Benjamin J. Haskin, Joseph G. Davis and Jocelyn C. Flynn
The current financial crisis revealed weaknesses in the US financial system, including the difficulty of valuing complex assets. This paper seeks to examine regulatory and…
Abstract
Purpose
The current financial crisis revealed weaknesses in the US financial system, including the difficulty of valuing complex assets. This paper seeks to examine regulatory and compliance issues for hedge funds valuing complex assets.
Design/methodology/approach
Within the context of hedge fund valuation, the paper provides a general overview of: the regulatory background of hedge funds and the central role valuation plays in the operation and regulation of such funds; relevant cases brought by the SEC; and a discussion of valuation best practices.
Findings
Hedge funds are not “unregulated.” There is a body of law and accounting standards that applies to hedge fund valuation. Nevertheless, hedge fund valuation standards are evolving in this era of heightened regulatory scrutiny. The common concepts that have emerged from valuation best practices will likely provide the underpinning for any regulatory initiatives regarding hedge fund valuation.
Research limitations/implications
By the time of publication, Congress may pass pending legislation governing hedge funds and there may be additional notable SEC cases on hedge fund valuation.
Practical implications
The economic crisis has revitalized the SEC's interest in this area. Consequently, hedge funds should consider adoption of a compliance program that specifically targets valuation by stressing investor disclosure, independence of the valuation function, comprehensive written valuation polices and procedures, and internal controls.
Originality/value
The paper compiles and organizes in one place the regulatory and compliance standards governing asset valuation by hedge funds.
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Joseph G. Davis, Eswaran Subrahmanian and Arthur W. Westerberg
This paper aims to unravel the complexities associated with knowledge sharing in large global organizations through a field study carried out in a large, multinational company (Du…
Abstract
Purpose
This paper aims to unravel the complexities associated with knowledge sharing in large global organizations through a field study carried out in a large, multinational company (Du Pont), focusing on the critical issues, concrete practices, bottle‐necks, and constraints in knowledge sharing. The tension between “local” production of much of the knowledge and its globalizing is specifically addressed.
Design/methodology/approach
Qualitative analysis based on a detailed case study of the knowledge‐sharing practices in two business units, two functional areas (R&D and engineering project management) in four countries.
Findings
Focus on certain types of organizational knowledge to the exclusion of others can be counter‐productive. Knowledge management (KM) systems need to be integrative and flexible enough to facilitate the dynamic interplay between different forms of knowledge across the space and time.
Research limitations/implications
The results of a case study are somewhat limited in terms of their generalizablity.
Practical implications
The insights from the study offer useful guidelines for designing systems and processes for sharing and managing knowledge in large, diversified organizations.
Originality/value
Most field‐based investigations into knowledge management tend to focus on specific KM projects. This is one of the few comprehensive studies that analyzed knowledge‐sharing practices and constraints at both local and global level in large organizations. It elucidates the key facilitators and inhibitors of knowledge sharing in such organizations.
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Mario Hayek, Milorad M. Novicevic, John H. Humphreys and Nicole Jones
The purpose of this paper is to further fill the void of American slavery within management history and leadership studies by presenting the unique case of Joseph E. Davis's…
Abstract
Purpose
The purpose of this paper is to further fill the void of American slavery within management history and leadership studies by presenting the unique case of Joseph E. Davis's paternalistic leadership.
Design/methodology/approach
This case was selected because of Davis's attempt to transplant Robert Owen's utopian practices of social harmony in an industrial, textile‐mill setting to the backdrop of his slavery plantation. The method used is the historical method of analyzing both primary and secondary sources of data about Joseph E. Davis, a Mississippi planter, during the time periods of antebellum and reconstruction.
Findings
This analysis indicates that Joseph E. Davis exhibited benevolence, authoritarianism, and, to a degree, moral paternalistic leadership with his slaves. Yet, due to his ideology and the context, he still defended slavery and Southern rights.
Research limitations/implications
Historical knowledge about paternalistic leadership during the antebellum slavery and reconstruction time period will help to end the denial of slavery in management studies, as well as contribute to the understanding of paternalism in many contemporary cultures.
Originality/value
This is the first article to provide primary evidence of paternalistic leadership in management history studies within this erroneously disregarded period.
