Linking HRM and Small Business Performance: An Examination of the Impact of HRM Intensity on the Productivity and Financial Performance of Small Businesses

Attempts to explore empirically the link between HRM and firm performance are numerous. Yet, research on this link remains restricted to large companies. Little is known about the extent to which the existing results extend to small businesses. The purpose of the present study is to develop and test a conceptual framework linking HRM to financial performance that fits small businesses. The central question is whether the development of an intensive HRM is profitable for smaller organizations. For the development and optimization of the conceptual framework, we rely on human capital theory and bankruptcy prediction models. Using structural equation modeling, we study the mediating effect of voluntary turnover and productivity on the relationship between HRM intensity and one year lagged financial performance. The results show both productivity and profitability enhancing effects as well as a cost increasing impact of HRM intensity.     

Accessibility of Computer-based Simulation Models in Inherently Conflict-Laden Negotiations

The use of computer-based simulation models has a long history in areas such as environmental planning and policy-making, and particularly in water management. Policy making in these areas is often characterized by inherent conflict among diverse stakeholders with divergent interests. Although simulation models have been shown to be helpful for such problems, they are typically under the control of a technical analyst or governmental agency and are not available to negotiators in real time. Recent trends in computer technology and user expectations raise the possibility of real-time, user-controlled models for supporting negotiation. But is such accessibility likely to be helpful? This study used a "compressed" longitudinal experiment to investigate the impacts of different scenarios of accessibility of computer-based simulation models. The task was based on a real-life problem in Colorado River water management. Results revealed no significant differences among conditions for either solution quality or satisfaction. These results suggest that the common notion of "more is better" may be inappropriate, and resources for improving computer support of negotiation might best be focused elsewhere.     

高超声速飞行器等离子鞘套反演分析

目前等离子体鞘套机理研究主要工作集中在理论模型的分析及地面模拟试验上,缺少真实试验数据的有效支撑,尤其缺少一套系统的试验数据分析方法。通过对等离子体鞘套无线通信试验数据进行数据反演分析,可以获得等离子体鞘套对不同频段无线信号的影响规律,并对等离子体鞘套仿真预测中涉及的流场、烧蚀、电磁计算等模型进行修正。等离子体数据反演分析方案中涉及到高精度链路计算、电子密度测量、飞行器外表面材料烧蚀碳化效应分析以及动态等离子体鞘套电磁分析建模等几项关键技术,通过对其分别进行技术突破,可提高等离子体数据反演分析的精度,使真实数据更为有效地修正理论分析模型。     

Entrepreneurship and the theory of taxation

A review of the literature on firm taxation reveals that the economics of entrepreneurship has not sufficiently been taken into consideration. We discuss how this affects conclusions derived from standard models of capital taxation when applied to entrepreneurial income. Some defining features of entrepreneurship important for analyzing the effects of taxation of owner-managed firms are identified. These include the lack of a well-functioning external market for entrepreneurial effort, limited access to external capital and complementarities between entrepreneurial innovation, effort and capital. Due to these constraints, the entrepreneurial project is tied to the individual owner–manager. The entrepreneur is unable to decouple saving decisions from investment decisions, and makes joint decisions on the supply of effort and capital. The return from successful entrepreneurial ventures can therefore not be readily divided into labor and capital income, in deep contrast to what is typically assumed in taxation theory. It is argued that when distinct attributes of entrepreneurship are taken into account, certain conclusions of capital taxation models may no longer hold, including the neutrality of capital taxation in owner-managed firms. Cost of capital formulas derived from the behavior of public firms could underestimate distortions when applied to the investment behavior of entrepreneurial firms. For tax purposes and otherwise, it becomes useful to analyze return to entrepreneurial activity as income of a distinct factor of production. In this context, conceptual issues and the difficulties of measuring entrepreneurial income are discussed.     

