singular influence John Wooden’s father had on his life is documented. The role that John Wooden’s teachers, coaches and mentors played in initiating him into the practice of coaching is reviewed. The experiential base for Wooden’s derivation of his emotionally healthy definition of success and his well thought out conception of the virtues is thus put in place. MacIntyre summarises the teleological structure of human life and the role of virtue in human flourishing by contrasting man-as-he-happens-to-be with man-as-he-should-be-if-he-realised-his-essential-nature. John Wooden’s Pyramid of Success identifies the combination of personal qualities and values, virtues, that fulfil MacIntyre’s second term, that are intrinsic to reaching one’s potential as a person. The 15 qualities Wooden gives – industriousness, enthusiasm, friendship, loyalty, cooperation, self-control, alertness, initiative, intentness, condition, skill, team spirit, poise, confidence, competitive greatness – are defined and illustrated. The rationale for the qualities and for their placement into a coherent whole is discussed. Basic elements of John Wooden’s leadership genius are then brought out. Leaders need to get the culture right, build cohesive teams, and be guided by a moral topline.
Details
Keywords
Britta Gammelgaard, Satish Kumar, Debidutta Pattnaik and Rohit Joshi
International Journal of Logistics Management (IJLM) celebrated 30 years of its publication in 2019. This study provides a retrospective overview of the IJLM articles between 1990…
Abstract
Purpose
International Journal of Logistics Management (IJLM) celebrated 30 years of its publication in 2019. This study provides a retrospective overview of the IJLM articles between 1990 and 2019.
Design/methodology/approach
The authors applied bibliometrics to study and present a retrospective summary of the publication trends, citations, pattern of authorship, productivity, popularity depicting influence, and the impact of the IJLM, its contributors, their affiliations, and discusses the conceptual layout of IJLM's prolific themes.
Findings
With 23 yearly articles, IJLM contributed 689 specialized research papers on Supply Chain Management (SCM) by 2019. Authorship grew by 42 new contributors adding up to 1,256 unique IJLM authors by 2019. Each of its lead contributors associated with 1.55 other authors to contribute an article in the journal among which 93% are cited at least once. Survey-based research dominated in last 30 years. The h-index of the journal is 73 while its g-index suggests that 133 IJLM articles were cited at least 17,689 times in Scopus. IJLM authors affiliated to the Cranfield University and the US contributed the highest count of articles. Bibliographic coupling analysis groups IJLM articles into eight bibliographic clusters while network analysis exposes the thematic layout of IJLM articles.
Research limitations/implications
The literature selection is confined to the Scopus database starting from 1990, a year before the inception of the IJLM, thereby limiting its scope.
Originality/value
This study is the first retrospective bibliometric analysis of the IJLM, which is useful for aspiring contributors.
Details
Keywords
Bart Niyibizi, B. Wade Brorsen and Eunchun Park
The purpose of this paper is to estimate crop yield densities considering time trends in the first three moments and spatially varying coefficients.
Abstract
Purpose
The purpose of this paper is to estimate crop yield densities considering time trends in the first three moments and spatially varying coefficients.
Design/methodology/approach
Yield density parameters are assumed to be spatially correlated, through a Gaussian spatial process. This study spatially smooth multiple parameters using Bayesian Kriging.
Findings
Assuming that county yields follow skew normal distributions, the location parameter increased faster in the eastern and northwestern counties of Iowa, while the scale increased faster in southern counties and the shape parameter increased more (implying less left skewness) in southwestern counties. Over time, the mean has increased sharply, while the variance and left skewness increased modestly.
Originality/value
Bayesian Kriging can smooth time-varying yield distributions, handle unbalanced panel data and provide estimates when data are missing. Most past models used a two-stage estimation procedure, while our procedure estimates parameters jointly.
Details
Keywords
Dianne J. Hall, Joseph R. Huscroft, Benjamin T. Hazen and Joe B. Hanna
Although the importance of establishing sound metrics is often noted in the logistics literature, few research efforts have examined appropriate metrics for reverse logistics (RL…
Abstract
Purpose
Although the importance of establishing sound metrics is often noted in the logistics literature, few research efforts have examined appropriate metrics for reverse logistics (RL) processes. Through the lens of goal-setting theory, the paper identifies and align salient RL goals and metrics, and uncover some of the most common challenges to RL professionals. The paper aims to discuss these issues.
Design/methodology/approach
The paper used open-ended questions to gather qualitative data from 84 RL professionals from the defense industry. A content analysis method was employed to extract and categorize the goals, challenges, and metrics for RL processes.
Findings
The paper identifies specific categories of goals, challenges and metrics. Several themes emerged from the study, to include customer service, disposition, costs, and process efficiencies. Using these themes, the paper matched goals to metrics and found a lack of uniformity and noted that metrics and goals often were not matched or were misaligned.
