JOHN ALLEN, PHILIP HEPWORTH, K LI PLUMRIDGE, KD MILLER, CHRISTOPHER DYER, TERRY HOUGHTON, ARTHUR MALTBY, JS BURDEN, GEORGE BERRIMAN and SETH MANAKA
THERE ARE something like 4,700 qualified librarians in the local government service in this country and for most of us April 1 1974 is a date seldom far from our thoughts.
Syed Awais Ahmad Tipu and Kamel Fantazy
The current study provides new insights into the relationships between knowledge development (KD) and sustainable supply chain performance (SSCP) by exploring the mediating…
Abstract
Purpose
The current study provides new insights into the relationships between knowledge development (KD) and sustainable supply chain performance (SSCP) by exploring the mediating effects of entrepreneurial orientation (EO) in terms of innovativeness, proactiveness and risk taking.
Design/methodology/approach
Data were collected by questionnaire survey from 242 manufacturing organizations. Structural equation modeling (SEM) was used to test the hypotheses.
Findings
The results reveal that innovativeness and proactiveness have full mediating effects on the relationship between KD and SSCP. Though KD is negatively related to risk taking and has insignificant indirect effect on SSCP via risk taking, the mediating effect of risk taking remains moderate positive on the relationship between KD and SSCP.
Research limitations/implications
Given that the current study focuses on manufacturing sector, future research is needed for more comparative studies conducted in different sectors and cultural contexts. The negative link between KD and risk taking also warrants future investigation.
Practical implications
Organizations may reduce their level of risk taking due to the increase in KD. However, in order to enhance SSCP, risk taking is still needed as it mediates the relationship between KD and SSCP.
Originality/value
The mediating effects of innovativeness, proactiveness and risk taking on the relationship between KD and SSCP are unknown. Current study aims to address this gap.
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Ignacio Vélez‐Pareja and Joseph Tham
It is a well known problem the interactions between the market value of cash flows and the discount rate (usually the weighted average cost of capital, WACC) to calculate that…
Abstract
It is a well known problem the interactions between the market value of cash flows and the discount rate (usually the weighted average cost of capital, WACC) to calculate that value. This is mentioned in almost all text books in corporate finance. However, the solution adopted by most authors is to assume a constant leverage D%, and hence assume that the leverage gives raise to an optimal capital structure and the discount rate is constant. On the other hand, most authors use the definition of the Ke, the cost of leveraged equity for perpetuities even if the planning horizon is finite. Among these authors we find the work of Wood and Leitch W&L 2004. In this article we wish to analyse the claim made by W&L 2004 in the sense to have found an iterative solution to the problem of circularity that results in a “near” matching with the Adjusted Present Value APV, proposed by Myers, 1974. They use as the basic principle the fact that there is a “near” constant relation between Ke the cost of equity and Kd the cost of debt. They consider as well that the cost of debt Kd is not constant and changes proportionately with the leverage D%. We propose a very simple and precise approach to solve the above mentioned circularity problem.
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The aim of this paper is to answer the question: Do discounted cash flows valuation methods provide always the same value?
Abstract
Purpose
The aim of this paper is to answer the question: Do discounted cash flows valuation methods provide always the same value?
Design/methodology/approach
This paper is a summarized compendium of ten methods including: free cash flow; equity cash flow; capital cash flow; adjusted present value; business's risk‐adjusted free cash flow and equity cash flow; risk‐free rate‐adjusted free cash flow and equity cash flow; economic profit; and economic value added.
Findings
All ten methods always give the same value.
Research limitations/implications
The disagreements among the various theories of firm valuation arise from the calculation of the value of the tax shields (VTS). The paper analyses nine different theories.
Originality/value
The paper is an analysis of ten methods of company valuation using discounted cash flows and nine different theories about the VTS.
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Kamel Fantazy and Syed Awais Ahmad Tipu
The purpose of this paper is to draw upon the resource-based view of the firm to explore how a firm’s resources (assets and capabilities) such as culture of competitiveness (CC…
Abstract
Purpose
The purpose of this paper is to draw upon the resource-based view of the firm to explore how a firm’s resources (assets and capabilities) such as culture of competitiveness (CC) and knowledge development (KD) relate to sustainable supply chain management (SSCM) and organizational performance (OP).