Simulation-based optimization of an agent-based simulation

Optimization of an agent-based simulation (ABS) bears specific challenges. It is demonstrated in this paper that mainstream simulation-based optimization (SBO) approaches often do not perform well in such a setting, sometimes hardly outperforming a mere random search. Two new algorithms for SBO which combine superior solution quality with high resource efficiency and reliability for such problems are presented: an evolutionary algorithm called “neighbourhood elite selection” (NELS) with a specific selection mechanism which prevents premature clustering, and a hybrid algorithm which combines NELS with the popular best-in-class algorithm Simultaneous Perturbation Stochastic Approximation (SPSA). Those two algorithms are designed to perform well for problems which show typical properties of an agent-based simulation, a field that has largely been neglected so far, but should structurally also be universally applicable for other simulation-based optimization problems as well. In contrast to present literature, specific emphasis lies on the dynamic control of how many replications of the simulation are required for each solution brought up during the optimization run in order to make efficient use of the scarce simulation resources. The algorithms are benchmarked against the academic best-in-class optimization algorithm SPSA. A sketch of practical case studies is provided, showing how the optimization of an ABS can be used to help solve business decision problems like price optimization for a mobile phone operator.     

我国通信设备制造企业竞争力研究

企业规模、企业资产运营和企业技术创新能力对于提升企业竞争力而言,是互相联系、互相制约、不可分割的三方面。不同的通信设备制造企业要根据各自不同的情况,从扩大生产规模,实现规模经济;建立符合市场规律的经营机制,提高企业资产营运能力;注重技术创新,保持合理持续的研发投入等方面入手,制定适合自身发展的对策,保证企业竞争力持续提升。     

创意企业集聚区环境优化设计——基于竞争优势视角的研究

建设创意企业集聚区是"十二五"期间城市加快创意产业发展的重要手段,各级政府纷纷出台创意企业集聚区的认定标准,但内容上参差不齐。本文构建了创意企业集聚区"环境六维度"对创意企业竞争优势的作用机制模型,随后在杭州市十家文化创意集聚区内采集了160份有效样本,运用结构方程模型对概念化模型进行数理化拟合。结果表明,政策支持、集聚区特色和入驻企业、地理区位、管理配套、孵化服务、集体声誉等环境要素,以创意企业智力资本(人力资本、结构资本、关系资本)为中介,对创意企业竞争优势产生作用。各级管理部门可以依据"环境六维度"优化设计创意企业集聚区认定标准,突出政策支持和集体声誉的重要性及全面性,发挥其余环境要素对提升企业竞争优势的针对性。     

Facilitation Methods for Collaborative Modeling Tools

This paper presents results of an ongoing research effort to support effective user involvement during modeling and analysis meetings. Productivity and user participation of traditional group meetings have been limitations imposed by chauffeured facilitation and single-user tools. These tools have been designed for analysts rather than for direct use by non-analyst users. Recently, electronic meeting systems (EMS) modeling tools that allow users to work in parallel to contribute directly during meetings have been developed. Such tools allow more domain experts to participate directly and productively during model development meetings than is possible using the traditional approach. Although previous research has demonstrated that EMS modeling tools may be used to develop some model content, little research had been done on collaborative facilitation methods that employ these tools. This paper presents a comparison of modeling approaches for use with EMS modeling tools and proposes an approach that overcomes significant problems inherent in other approaches. It leverages the productivity enhancement afforded by direct group access and still results in production of complete, integrated, high quality models. This approach allows models to be developed two to four times faster than with traditional modeling support and yet avoids model ambiguities and inconsistencies.     

Optimization Modeling for Logistics: Options and Implementations

Logistics optimization has significantly grown in popularity over the last few decades. Improvements in computing power, modeling software, and the willingness of companies to invest time in the modeling effort have allowed models that were once too unwieldy to solve to optimality to be solved quickly. This has led to a more wide‐spread recognition by logistics managers of the potential advantages of using optimization. The scope of logistics optimization in companies and organizations has expanded to address strategic, tactical, operational, and collaborative decision making. Spreadsheets, an analytical tool familiar to managers, have played a crucial role in the expanded modeling efforts of companies. Although optimization’s role in logistics has grown tremendously, there still are areas that remain to be explored that will allow it to achieve an even larger and more successful role in the management of companies. Additionally, there are some models that are still too large or too complex to currently solve to optimality, despite the advances in computing power and modeling/solving software.     