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Smart card-based E-payment systems are receiving increasing attention as the number of implementations is witnessed on the rise globally. Understanding of user adoption behavior…
Abstract
Smart card-based E-payment systems are receiving increasing attention as the number of implementations is witnessed on the rise globally. Understanding of user adoption behavior of E-payment systems that employ smart card technology becomes a research area that is of particular value and interest to both IS researchers and professionals. However, research interest focuses mostly on why a smart card-based E-payment system results in a failure or how the system could have grown into a success. This signals the fact that researchers have not had much opportunity to critically review a smart card-based E-payment system that has gained wide support and overcome the hurdle of critical mass adoption. The Octopus in Hong Kong has provided a rare opportunity for investigating smart card-based E-payment system because of its unprecedented success. This research seeks to thoroughly analyze the Octopus from technology adoption behavior perspectives.
Cultural impacts on adoption behavior are one of the key areas that this research posits to investigate. Since the present research is conducted in Hong Kong where a majority of population is Chinese ethnicity and yet is westernized in a number of aspects, assuming that users in Hong Kong are characterized by eastern or western culture is less useful. Explicit cultural characteristics at individual level are tapped into here instead of applying generalization of cultural beliefs to users to more accurately reflect cultural bias. In this vein, the technology acceptance model (TAM) is adapted, extended, and tested for its applicability cross-culturally in Hong Kong on the Octopus. Four cultural dimensions developed by Hofstede are included in this study, namely uncertainty avoidance, masculinity, individualism, and Confucian Dynamism (long-term orientation), to explore their influence on usage behavior through the mediation of perceived usefulness.
TAM is also integrated with the innovation diffusion theory (IDT) to borrow two constructs in relation to innovative characteristics, namely relative advantage and compatibility, in order to enhance the explanatory power of the proposed research model. Besides, the normative accountability of the research model is strengthened by embracing two social influences, namely subjective norm and image. As the last antecedent to perceived usefulness, prior experience serves to bring in the time variation factor to allow level of prior experience to exert both direct and moderating effects on perceived usefulness.
The resulting research model is analyzed by partial least squares (PLS)-based Structural Equation Modeling (SEM) approach. The research findings reveal that all cultural dimensions demonstrate direct effect on perceived usefulness though the influence of uncertainty avoidance is found marginally significant. Other constructs on innovative characteristics and social influences are validated to be significant as hypothesized. Prior experience does indeed significantly moderate the two influences that perceived usefulness receives from relative advantage and compatibility, respectively. The research model has demonstrated convincing explanatory power and so may be employed for further studies in other contexts. In particular, cultural effects play a key role in contributing to the uniqueness of the model, enabling it to be an effective tool to help critically understand increasingly internationalized IS system development and implementation efforts. This research also suggests several practical implications in view of the findings that could better inform managerial decisions for designing, implementing, or promoting smart card-based E-payment system.
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Heritability studies attempt to estimate the contribution of genes (vs. environments) to variation in phenotypes (or outcomes of interest) in a given population at a given time…
Abstract
Purpose
Heritability studies attempt to estimate the contribution of genes (vs. environments) to variation in phenotypes (or outcomes of interest) in a given population at a given time. This chapter scrutinizes heritability studies of adverse health phenotypes, emphasizing flaws that have become more glaring in light of recent advances in the life sciences and manifest most visibly in epigenetics.
Methodology/approach
Drawing on a diverse body of research and critical scholarship, this chapter examines the veracity of methodological and conceptual assumptions of heritability studies.
Findings
The chapter argues that heritability studies are futile for two reasons: (1) heritability studies suffer from serious methodological flaws with the overall effect of making estimates inaccurate and likely biased toward inflated heritability, and, more importantly (2) the conceptual (biological) model on which heritability studies depend – that of identifiably separate effects of genes versus the environment on phenotype variance – is unsound. As discussed, contemporary bioscientific work indicates that genes and environments are enmeshed in a complex (bidirectional, interactional), dynamic relationship that defies any attempt to demarcate separate contributions to phenotype variance. Thus, heritability studies attempt the biologically impossible. The emerging research on the importance of microbiota is also discussed, including how the commensal relationship between microbial and human cells further stymies heritability studies.