Design/methodology/approach
Data were collected from 242 supply chain and logistics managers in Pakistan and a structured equation modeling approach was used.
Findings
The results of the study provide support for the proposed hypotheses and indicate that CC and KD are positively related to SSCM and OP. This points out that the organizations in Pakistan are likely to emphasize CC and KD to achieve OP. However, the positive but weak association of CC and KD with SSCM highlights that the organizations in Pakistan show less concern for SSCM.
Originality/value
The literature did not reveal any study which examined the relationships of the CC and KD to SSCM and OP in developing countries. The present study aims to address this gap in the literature.
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Determining an optimal capital structure for a company is a multi‐facetted problem that has challenged and fascinated academics and practitioners for a long time. This study…
Abstract
Determining an optimal capital structure for a company is a multi‐facetted problem that has challenged and fascinated academics and practitioners for a long time. This study investigates capital structures used in different countries and industries and explores the different theories on capital structure that have been put forward to date. A trade‐off model, incorporating taxes and financial distress costs, is applied to determine the optimal capital structure for three companies listed on the JSE South Africa. One of the conclusions drawn from the results of this analysis is that great care needs to be taken in ensuring the reasonableness of the input data and the valuation model. Secondly, significant amounts of value can be unlocked in moving closer to the optimum level of gearing. Lastly, even when one is using a model such as the one illustrated, it may be preferable to try to operate within an acceptable interval rather than to try to attain the absolute optimum capital structure.
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David J. Finch, John Nadeau, Bill Foster, Norm O’Reilly, Kim Bates and Deryk Stec
The issues associated with the production and dissemination of management research have been widely debated amongst administrators, scholars and policymakers for decades. However…
Abstract
Purpose
The issues associated with the production and dissemination of management research have been widely debated amongst administrators, scholars and policymakers for decades. However, few studies to date have examined this issue at the level of the individual scholar. The purpose of this paper is to view a management scholar’s choice of knowledge dissemination (KD) outlets as a legitimacy judgment embedded in their social structure and community norms.
Design/methodology/approach
To explore this, the authors conduct a sequential mixed-methods study. The study uses qualitative methods, including one-on-one interviews (n=29) and five workshops (n=79) with administrators, management scholars, students and external community members (practitioners and policymakers). In addition, the authors analyzed the KD outcomes of 524 management scholars at seven Canadian universities drawn from a stratified sample of business schools.
Findings
The results of the research demonstrate the complex interaction between individual scholar-level factors, including socialization (degree type and practitioner experience) and tenure, and the institutional-level factors, such as strategic orientation and accreditation, and how these influence KD judgments. Specifically, the authors find that institutional factors (such as tenure and promotion) are a central predictor of scholarly KD; in contrast, the authors find that individual-level factors including degree, professional experience and career stage influence non-scholarly KD.
Originality/value
The results suggest that as management scholars face increasing pressure to demonstrate impact beyond academia, it may be more difficult than simply adapting the reward system. Specifically, the authors suggest that administrators and policymakers will have to consider individual factors, including their academic training (including interdisciplinary training), previous practitioner experience and career stage.
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Vincenzo Cavaliere, Sara Lombardi and Luca Giustiniano
This paper aims to investigate, following previous studies on knowledge-sharing (KS) processes that consist of knowledge donating (KD) and knowledge collecting (KC), the…
Abstract
Purpose
This paper aims to investigate, following previous studies on knowledge-sharing (KS) processes that consist of knowledge donating (KD) and knowledge collecting (KC), the relationship between KS processes and KS enablers to understand the effect of organizational, individual and technological factors.
Design/methodology/approach
The study is based on a Web survey. Data were collected from a sample of 759 knowledge workers selected from 23 knowledge-intensive manufacturing companies exposed to international markets and located in Tuscany (Italy). The analysis is based on multivariate regression models considering KD and KC as dependent variables.
Findings
The results show that individual, organizational and technological factors matter to KS. Specifically, the paper reports that individual-level enablers and supportive leadership have a positive effect on both sub-processes of knowledge sharing. Further, the organic management system has a strong and positive impact on KD, while the efficacy of information and communication technology solutions is positively related to KC.