How Transdisciplinarity Can Help to Improve Operations Research on Sustainable Supply Chains—A Transdisciplinary Modeling Framework

We present a transdisciplinary modeling framework that enhances collaborative research on sustainable supply chain management (SSCM). Decision support concerning such systems is commonly provided using operations research (OR) methodologies. The quality of respective models depends on the appropriateness of both mathematical representation of the focal system and data input. Concerning this matter, OR faces severe criticism as groundwork is commonly neglected. This results in a lack of holistic understanding and in insufficient modeling of real‐world problems. Crucial characteristics of the underlying system are often over simplified due to single‐discipline assessments. Particularly, in the context of complex sustainability challenges, multiple nonacademic competencies and expertise are required. Although latest research indicates that collaborative research settings are highly beneficial regarding SSCM, a dearth of integration between disciplines exists. Therefore, we develop a conceptual framework that helps to overcome these shortcomings based on the paradigm of transdisciplinary research (TDR), which needs substantiation to enhance collaboration and to ensure applicability. Accordingly, we propose appropriate methodologies for each step within the framework. Overall, the framework enables holistic analysis of a focal system by providing a sound approach for SSCM‐oriented TDR projects. The value of the framework is eventually demonstrated by two cases that deal with SSCM issues.     

Is FDI doing good? A golden rule for FDI ethics

Ethical and economic perspectives on foreign direct investment (FDI) often appear in opposing frameworks. To combat this antagonism, this research proposes a consolidation between foreign private wealth and general welfare in host countries. The first contribution of this study is to provide a comprehensive conceptual approach to the study of FDI ethics. The second key contribution is to present empirical analysis of the differential influence of the level of democratic rights on foreign employment, new projects, and FDI capital flows. Results suggest that FDI incentivizes general welfare in least developed countries with high degrees of volatility. Additionally, policymakers face a dilemma in which democracy and legal rights seem to be mutually incompatible with fostering foreign employment. Practitioners find a way to evaluate the ethical implications of international business activities. The study analyzes FDI data from 161 countries between 2003 and 2010 by means of the FDI gravity equation.     

OVERCOMING SPREADSHEET RISK IN SUPPLY CHAIN MODELING

Spreadsheet optimization modeling plays an important role in the management of today's sophisticated supply chains. However, despite the advantages of spreadsheets (or in some cases because of these advantages) there are significant risks associated with spreadsheet models. Spreadsheet risk is defined as the chance of adverse operational or financial consequences due to erroneous creation, maintenance, and/or use of spreadsheet models. Such errors arise because the intrinsic complexity of optimization models is beyond the expertise of many non‐technical managers. In this article we discuss procedures that we developed for managing the substantial risks associated with the use of spreadsheets for supply chain optimization. The issues we address go far beyond simple data entry mistakes, which are possible in virtually every aspect of business and can never be completely eliminated.     

Incorporating price elasticity in financial forecasting models: From theory to practice and implementation

The authors use a capital budgeting example to show students how to incorporate price elasticity into financial analysis as an application of what students learn in their microeconomics course. They present simple as well as more advanced price-quantity relationships, and using various “what-if” scenarios; the authors show how risk analysis can be used to improve revenue projections and valuation models. A project analysis example is employed to illustrate results for negative predictive value and IRR based on three models of price elasticities across a range of potential product pricing. Students are then encouraged to replicate and create similar models, helping them improve their vital Excel and financial modeling skills.     

Strategic orientation and performance measurement model in Taiwan's travel agencies

This longitudinal study attempts to examine those effects and relationships of various performance measuring dimensions using the balanced scorecard conceptual framework on travel agencies under different strategic orientations in Taiwan. A three-stage research design is adopted to explore a valid and reliable e-commerce strategy performance measuring model for travel agencies. The research also uses the structural equation modeling (SEM) approach to further empirically build up e-commerce cost leadership and differentiation strategy performance measurement models. The theoretical model identifies an underlying variable construct, dimensions, and their associated attributes which combine the traditional subjective or objective measures with operating measures of e-commerce strategy performances. According to this research, Taiwanese travel agencies consider five financial, three customer, four internal process, and three innovation and learning perspective indicators of performance measurement that also have cause-and-effect relationships among themselves under two different strategies. Finally, this paper proposes two optimal models that match the essential needs of e-commerce cost leadership and differentiation strategic development and overcomes the traditional performance measuring shortcomings.     