Originality/value
Understandably, few sociologists have the time or interest to be informed about the methodological and theoretical underpinnings of heritability studies or to keep pace with the incredible advances in genetics and epigenetics over the last several years. The present chapter aims to provide interested scholars with information about heritability and heritability estimates of adverse health outcomes in light of recent advances in the biosciences.
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Information and communications technology (ICT) offers enormous opportunities for individuals, businesses and society. The application of ICT is equally important to economic and…
Abstract
Information and communications technology (ICT) offers enormous opportunities for individuals, businesses and society. The application of ICT is equally important to economic and non-economic activities. Researchers have increasingly focused on the adoption and use of ICT by small and medium enterprises (SMEs) as the economic development of a country is largely dependent on them. Following the success of ICT utilisation in SMEs in developed countries, many developing countries are looking to utilise the potential of the technology to develop SMEs. Past studies have shown that the contribution of ICT to the performance of SMEs is not clear and certain. Thus, it is crucial to determine the effectiveness of ICT in generating firm performance since this has implications for SMEs’ expenditure on the technology. This research examines the diffusion of ICT among SMEs with respect to the typical stages from innovation adoption to post-adoption, by analysing the actual usage of ICT and value creation. The mediating effects of integration and utilisation on SME performance are also studied. Grounded in the innovation diffusion literature, institutional theory and resource-based theory, this study has developed a comprehensive integrated research model focused on the research objectives. Following a positivist research paradigm, this study employs a mixed-method research approach. A preliminary conceptual framework is developed through an extensive literature review and is refined by results from an in-depth field study. During the field study, a total of 11 SME owners or decision-makers were interviewed. The recorded interviews were transcribed and analysed using NVivo 10 to refine the model to develop the research hypotheses. The final research model is composed of 30 first-order and five higher-order constructs which involve both reflective and formative measures. Partial least squares-based structural equation modelling (PLS-SEM) is employed to test the theoretical model with a cross-sectional data set of 282 SMEs in Bangladesh. Survey data were collected using a structured questionnaire issued to SMEs selected by applying a stratified random sampling technique. The structural equation modelling utilises a two-step procedure of data analysis. Prior to estimating the structural model, the measurement model is examined for construct validity of the study variables (i.e. convergent and discriminant validity).
The estimates show cognitive evaluation as an important antecedent for expectation which is shaped primarily by the entrepreneurs’ beliefs (perception) and also influenced by the owners’ innovativeness and culture. Culture further influences expectation. The study finds that facilitating condition, environmental pressure and country readiness are important antecedents of expectation and ICT use. The results also reveal that integration and the degree of ICT utilisation significantly affect SMEs’ performance. Surprisingly, the findings do not reveal any significant impact of ICT usage on performance which apparently suggests the possibility of the ICT productivity paradox. However, the analysis finally proves the non-existence of the paradox by demonstrating the mediating role of ICT integration and degree of utilisation explain the influence of information technology (IT) usage on firm performance which is consistent with the resource-based theory. The results suggest that the use of ICT can enhance SMEs’ performance if the technology is integrated and properly utilised. SME owners or managers, interested stakeholders and policy makers may follow the study’s outcomes and focus on ICT integration and degree of utilisation with a view to attaining superior organisational performance.
This study urges concerned business enterprises and government to look at the environmental and cultural factors with a view to achieving ICT usage success in terms of enhanced firm performance. In particular, improving organisational practices and procedures by eliminating the traditional power distance inside organisations and implementing necessary rules and regulations are important actions for managing environmental and cultural uncertainties. The application of a Bengali user interface may help to ensure the productivity of ICT use by SMEs in Bangladesh. Establishing a favourable national technology infrastructure and legal environment may contribute positively to improving the overall situation. This study also suggests some changes and modifications in the country’s existing policies and strategies. The government and policy makers should undertake mass promotional programs to disseminate information about the various uses of computers and their contribution in developing better organisational performance. Organising specialised training programs for SME capacity building may succeed in attaining the motivation for SMEs to use ICT. Ensuring easy access to the technology by providing loans, grants and subsidies is important. Various stakeholders, partners and related organisations should come forward to support government policies and priorities in order to ensure the productive use of ICT among SMEs which finally will help to foster Bangladesh’s economic development.
