NATURAL LEARNING AND MANAGERIAL ACTION: A PHENOMENOLOGICAL STUDY IN THE FIELD SETTING

An approach to collecting data about managers’ experience of their work is described, involving having them ‘think aloud’ while doing their work, and ‘re-live’ episodes soon afterwards. Some of the epistemological and methodological issues relating to this research approach are discussed. Examples of data are given, and 37 episodes of managerial work are analyzed for evidence relating to the question of how managers learn naturally from everyday experience. The analysis suggests that the concept of levels of learning proposed by Bateson (1973) is useful. An initial categorization of processes of learning, arising from the data, are presented. Some evidence that the profounder forms of learning are incremental rather than sudden is presented, and the issue of the functionality of profounder versus more superficial forms of learning in relation to everyday managerial work is raised.     

INTRODUCING MARKET FORCES INTO MANAGERIAL DECISION-MAKING IN CHINESE INDUSTRIAL ENTERPRISES

This paper focuses on the fundamental changes in the management of state enterprises that are taking place in China. Specifically, we discuss the expansion of enterprise autonomy and changes in the managerial decision-making structure. The genesis of the reform programme is traced back to inefficiencies caused by the over-centralized state planning system which reduced enterprise management to little more than an administrative function dominated by the Party secretary. As a consequence, managerial and technical cadres became demoralized and the growth of staff functions such as accounting, marketing and personnel management was stunted. From a series of experiments launched in 1978 has grown the realization that tinkering around with the state planning apparatus is insufficient to stimulate entrepreneurship and vigorous industrial expansion. Accordingly, reform has been launched on a broad front both within the state apparatus, in an endeavour to roll back external constraints on enterprise, and within the enterprise itself, by seeking to provide powerful incentives both to managerial cadres and workers through a system stressing individual responsibility and rewards commensurate with results. A number of severe constraints on the reform programme are analysed, in particular, the changing balance of power within the enterprise between the factory director, the Party secretary, the workers’congress and the trade union. Contradictions exist within the new structure of decision-making but, given a period of political stability and sustained economic growth, there should be sufficient surplus to mollify discontent and stifle those who refuse to give up their belief in the virtues of having‘politics in command’of the industrial enterprise.     

MERGERS AND PROFITABILITY: A MANAGERIAL SUCCESS STORY?*

Since 1983 expenditure on acquisitions in the UK has more than doubled in real terms, despite the fact that the consensus of opinion in the academic literature is that acquisitions are not, on average, performance enhancing for the acquiring firm. Such literature, however, relates mainly to the acquisition of large, public companies. Drawing on survey evidence from 146 of the UK's top 500 companies, this article reports the results from a survey which encompasses all takeovers. The study revealed that is the expected reward of increased profitabililty which is used in ex-post evaluation. The major finding of the study is, however, that managers firmly perceive that their takeover activity has been performance enhancing for their company. The evidence presented does suggest that the integration of small acquisitions into an existing organizational structure may be achieved without severe problems of loss of control, and the subsequent decline in performance which beset large acquisitions     

STATIC COMMON AGENCY AND POLITICAL INFLUENCE: AN EVALUATIVE SURVEY

The common agency model is among the most productive economic frameworks of recent times, generating important results in the analysis of political influence, industrial organization and public goods provision. This paper presents a survey of the applications of the common agency model to issues of political influence, examining the applications and their results. It also discusses a number of the weaknesses of this literature, weaknesses that open up important avenues of further research in the directions of interest group formation, the nature of lobbying, the political system, behavioural demands and empirical analysis.     

STUDIES OF MANAGERIAL JOBS AND BEHAVIOUR: THE WAYS FORWARD

The main achievements and limitations of studies of managerial jobs and behaviour are summarized drawing upon the review articles of Martinko and Gardner (1985) and Hales (1986). Ways forward are explored by developing a map of the field for future studies, which is shown in figure 1. The figure has three aims: to show different areas for research; to help in identifying neglected areas that could be fruitful ways forward; and to show the interrelationship between different aspects of the study and thus to act as a guide for data collection. The main purpose of the article is to be a guide to what can, and what might most fruitfully, be studied, but some suggestions are also made about methods.     

STRUCTURED OBSERVATION OF MANAGERIAL WORK: A REPLICATION AND SYNTHESIS*

This study uses structured observation categories to investigate the relationship between managerial behaviour, performance, and environmental and demographic variables. We found significant differences in managerial behaviour related to environmental and demographic variables but not to performance. Our replication and synthesis of other studies generally supports earlier conclusions regarding the brief, varied, fragmented and interpersonal nature of managerial work. The results also point to the important relationship between the environment and managerial behaviour. Implications for managerial practice and research are discussed.     

MANAGERIAL AND OWNERSHIP SUCCESSION AND CORPORATE RESTRUCTURING: THE CASE OF MANAGEMENT BUY-INS*

This paper addresses the effects on corporate restructuring of changing management and ownership. First, it synthesises a number of perspectives on corporate restructuring which involve managerial succession, voluntary restructuring, agency theory, incentives and entrepreneurship, to obtain insights into the relative impact of simultaneously changing either, neither or both management and ownership. Second, it uses case study evidence from management buy-ins to examine the effects of changing both management and ownership. the evidence suggests that whilst management may be adequately incentivized, problems may arise in respect of information asymmetries, difficulties in matching entrepreneurs to the context and monitoring by venture capitalists, and implementation of strategies.     

SOCIAL IDENTITY AND REDISTRIBUTIVE PREFERENCES: A SURVEY

Social identity has become accepted as a key concept underpinning the endogeneity of economic behaviour and preferences. It is important in explaining attitudes towards redistribution and pro‐social behaviour. We examine how economic theory measures social identity and its effects on preferences towards redistribution, social solidarity and redistributive institutions. Empirical evidence indicates that social identity carries weight in explaining the presence of social preferences and attitudes towards redistributive institutions.     

INFORMATION EXTERNALITIES, SHARE-PRICE BASED INCENTIVES AND MANAGERIAL BEHAVIOUR

Abstract. We survey recent theoretical research on the effects of short-term share-price based managerial incentive schemes. Such schemes can induce inefficient managerial behaviour in both hidden action and hidden type contexts. These problems arise from informational asymmetries: managers take actions to manipulate the information flow rather than to maximize firm value. More generally, imperfect transmission of information between managers and shareholders or between managers of different firms can lead to similar distortions even when the parties' interests are aligned.     

HOST-COUNTRY MANAGERIAL BEHAVIOUR AND LEARNING IN CHINESE AND HUNGARIAN JOINT VENTURES*

Close similarities in the behaviour reported of host country managers in Chinese and Hungarian joint ventures have emerged from recent research. an assessment is offered of four perspectives which purport to account for managerial behaviour in these contexts, namely those referring to the system of industrial governance, the nature of industrialization, national culture and resistance to change. the system of industrial governance provides the most direct and comprehensive explanation, and is also linked with influences from national culture and industrialization. the article concludes by examining the modes of host country learning in process within the joint ventures as foreign partners endeavour to change the behaviour of local managers.