African equity markets : Testing Latin America's path

Equity Market opportunities and Sub-Saharan Africa have long been mutually exclusive propositions. However, recent developments are hinting at future profits to be reaped in the region. By year-end, over a dozen countries will have formal capital markets, and a handful more are in the process of setting up stock exchanges. Kleiman and Morrissey provide an overview of recent reforms and trends that will shape the region's capital markets into the next century.     

Dynamics of intellectual capitals and bank efficiency in India

This article attempts to examine the impact of intellectual capitals and its sub-components on the bank’s efficiency parameters for 38 listed Indian banks within multivariate panel data framework during the period from 2004–2005 to 2015–2016. The study uses the non-parametric Data Envelopment Analysis approach to estimate technical, pure technical and scale efficiency in the first stage, followed by computing Value Added Intellectual Capital and Modified Value Added Intellectual Capital as an indicator for intellectual capital performance. Finally, Tobit regression results suggest that intellectual capitals have statistically significant and positive but very low impact on all the three efficiency scores. At the sub-component level, only human capital efficiency has a significant impact with low value on the all three efficiency measures. Bank size and leverage are also found to be significant drivers of bank efficiency as well. Thus, the study’s findings support higher investment in intellectual capitals in order to further improve the banking efficiency and value creation in India by adopting appropriate policy by management for proper input allocations, particularly human capital and capital employed in coming years.     

A NOTE ON THE QUANTILE FORMULATION

Many investment models in discrete or continuous‐time settings boil down to maximizing an objective of the quantile function of the decision variable. This quantile optimization problem is known as the quantile formulation of the original investment problem. Under certain monotonicity assumptions, several schemes to solve such quantile optimization problems have been proposed in the literature. In this paper, we propose a change‐of‐variable and relaxation method to solve the quantile optimization problems without using the calculus of variations or making any monotonicity assumptions. The method is demonstrated through a portfolio choice problem under rank‐dependent utility theory (RDUT). We show that this problem is equivalent to a classical Merton's portfolio choice problem under expected utility theory with the same utility function but a different pricing kernel explicitly determined by the given pricing kernel and probability weighting function. With this result, the feasibility, well‐posedness, attainability, and uniqueness issues for the portfolio choice problem under RDUT are solved. It is also shown that solving functional optimization problems may reduce to solving probabilistic optimization problems. The method is applicable to general models with law‐invariant preference measures including portfolio choice models under cumulative prospect theory (CPT) or RDUT, Yaari's dual model, Lopes' SP/A model, and optimal stopping models under CPT or RDUT.     

连片特困地区农村妇女生计发展的要素测度及政策支持研究

农村妇女生计发展所面临的阻力对于精准扶贫政策的深入推进提出了更高层次的要求。基于全国12个连片特困地区2282名农村妇女的实地调查数据,描述了农村妇女生计发展的政策需求意愿,并运用二元Logistic模型分析了有关影响因素。研究发现,当前农村妇女所需要的政策支持按所占比例大小依次为:小额贷款项目、提供创业与就业信息、提供实用技术培训,而影响政策需求的因素主要有自然资本、人力资本、物质资本、金融资本和社会资本。对此,相关政策优化需要将性别意识纳入扶贫决策主流,并加强对农村妇女生计发展的技术培训和资金扶持,同时要给予农村女性老人的特殊帮扶。     

Beyond the Bounded Instrumentality in Current Corporate Sustainability Research: Toward an Inclusive Notion of Profitability

We argue that the majority of the current approaches in research on corporate sustainability are inconsistent with the notion of sustainable development. By defining the notion of instrumentality in the context of corporate sustainability through three conceptual principles we show that current approaches are rooted in a bounded notion of instrumentality which establishes a systematic a priori predominance of economic organizational outcomes over environmental and social aspects. We propose an inclusive notion of profitability that reflects the return on all forms of environmental, social, and economic capital used by a firm. This inclusive notion of corporate profitability helps to redefine corporate profitability as if sustainability matters in that it overcomes the bounded instrumentality that impairs current research on corporate sustainability. We apply this notion to different car manufacturers and develop conceptual implications for future research on corporate sustainability.