Magnus Söderlund, Mats Vilgon and Jonas Gunnarsson
Measures of customers’ repurchase intentions have become common in marketing research, particularly since long‐term relations with customers are stressed as an important goal…
Abstract
Measures of customers’ repurchase intentions have become common in marketing research, particularly since long‐term relations with customers are stressed as an important goal. This study, however, illustrates that repurchase intentions may be a poor predictor of future behavior on industrial markets, and that past behavior may be a far better predictor. The results imply that caution is warranted when intention measures are used in predictions of purchasing behavior in situations in which decision‐making is constrained by organizational and inter‐organizational factors.
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After the financial collapse, the Icelandic Parliament set up a Special Investigation Commission to explain the causes of the events. A working group on ethics evaluated the…
Abstract
After the financial collapse, the Icelandic Parliament set up a Special Investigation Commission to explain the causes of the events. A working group on ethics evaluated the explanations of the commission from a moral perspective and placed its analyses in the wider social context. This chapter delineates the approach and the main findings of these investigations. The author argues that the main lessons to be learned are about the need to strengthen democratic structures and professional practices in business, politics and administration. The implications of this structural approach for assessing the responsibility for the collapse are discussed in the light of I.M. Young’s social connection model. While the parliamentary reports were well received, three events hindered Icelanders in learning the reports’ main lessons. In addition to a volcanic eruption immediately after the publication of the report, two major political debates led the reconstruction work astray. The first was about the case of the former prime minister and the second was the fierce Icesave dispute about whether Icelanders should share the financial burden with the citizens of the United Kingdom and the Netherlands who lost their savings in the Icesave accounts. This issue dominated Icelandic public discourse for three years and diverted political attention from the message of the parliamentary reports – namely, that the main explanatory factors for the financial collapse were weak governance and flawed practices within Iceland. As a consequence, the political sector has lagged behind other social sectors in efforts to learn lessons from the financial collapse.
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Purpose — Analyze and assess the actions taken by the government of Iceland prior to a banking crisis that resulted in the collapse of Iceland’s largest banks in October 2008. Was…
Abstract
Purpose — Analyze and assess the actions taken by the government of Iceland prior to a banking crisis that resulted in the collapse of Iceland’s largest banks in October 2008. Was the government’s behavior prior to the crisis dishonest in the sense that it deliberately tried to fake reality or was the government honest but incompetent in the sense that it did not see the problem coming, and was therefore not trustworthy?Design/methodology/approach — Review of the existing literature, analysis, and assessment of this literature. Case study of Iceland.Findings — The government showed negligence and made mistakes by not taking credible actions to manage risks following a rapid cross-border expansion of Iceland’s largest banks. This had severe consequences and resulted in the collapse of the largest banks in October 2008. Instead of addressing the problems in the economy the government launched a PR campaign and the analysis of various scholars may have helped to justify inaction. According to the Special Investigation Commission (SIC),1 the government did not address an obvious problem and could perhaps on that basis be charged with dishonesty, including faking reality with PR campaigns. As some scholars put it, the authorities gambled for resurrection, and failed. The analysis carried out by a number of other scholars who downplayed the problem may have confused the government and it may have been honest in its inaction. In that situation one can argue that the government was honest but incompetent and not trustworthy, as according to the SIC and several international scholars the problem was obvious.Research limitations/implications — This is a case study. The study does not present results that can be evaluated on the basis of statistical significance and generalized. Some of the lessons, however, can have a wider relevance than for Iceland only. This is especially true for small countries with a large banking sector, using its own currency, and with limited fiscal space to support the banks during a crisis.Practical implications — The combination of a risk seeking behavior of businesses, in this case in the banking sector, and inactive or negligent governments can result in the collapse of a country’s economy. The Icelandic government should encourage and enforce more risk mitigation via regulations, monitoring, and supervision of the private sector’s cross-border activities. This does not only apply to the banking sector but also to other sectors such as the energy sector.Social implications — Less risk seeking behavior and more risk mitigating actions can stabilize Iceland´s economic growth in the medium and long term, and reduce the risk of an economic collapse that typically has severe social consequences.Originality/value — The so-called Viking spirit of Icelandic business people accompanied with aggressive risk taking and bold business behavior can be very detrimental for a small economy especially when global economic and financial crisis hit.
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Sandra C. Buttigieg, Dorothy Gauci, Frank Bezzina and Prasanta K. Dey
Length of stay (LOS) in hospital after surgery varies for each patient depending on surgeon’s decision that considers criticality of the surgery, patient’s conditions before and…
Abstract
Purpose
Length of stay (LOS) in hospital after surgery varies for each patient depending on surgeon’s decision that considers criticality of the surgery, patient’s conditions before and after surgery, expected time to recovery and experience of the surgeon involved. Decision on patients’ LOS at hospital post-surgery affects overall healthcare performance as it affects both cost and quality of care. The purpose of this paper is to develop a model for deriving the most appropriate LOS after surgical interventions.
Design/methodology/approach
The study adopts an action research involving multiple stakeholders (surgeon, patients/patients’ relatives, hospital management and other medics). First, a conceptual model is developed using literature and experts’ opinion. Second, the model is applied in three surgical interventions in a public hospital in Malta to demonstrate the effectiveness of the model. Third, the policy alternatives developed are compared to a selection of current international standards for each surgical intervention. The proposed model analyses three LOS threshold policies for three procedures using efficiency and responsiveness criteria. The entire analysis is carried out using 325 randomly selected patient files along with structured interactions with more than 50 stakeholders (surgeon, patients/patients’ relatives, hospital management and other medics). A multiple criteria decision-making method is deployed for model building and data analysis. The method involves combining the analytic hierarchy process (AHP) for verbal subjective judgements on prioritizing the four predictors of surgical LOS—medical, financial, social and risk, with pairwise comparisons of the sub-criteria under each criterion in line with the concerned interventions—the objective data of which are obtained from the patients’ files.
Findings
The proposed model was successfully applied to decide on the best policy alternative for LOS for the three interventions. The best policy alternatives compared well to current international benchmarks.
Research limitations/implications
The proposed method needs to be tested for other interventions across various healthcare settings.
Practical implications
Multi-criteria decision-making tools enable resource optimization and overall improvement of patient care through the application of a scientific management technique that involves all relevant stakeholders while utilizing both subjective judgements as well as objective data.
Originality/value
Traditionally, the duration of post-surgery LOS is mainly based on the surgeons’ clinical but also arbitrary decisions, with, as a result, having insufficiently explicable variations in LOS amongst peers for similar interventions. According to the authors’ knowledge, this is the first attempt to derive post-surgery LOS using the AHP, a multiple criteria decision-making method.