Direct Evidence of Non-trading on the London Stock Exchange

The extent of non-trading is shown to be much greater in the UK than in the more heavily researched US equity markets. Over the period 1975 to 1995 we find that almost 44% of all stocks in our sample failed to trade on the last day of a given month, a figure which is significantly higher than for stocks in the US (see Foerster and Keim, 1993). In this paper we investigate the relationship between the non-trading of UK stocks and the autoregressive and seasonal behaviour of UK stock returns. In addition, we find that stocks are much more likely to be recorded as not having traded on the last day of the month in the period prior to April 1981 than after this date. We trace this result to a reporting requirement change on the London Stock Exchange and investigate whether the change has any real implications for systematic risk estimates over this period. We also find that alternative methods for calculating betas, in the presence of thin trading, are very sensitive to stock size and to non-trading.     

ICT adoption by SMEs: implications for relationships and management

A conceptual model of the changes in small and medium enterprise interfaces and relationships consequent on their adoption of information and communication technologies is developed and explored in this paper. Emphasis is placed on the implications for management, employees and working practices. Empirical evidence from two organisations is provided to illustrate the model and corroborate this new perspective.     

Does Tenure Impact Upon the Principled Reasoning of Managers?

The relationship between tenure and principled reasoning is of vital importance to the fields of management and business ethics, as more tenured managers often hold influential posts and have the ability to affect the overall ethical tones of their organizations. Few researchers have studied this relationship, however, and those studies that have been conducted have produced mixed results. While some researchers have found that greater tenure is associated with higher levels of ethical reasoning, others have found the reverse to be true. The findings of this particular study of 270 current U.S. corporate managers, who responded to a nationwide survey, indicated that there is indeed a link between tenure and principled reasoning. More tenured managers demonstrated lower principled reasoning than their less tenured counterparts. As the number of years of tenure increased, principled reasoning scores declined. The results of this study, as well as a comparison to the results of previous studies that have been conducted, are discussed within this paper.     

Aligning the sustainable supply chain to green marketing needs: A case study

The research explores the challenges facing organisations in aligning sustainable procurement requirements and marketing needs and the attendant shifts in supply chain management practices. Whilst external influences are readily understood (e.g. regulation and customer demand), less is understood about the implications for suppliers trying to meet sustainable procurement requirements and the organisational challenges of aligning marketing with sustainable supply chain management. An exploratory case study of a UK University catering department has been undertaken, to explore the strategies, processes and relationships associated with synthesising sustainable supply chain and green marketing needs. The empirical findings illustrate the divergence between organisational perspectives on sustainability and procuring sustainable products with marketing demands. Thus, the findings extend the theoretical discussion on sustainable supply chains by providing empirical data based on real-life implementation and from this an emergent aligned supply chain model is proposed, which confirms two drivers for alignment, ‘lean and resource efficient’ and ‘local and seasonal’ — contingent on market demand. The findings emphasise the benefits of a reverse information flow, the importance of intermediaries, and relationships in its fulfilment, while indicating the resurgence of a supply ‘push’ of sustainable products into core markets. Future research directions are also posited.     

Beyond efficiency: some By-products of functional flexibility

This article examines the outcomes of implementing functional flexibility for employers and employees. The use of functional flexibility is normally associated with improving efficiency. However the findings reported here, drawn from four case studies, show evidence of positive outcomes for both employers and employees which go beyond efficiency. For employees there was evidence of increased job satisfaction and in some cases increased remuneration and job security. For employers, there was evidence of improved operational functioning and customer service, reduced labour turnover and an enhanced reputation in the local labour market. It is argued that a ‘virtuous circle’ is set up.     

Acknowledgments and manuscript status

Robert Christie Mill and Alastair M. Morrison, The Tourism System (Englewood Cliffs, N.J.: Prentice‐Hall, Inc., 1985), ISBN 0–13–925645–8, 457 pp. $21.95.

Marion Clawson and Carlton Van Doren, eds., Statistics on Outdoor Recreation (Baltimore: Johns Hopkins University Press, 1984), ISBN 0–915707–1110X, 368 pp., $15.00, paper.

Yi‐Fu Tuan, Dominance and Affection: The Making of Pets (New Haven, Conn.: Yale University Press, 1984), ISBN 0–300–03222–6, 193 pp., $19.95.     

The influence of music tempo and musical preference on restaurant patrons' behavior

The article reports research into the effect of music tempo and musical preference on consumer behavior in a restaurant. The research investigates the extent to which these two variables influence actual and perceived time spent dining, the amount of money spent, and outcomes in terms of enjoyment of the experience and future behavioral intentions. The results show that music preference provided a better explanation of actual time spent dining than tempo, although neither variable had a significant effect on perceived time. Time spent in the restaurant was the most powerful predictor of money spent in the restaurant. Finally, the outcomes of the restaurant encounter were found to be significantly related to musical preference, but the effects of music tempo were nonsignificant. © 2002 Wiley Periodicals, Inc.     

Designing a Participatory Process for Stakeholder Involvement in a Societal Decision

For many societal decisions, governments and public bodies are beginning to involve stakeholders and the general public to a far greater extent than previously in the decision process. Stakeholder workshops, citizen juries, focus groups, electronic forums, web-polling and many other means of consultation are being used to draw citizens into the process of deciding between different options on the management of their communities. Politicians are drawn to such instruments because greater public involvement seems to achieve greater acceptance of the ultimate decision and, arguably in more objective terms, a better decision. Many academic studies have investigated participation and wider aspects of deliberative democracy and found that the politicians’ intuition is borne out in practice. However, while there have been many studies focused on specific instruments of participation, few have compared different ones. Moreover, there seems to be a dearth of advice on how to assemble a set of different instruments into a complete participatory decision making process. This paper offers a decision modelling framework which, firstly, provides a methodology which may be used to design participatory processes and, secondly, raises a number of questions which future comparative studies will need to address.