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The purpose of this paper is to propose a new measure of portfolio activity, the modified turnover (MT), which represents the portion of the portfolio that the manager changes from one quarter to the next. Compared with the traditional turnover, the MT measure has a distinct interpretation, relies on portfolio holdings, includes the effects of flows and ignores the effects of offsetting trades.

Using quarterly holdings data, the authors examine the relationship between fund turnover, performance, and flows for a sample of 2,856 actively managed mutual funds over the period 1991-2012. The authors provide numerical examples to illustrate how the suggested measure, MT, is different from the traditional turnover measure. The authors use panel regressions, simple and double sorts to examine the predictability of performance.

The authors find evidence that high MT predicts lower performance. The comparison between the highest and lowest quintiles sorted based on MT reveals a difference of −2.41 percent in the annual risk-adjusted return. Furthermore, high MT predicts lower net flows. The authors also find that MT relates positively to other activeness measures while volatility, flows, size, number of stocks, and the expense ratio are significant determinants of MT. Overall, the results suggest that frequent churning of a portfolio is value destroying for investors and signals a manager’s lack of skill.

The authors offer a simple measure, namely, MT, for estimating the fraction of a portfolio that changes from one quarter to the next. Armed with this tool, the authors investigate whether funds deviate from their previous quarter’s holdings because of valuable or noisy information, and whether such signals are exploited by fund investors.

The purpose of this paper is to present an analysis of research on lean focusing on barriers in its implementation through a systematic literature survey.

A literature survey of peer-reviewed journal articles, survey reports, master theses, doctoral theses and paradigmatic books with managerial impact is used as the research methodology.

The findings derived from the evaluation of the publications analyzed have led to the identification of 24 lean barriers. The success of lean implementation will not be entirely based on application of appropriate tools and techniques alone but also on the top managements' involvement and leadership, workers' attitude, resources and the organizational culture.

This literature survey is primarily focused on lean implementation in the manufacturing sector.

This paper explores barriers for successful lean implementation and provides a concise description of the barriers that will be helpful for further studies in the domain of lean manufacturing.

Government of many countries around the world is encouraging and helping small- and medium-scale industries to understand and implement lean systems by preparing accessible database of lean consultants, providing financial assistance for training by professionals and establishing professional associations. However, many industries experienced failure in lean implementation. This research work provides a launching pad to develop a strategy to tackle barriers for successful lean implementation.

This paper puts forward the key barriers that should be tackled for successful lean implementation. It might represent new opportunities for rigorous and relevant research that would contribute to more translucent knowledge of lean being gained.

Food manufacturing companies which are essential for national economies, need to attach importance to the adoption of both the lean manufacturing (LM) operational excellence methodology and the Industry I4.0 (I4.0) technologies that empower LM to achieve operational improvement. This study aims to focus on the Greek food manufacturing companies and determine the degree of implementation of LM practices and I4.0 technologies and the impact of I4.0 on LM.

A survey was conducted based on a structured questionnaire which included items reflecting LM practices and I4.0 technologies. A sample of Greek food manufacturing companies were approached and 102 of them fully completed the questionnaire. Descriptive statistics were applied to determine the degree of implementation of LM practices and I4.0 technologies, while the impact of I4.0 on LM was determined through the linear regression analysis.

The degree of implementation of LM practices in the responding food manufacturing companies is high, while the degree of implementation of I4.0 technologies is low to medium. The findings also support a significant and positive impact of I4.0 on LM.

The small size of the sample of the responding Greek food manufacturing companies, the subjective character of the data collected and the cross-sectional nature of the study, constitute the main limitations of the study. Based on these limitations, further studies can be designed.

The present study findings can guide the managers of the food manufacturing companies to further increase the degree of implementation of LM practices through adopting I4.0 technologies. Therefore, they can improve quality, eliminate waste, survive and be more competitive in the current difficult business environment. Academics can also benefit from the present study, given that it provides the LM practices and I4.0 technologies that can be further tested and validated in the food sector.

To the best of the authors’ knowledge, this is the first study that focuses on LM and I4.0 in the Greek food manufacturing companies operating in a business environment where the crises of finance, energy and the Covid-19 pandemic dominate.