Research limitations/implications
Although based on a geographically bounded perimeter, the analysis allows some generalizations. In fact, the paper proposes a set of enablers that empirically link micro- and macro-organizational mechanisms to KS.
Practical implications
The evidence described can help improve the organizational management of KS and, consequently, support managers dealing with organizational design aimed at successful KS.
Originality/value
The paper presents original results by combining individual, organizational and technological variables in the explanation of KS. It could be a basis for further studies.
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Olugbenga Onafowora and Oluwole Owoye
The purpose of this paper is to examine the dynamic and long-run relationships among public debt, FDI and output growth in five individual Caribbean countries over the period…
Abstract
Purpose
The purpose of this paper is to examine the dynamic and long-run relationships among public debt, FDI and output growth in five individual Caribbean countries over the period 1975–2015.
Design/methodology/approach
Zivot and Andrews (1992) unit root test with structural break is used to examine the stationarity of the variables and then the autoregressive distributed lag bounds testing procedure is used to ascertain existence of cointegration among them. Finally, order-invariant generalized forecast error variance decomposition (GFEVD) is used to establish the strength of the causal relationship between the examined variables.
Findings
The results confirm that the examined variables are cointegrated. FDI, domestic investment, trade openness, human capital (HC) and institutional quality were found to have significantly positive effects on economic growth, while higher public debt and inflation rates hampered growth. GFEVD revealed unidirectional Granger causality running from FDI to economic growth in two countries; unidirectional causality from growth to FDI in two other countries; and bidirectional causality between growth and FDI in one other country. The results also indicate one-way causality from output growth to public debt in three countries and bidirectional causality between these two variables in two other countries.
Practical implications
The implication is that the Caribbean Governments may need to adopt effective debt management as a major policy and intensify efforts at utilizing loans obtained judiciously for human and capital projects that have direct positive net present value but, to secure strong and inclusive growth, these strategies must be linked to policies that enhance macroeconomic stability and the quality of their institutions, encourage capital inflows and domestic investments vis-à-vis domestic savings, and increase HC and trade earnings.
Originality/value
In contrast to extant studies of the public debt–FDI–output growth nexus, this study controls for the possibility of structural breaks in unit root tests along with performing bounds test for cointegration, variance decomposition analysis, Granger causality tests, and CUSUM and CUSUMSQ tests for the stability of the dynamic output growth model. This is a unique contribution to the existing literature, and highlights the originality value of this paper.
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Raphael Lissillour, Yuting Cui, Khaled Guesmi, Weijian Chen and Qianran Chen
This study aims to empirically examine the relationships among perceived environmental uncertainty (EV), the level of knowledge distance (KD) and the impact of value network on…
Abstract
Purpose
This study aims to empirically examine the relationships among perceived environmental uncertainty (EV), the level of knowledge distance (KD) and the impact of value network on firm performance.
Design/methodology/approach
The quantitative analysis is based on data from 243 Chinese companies with engineering, procurement and construction (EPC) business in the context of the COVID-19 pandemic.
Findings
The two dimensions of value network [network centrality (NC) and network openness (NO)] have a different impact on firm performance [financial performance (FP) and market performance (MP)]. NC has a positive impact on FP, but not on MP. NO has a positive effect on MP, but not on FP. A reduced KD mediates the relationship between value network and firm performance. Moreover, it fully mediates the relationship between NC and MP, NO and FP. Finally, during the COVID-19 pandemic, only EV has a moderating effect on KD and MP.
Research limitations/implications
This study is limited in terms of data set because it relies on a limited amount of cross-sectional data from one specific country. Therefore, researchers are encouraged to test the proposed propositions further.
Practical implications
The present findings suggest that EPC professionals should pay more attention to the EV, which may be impacted by policy, technology and the economy. This research has actionable implications for the reform of EPC in the construction industry, and practical recommendations for EPC firms to improve their corporate performance.
Originality/value
The results measure the complementary effects of both dimensions of value network (NC and NO) on two distinct aspects of firm performance (MP and FP) and assess the moderating effect of EV and KD in the context of the COVID-19 pandemics.