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Nicole Jones, Milorad M. Novicevic, Mario Hayek and John H. Humphreys
This paper aims to trace the historical roots of African American management by examining managerial practices and experiences described in the letters of Benjamin Thornton…
Abstract
Purpose
This paper aims to trace the historical roots of African American management by examining managerial practices and experiences described in the letters of Benjamin Thornton Montgomery, a former slave who eventually became manager and, ultimately, owner of the Hurricane plantation.
Design/methodology/approach
The method used is the historical archival method of analysis, primarily the examination of a series of letters written by Montgomery during the 1865‐1870 time periods. These letters, which document the foundation and emergence of African American management during the Emancipation age, are for the first time presented as a source of management history.
Findings
Contrary to traditional thoughts of the insignificance of the plantation era to the history of management, the analysis indicates that Montgomery's management practices were quite sophisticated as they incorporated classical management principles of planning, delegation, leadership, and control.
Practical implications
This paper provides insights concerning the historical roots of management practices during the African American Emancipation period which could provide contemporary managers with a more realistic foundation of management practice.
Originality/value
The principal contribution of this investigation is the historical awareness of the documented roots of African American management represented by Montgomery's competence and perseverance to manage effectively while withstanding impeding racial attacks.
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Citizens are substantial stakeholders in every e-government system, thus their willingness to use and ability to access the system are critical. Unequal access and information and…
Abstract
Citizens are substantial stakeholders in every e-government system, thus their willingness to use and ability to access the system are critical. Unequal access and information and communication technology usage, which is known as digital divide, however has been identified as one of the major obstacles to the implementation of e-government system. As digital divide inhibits citizen’s acceptance to e-government, it should be overcome despite the lack of deep theoretical understanding on this issue. This research aimed to investigate the digital divide and its direct impact on e-government system success of local governments in Indonesia as well as indirect impact through the mediation role of trust. In order to get a comprehensive understanding of digital divide, this study introduced a new type of digital divide, the innovativeness divide.
The research problems were approached by applying two-stage sequential mixed method research approach comprising of both qualitative and quantitative studies. In the first phase, an initial research model was proposed based on a literature review. Semi-structured interview with 12 users of e-government systems was then conducted to explore and enhance this initial research model. Data collected in this phase were analyzed with a two-stage content analysis approach and the initial model was then amended based on the findings. As a result, a comprehensive research model with 16 hypotheses was proposed for examination in the second phase.
In the second phase, quantitative method was applied. A questionnaire was developed based on findings in the first phase. A pilot study was conducted to refine the questionnaire, which was then distributed in a national survey resulting in 237 useable responses. Data collected in this phase were analyzed using Partial Least Square based Structural Equation Modeling.
The results of quantitative analysis confirmed 13 hypotheses. All direct influences of the variables of digital divide on e-government system success were supported. The mediating effects of trust in e-government in the relationship between capability divide and e-government system success as well as in the relationship between innovativeness divide and e-government system success were supported, but was rejected in the relationship between access divide and e-government system success. Furthermore, the results supported the moderating effects of demographic variables of age, residential place, and education.
This research has both theoretical and practical contributions. The study contributes to the developments of literature on digital divide and e-government by providing a more comprehensive framework, and also to the implementation of e-government by local governments and the improvement of e-government Readiness Index of Indonesia.
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Alex James Wilson and John Joseph
This study examines the effects of organizational attention on technological search in the multibusiness firm. We argue that attentional specialization and coupling, or…
Abstract
This study examines the effects of organizational attention on technological search in the multibusiness firm. We argue that attentional specialization and coupling, or (respectively) attention given to problems within and across units, affect a unit’s ability to engage in distant and local search by shaping how problems are perceived and addressed. We test this theory by applying a probabilistic topic model to all Motorola patents issued from 1974 to 1997, thus identifying and measuring attention to technical problems. Our results suggest that (a) subunits with specialized attention are not myopic but instead explore broadly and (b) tight attentional coupling across units increases the breadth of search. This study contributes to attention-based views of the firm and to studies on organizational design and search.