The pupose of this study is to systematically review the current literature on the value stream mapping (VSM) application in the construction industry to investigate the evolution observed over time and the results obtained by adopting this tool. In addition, special attention was given to the potential of VSM in identifying loss and waste, as well as their main causes.

The study analyses papers in literature using Preferred Reporting Items for Systematic Reviews and Meta-Analyses research protocol. As a result, 383 papers were initially identified, and 47 papers were selected.

It was observed that the number of studies addressing this topic has been increasing over the past decade and findings related to the evolution, application and the benefits obtained from the VSM application in context of construction were presented. Additionally, the authors found that the two most cited lean wastes were waiting and defects in the production chain. The main causes of this waste and loss were also identified in this work.

This paper contributes by presenting the applicability of VSM as a tool in the construction as found in the literature. For academics, it will be possible to clearly observe research gaps and for industry managers, to identify the main sources of waste and assess the performance of the tool’s application.

The study uses a systematic review to analyze the application of the VSM tool in the construction industry and provides guidance for future research by identifying research gaps, in addition to conducting an extensive analysis of the tool’s potential in waste identification in the studied papers and their primary causes.

The purpose of this study is to categorize and analyse the drivers and barriers of Lean Manufacturing (LM) and subsequently, based on the structural model develop a house of lean management which will give an idea to the academicians and practitioners about the factors that are critical to implement lean practices in an organization.

A list of drivers and barriers was prepared based on the literature review and opinions from experts. Total Interpretive Structural Modelling (TISM) was utilized to build a structural hierarchy of the drivers and barriers of LM. The structural hierarchy was utilized to build the house of lean management.

Based on the hierarchy developed, the elements (drivers and barriers) of LM are classified into three groups: bottom-level, middle-level and top-level elements. To develop a house of lean management, bottom-level of elements were considered as a foundation, middle-level elements were considered as pillars and top-level elements were considered as a beam. Finally, foundation, pillars and beam of the house were used to support the roof (which is value to customers and profitability to firm).

The outcome of this research can assist researchers as well as practitioners to enhance the significant drivers and to reduce the impact of hazardous barriers for the better implementation of lean practices.

This research is a novel approach, as it visibly demonstrates both the drivers and barriers, examines the interrelationships among them in order and shows them pictorially as the house of lean management.

Rapid changes in the global environment and the effects of existing economic issues triggered by COVID-19 and the war in Ukraine have posed several challenges for manufacturing firms. A hybrid strategy integrating lean and agile (leagile) systems is viable for firms to enhance their capabilities in such dynamic contexts. This paper examines the critical drivers of leagile manufacturing system adoption in an emerging economy from the technological, organizational and environmental (TOE) perspective.

A cross-sectional survey is carried out to obtain data from 438 managers working in 219 manufacturing firms. Multiple regression analysis is applied to test the effect of technological, organizational and environmental drivers on the adoption of leagile systems.

The results show that organization capacity, environmental uncertainty and relative advantage demonstrate the most significant positive relationships with the leagile systems adoption wherein complexity and resistance to change appear to exhibit significant negative associations. Unexpectedly, firm size unveils no significant effect on the adoption of leagile systems.

To deal effectively with critical challenges triggered by ever-changing environment, firms have sought to adopt innovative systems for achieving products' availability in the markets at the right quality and price. A hybrid strategy integrating lean and agile (leagile) systems is viable to enhance a firm's capabilities in such dynamic contexts. The findings of our study help top management and policymakers identify and assess the critical drivers that may facilitate or hinder the successful adoption of leagile systems.

A major trend of studies in the field of manufacturing systems has focused on the critical success factors of adopting either lean or agile systems. Furthermore, research work concerning leagile as a hybrid system focuses primarily on the conceptual development rather than empirical grounds of leagile systems. Given the lack of empirical research in this field, this study offers an early attempt to predict leagile system adoption in an emerging economy. It also contributes to the manufacturing systems research by extending the extant knowledge about the role of firm-level drivers in leagile system adoption from the TOE perspective.

The purpose of this paper is to present a systematic literature review and its analysis concerning a possible framework, compatibility, drivers and barriers for integrating three manufacturing strategies – Lean, Green and Six Sigma. In particular, analyzing current proposals and identifying the literature gaps in the existing literature from which future research directions and challenges have been suggested for developing a specific integrated framework for the Indian manufacturing industry.

