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When it comes to performance metrics, one size definitely does not fit ail—the right metric applied at the wrong time can stunt corporate growth.

This paper reports the findings from a postal survey investigating selected characteristics of winners of the Queen’s Award for Export, arguably the premier award for export achievement in the UK. It focuses on one part of the study, namely the extent to which standardisation or adaptation of firms’ international marketing strategies takes place and the research undertaken to arrive at this decision. Based on a sample of 180 firms which were primarily small and medium sized, this study offers a contribution to the literature, and advice to owner‐managers, since it provides empirical evidence of particular aspects of “successful” SMEs’ export strategies. Specifically, in learning from the practices of their successful industrial counterparts, results are presented which support the need for SMEs to undertake research and adapt their export strategies in line with the local requirements in export markets.

Introduces a special issue on globalization and the welfare state. Asserts that economic globalization constrains national economic and social policy far more now than ever before, although the level of international trade has not increased that much compared to levels at the beginning of this century. Talks about the political consequences of economic globalization, particularly welfare state retrenchment in the advanced capitalist world. Outlines the papers included in this issue – comparing welfare system changes in Sweden, the UK and the USA; urban bias in state policy‐making in Mexico; and the developing of the Israeli welfare state. Concludes that economic globalization has a limited effect in shaping social welfare policy in advanced capitalist countries; nevertheless, recommends further research into which aspects of economic globalization shape social welfare policy.

Investigates urban bias in state policy making in Mexico. Refers to literature claiming that rural poverty in developing nations is a major problem because capitalism reflects an urban bias. Examines social security coverage for the rural poor in Mexico and notes that there are great variations depending on area, suggesting that social security coverage is politically negotiable. Outlines briefly the historical development of Mexico’s welfare state and uses a power resource model to demonstrate how groups with competing interests go about securing benefits from the state. Cites literature on dependency theory, indicating that rural groups have failed to mobilize politically and have therefore not secured the same state resources (such as social security benefits and housing) as urban groups, yet argues that this does not always apply in Mexico, partially due to party politics and bureaucratic paternalism. Explains how data was collected to examine regional variations in social security coverage among the rural poor and how the data was analysed. Reveal that workers in important international export markets (such as cotton and sugar) have greater political leverage in obtaining better social security benefits. Notes also that areas supporting the political party in power obtain better benefits. Concludes, therefore, that rural workers are not powerless in the face of urban capitalism and that urban bias and dependency theories do not reflect the situation in Mexico – rather social security benefits are politically negotiable.

One of the projects being funded in the Access to Network Resources (ANR) category of the Electronic Libraries Programme in the UK is ADAM. ADAM aims to provide an information gateway to quality assured information on the Internet in Art, Design, Architecture and Media. This paper outlines the background to the project, ways in which resources are selected for the ADAM database, methods of searching ADAM and plans for the future.

Surprisingly little is known of the various methods of security analysis used by financial analysts with industry-specific knowledge. Financial analysts’ industry knowledge is a favored and appreciated attribute by fund managers and institutional investors. Understanding analysts’ use of industry-specific valuation models, which are the main value drivers within different industries, will enhance our understanding of important aspects of value creation in these industries. This paper contributes to the broader understanding of how financial analysts in various industries approach valuation, offering insights that can be beneficial to a wide range of stakeholders in the financial market.

This paper systematically reviews existing research to consolidate the current understanding of analysts’ use of valuation models and factors. It aims to demystify what can often be seen as a “black box”, shedding light on the valuation tools employed by financial analysts across diverse industries.

The use of industry-specific valuation models and factors by analysts is a subject of considerable interest to both academics and investors. The predominant model in several industries is P/E, with some exceptions. Notably, EV/EBITDA is favored in the telecom, energy and materials sectors, while the capital goods industry primarily relies on P/CF. In the REITs sector, P/AFFO is the most commonly employed model. In specific sectors like pharmaceuticals, energy and telecom, DCF is utilized. However, theoretical models like RIM and AEG find limited use among analysts.