Research limitations/implications
This research is limited by the defense industry sample and the research method. Caution should be used when generalizing the results, and further research is required to empirically test the validity of the findings. Nonetheless, in the context of goal-setting theory, the study contributes to the performance metrics literature by aligning RL metrics with goals and addressing challenges faced by RL practitioners. By investigating the topic from multiple perspectives, the study provides more detailed findings and demonstrates the differences between the inbound and outbound RL processes.
Practical implications
This study provides insight into the metrics used to monitor and control RL processes. The findings may help firms to identify shortcomings and choose metrics that they can employ to align RL processes with firm goals.
Originality/value
The study contributes to the performance metrics literature by aligning RL metrics with goals and addressing challenges faced by RL practitioners. By investigating the topic from both an inbound and outbound perspective, the study provides more detailed findings and demonstrates the differences between the inbound and outbound RL processes.
Details
Keywords
Antoinette Halsell Miranda, Halima Alhassan and Maureen J. Ito
Identity construction is a dynamic process that encompasses a variety of factors such as commonalities, loyalties, power struggles, and survival instincts (Lei, 2003). The complex…
Abstract
Identity construction is a dynamic process that encompasses a variety of factors such as commonalities, loyalties, power struggles, and survival instincts (Lei, 2003). The complex dimensions of Black identity are influenced, in part, by community, comfort, and acceptance which at times imposes fixed categorizations, characteristics, and singular depictions. Recent research suggests that more attention be paid to the needs of Black adolescent girls and how their race and gender impact what happens in schools (Koonce, 2012). Moreover, it challenges and influences academic success, as it is challenging and difficult to excel in environments that fail to value every aspect of one's identity or identities (Rollock, 2007).
Black girls' interaction with each other, especially in urban schools, can also be problematic and resemble “relational aggression,” when in fact it is a form of posturing to increase their social status. Contextual factors (e.g., culture, school climate) can serve as risk or protective factors for involvement in posturing, relationship aggression, or increasing one's social status. Research focused on peer relationships has found differences in friendship patterns among ethnically and socioeconomically diverse youth, suggesting the importance of examining friendships within the context of ethnic and socioeconomic diversity (see Brown, Way, & Duff, 1999; Crothers, Field, & Kolbert, 2005). Sisterhood among Black girls can serve as a supportive network that enhances the “Black girl experience” as well as promote wellness and healthy identity.
Details
Keywords
Nancy Mohan and M. Fall Ainina
Until 2005, corporations could choose whether to expense incentive options or to disclose the value in the financial footnotes. During 2004, however, the Financial Accounting…
Abstract
Purpose
Until 2005, corporations could choose whether to expense incentive options or to disclose the value in the financial footnotes. During 2004, however, the Financial Accounting Standards Board adopted the revised Statement No. 123, which requires public corporations to measure the cost of stock options on grant‐date and expense that cost over the vesting period of the grant. This study investigates the impact of SFAS 123(R) on the type of executive incentive pay‐option versus restricted stock.
Design/methodology/approach
Comprehensive compensation data was collected from Standard & Poors ExecuComp data base for the period 2002‐2006 for two industries identified by SIC codes 73 (business services) and 35 (electronics). The study tracks the percentage of pay in the form of incentive stock options or restrictive stock grants before and after SFAS No. 123(R) was adopted in 2004. A series of multivariate regression models test whether the restricted stock percentage of total compensation can be partially explained by the adoption of SFAS 123(R).
Findings
The results show that the average fair value of stock awards is higher and the average fair value of option awards is lower after 2004. In addition, after 2004, stock compensation as a percentage of total pay is positively related to stock price volatility. The data also suggest that those companies substituting restricted stock for options actually increase total incentive pay.
Social implications
The study's findings may suggest that those companies substituting restricted stock for options increase total executive pay. This would be a side effect from the adoption of SFAS 123(R), in that most companies use the Black‐Scholes model to value executive options. Given the long life of these options and the high volatility in certain industries the option value is quite high. Therefore, the amount of substituted restricted stock is also inflated.
Originality/value
The adoption of SFAS 123(R) was highly contested by executives in industries with high stock price volatility. The authors document that, in the case of two industries, executive incentive pay structure was affected.
Details
Keywords
A. Touati, S. Corbel and J.P. Corriou
Photolithography allows the fabrication of a solid polymer object through polymerization of a monomer resin by means of a laser source guided according to the data of computer…
Abstract
Photolithography allows the fabrication of a solid polymer object through polymerization of a monomer resin by means of a laser source guided according to the data of computer aided design. However, one drawback of this method is the inaccuracy of the dimensions of the objects related to the shrinkage phenomenon which depends on the polymerization, on the laser flux and on the used sweeping procedure. In this paper, the deformation of an isolated voxel (elementary volume) or a voxel interacting with its neighbor is described. This simulation is based on a kinetic model that takes into account the gel effect and a model of volumetric variation due to the difference of the length of the bonds between the monomer and polymer molecules.