This study explores manufacturing strategic area in depth through literature review, which will point out to the better understanding of the compatibility and impact of these initiatives through the conceptual framework, on the performance of the manufacturing organization.

The review of shortlisted articles indicates that Lean, Green and Six Sigma (LGSS) strategies help the manufacturing organizations to compete in global markets through the impact of a sustainability strategy for their business. Various researchers provide evidence of challenges like cost reduction, quality improvement, on-time delivery, changing needs of the customers and scarce resources that can be overcome through these strategies to achieve overall business objectives.

In this research, only works of literature related to LGSS and sustainability have been studied so information related to linking between these strategies in manufacturing industries is limited.

Help the manufacturing practitioners to deploy three strategies simultaneously in an environment when the linking among LGSS methods in manufacturing industries has not been established. Hence simultaneous deployment of these three strategies helps the organization to boost its operational and environmental performance.

The strategies, LGSS, will be adopted in the operational management to reduce both waste and pollution which will definitely help to society. It will highlight the need for cost effective and easy to implement solutions as well as brand building, which is one of the top incentives for LGSS, highlighting the importance of public perception of how companies operate.

An integrated framework of the LGSS will help the Indian manufacturing industries to improve performance and competitiveness in the global market.

This systematic literature review aims to synthesise, organise and structure the stock of knowledge relating to leadership and design for Lean Six Sigma (DFLSS) and to understand leadership’s role, traits, skills, competencies and styles within the context for DFLSS program success.

The research is based on a systematic literature review of 67 papers that were published on leadership and DFLSS, demonstrating the importance of leadership for successful DFLSS programs.

The key findings show that leadership plays a critical role in launching and sustaining a DFLSS program in organisations, while illustrating the leadership traits, skills, competencies and styles that are more conducive to a successful DFLSS program.

The study has identified several gaps in the literature from a practical approach and an empirical validation of the critical factors of leadership when applying and supporting DFLSS efforts supporting future initiatives.

The purpose of this paper is to understand how a continuous improvement (CI) approach like lean production (LP) integration is affected by dynamic conditions and to propose how LP integration can be adaptable to dynamic conditions.

A longitudinal case study has been conducted in which data were collected through participative observations, observations, documents and an in-depth semi-structured interview.

The adaptability is related to the maturity level of the LP integration, where more mature organisations are better equipped to deal with the challenges occurring due to their learning and experimentation capabilities. The main problem is that the LP integration needs to be adapted, like compromising with just-in-time. This creates challenges to more immature organisations; they do not seem to be able to adapt the LP integration since the skills are lacking.

The research limitations are associated with the research design and therefore might limit generalisation of the context studied.

The management needs to stay focused on the LP integration to continue building CI capability. There is a need to adapt the LP concept, which includes assessing how proposed changes and the LP concept interact in order to make them reinforce each other. This involves creating guidelines concerning adaptation and facilitating a transition from mainly single-loop learning to double-loop learning.

This paper contributes by describing challenges that have an impact on LP integration and related organisational adaptability under dynamic conditions.

In the evolving landscape of Industry 5.0 (I5.0), which emphasises sustainability, human-centricity and resilience, mapping the current interrelationship and future research directions, the role of Lean Six Sigma (LSS) methodology remains underexplored. Our study addresses this gap by examining the potential of LSS to support I5.0 while identifying areas for further investigation.

This study's multifaceted approach, which includes systematic literature review (SLR), bibliographic network analysis (BNA) and expert validation (EV), provides a holistic exploration of the interaction between LSS and I5.0 as the basis for well-founded conclusions.

The analysis yields several valuable insights. Firstly, it demonstrates the absence of a direct link between LSS and I5.0. Secondly, the substantial body of literature analysed establishes connections between LSS and its pillars. Thirdly, the analysis identifies points of intersection, difference and similarity between LSS and I5.0, highlighting the potential of LSS to facilitate implementation of I5.0 through its proven methodologies, continuous improvement culture, risk management, error learning, human–machine collaboration and training and skill development.

This study pioneers the effort to realise the latent potential of LSS in the context of I5.0. Its systematic identification of the synergies between these paradigms fills a critical gap in the literature and gives policymakers, managers and researchers a guide for informed decision-making to maximise the benefits of I5.0 for individuals, companies, society and the planet.