This is the first paper systematically reviewing the research on analyst’s use of industry-specific stock valuation methods. It serves as a foundation for future research in this field and is likely to be of interest to academics, analysts, fund managers and investors.

Tight budgets are forcing the UK's regional health authorities to examine ways of improving efficiency. One of the most forward‐looking is the Trent authority, which has adopted industry practices in procurement, stock management, storage and distribution, and which in 1986 opened a regional distribution centre. Ian Bradshaw, regional supplies officer for Trent Regional Health Authority, describes the impact of computer systems and the implementation issues behind these initiatives.

Investigates the differences in protocols between arbitral tribunals and courts, with particular emphasis on US, Greek and English law. Gives examples of each country and its way of using the law in specific circumstances, and shows the variations therein. Sums up that arbitration is much the better way to gok as it avoids delays and expenses, plus the vexation/frustration of normal litigation. Concludes that the US and Greek constitutions and common law tradition in England appear to allow involved parties to choose their own judge, who can thus be an arbitrator. Discusses e‐commerce and speculates on this for the future.

The purpose of this paper is to explore the industry-specific preferred valuation model utilised by analysts’ in determining a stock’s target price. By understanding analysts’ use of industry-specific valuation models, we can enhance our comprehension of important aspects of value creation in these sectors. Therefore, understanding the industry context is crucial for accurately assessing the value of companies within that industry and selecting the most suitable valuation model.

The method employed in this study is content analysis, examining the output of analysts’ valuation models within 25 Global Industry Classification Standard (GICS) industry groups. I hand-collected 806 equity reports from Capital IQ, selecting the four companies with the largest market capitalization from each of the 25 industry groups.

Price/Earnings (P/E) emerges as the preferred valuation model in 20 out of the 25 industry groups based on the GICS, with some exceptions. Notably, EV/EBITDA is favoured in the telecom, energy and materials sectors, while the capital goods industry primarily relies on Price/Cash flow (P/CF). In the Real Estate Investment Trusts (REITs) sector, P/AFFO (adjusted funds from operations) is the most commonly employed model. While earnings multiples remain the favoured valuation model for financial analysts, a noticeable shift away from multiperiod valuation models is evident after the first decade of the 21st century.

The findings can increase our comprehension of the interplay between valuation methodologies, industry characteristics and investment decision-making.

It establishes a foundation for future research in this field and is anticipated to be of interest to analysts, fund managers and investors. The findings can increase our comprehension of the interplay between valuation methodologies, industry characteristics and investment decision-making.

This paper represents the first systematic and comprehensive examination of analysts’ utilisation of industry-specific stock valuation methods across all 25 GICS industry groups.

Recent climate scenarios indicate that Sweden's southern region, Götaland, will experience significant climate change over the coming century. Swedish forestry policy guidelines emphasize the need for risk spreading to reduce the potential adverse impacts of these changes. Risk spreading is defined here as reducing the vulnerability of a social‐ecological system by increasing the heterogeneity of its ecological components. Risk spreading may be achieved through the diversification of tree species currently relied upon by the forestry sector. The purpose of this paper is to consider the capacity of the socio‐ecological forest system to adapt to climate change through the use of risk spreading.

A variety of disciplines contribute to the understanding of the rate at which risk spreading is likely to take place in a system. A synthesis is conducted to unite these insights.

Five key constraints on the rate at which risk spreading can take place are identified. These include constraints imposed by the silvicultural system itself, voluntary policy measures, forest‐owner perceptions of climate change, motivation among forest owners to respond to risk, and forestry consultants. Potential future directions are discussed and include the need for specifying the goal of risk spreading policy, and the need to evaluate the motivations of those forest owners already altering adopting risk spreading approaches.

Conceptual equivalents of the “risk spreading” approach are international, due to the need for many societies to adapt social‐ecological systems to climate change. The issues raised from this case study/synthesis provide value insights regarding the breadth of systemic constraints which can thwart attempts at rapid adjustment to climate change, and where solutions to these constraints may be found.