The customer wants service: Why technology is no longer enough

In today's marketplace, the customer is presented with a myriad of products and services of greater variety and value than ever before. As competition becomes more intense, product and service providers are increasingly turning towards “service” or “service quality” as a means of achieving competitive advantage. Even in industries such as telecommunications, where significant technological advances have characterized the industry, companies are realizing that the best product no longer guarantees an advantage over the competition. The key ingredient in the formulation of a competitive service strategy is the proper measurement of service quality dimensions, as defined by the customer, and the continual monitoring of company performance along those dimensions. This article describes the process of identifying service quality dimensions as applied in two telecommunications network providers, one in Canada and one in Ireland. Results are compared and contrasted between the two countries.     

Exploring sustainability management for telecommunications services: A case study of two Korean companies

The concept of corporate sustainability management (CSM) has been widely addressed in academic and business fields. Many companies now implement CSM, and CSM performance can be a good reference for investors to assess a company. In spite of its importance and prevailing presence, few studies have been done on the sustainability management of telecommunications companies. In this paper, we explore the sustainability of two Korean telecommunications companies (telcos) by developing and applying a new integrated sustainability management index. We expect that our findings can be a good start for further practices and research in sustainability management for telecommunications services.     

The new EU merger regulation: Implications for EU‐U.S. merger strategies

This article examines the implications of the new EU merger regulation (EU 139/2004) on international merger strategies. Important changes in the new regulation on both a substantive and procedural level are analyzed in the comparative context of EU and U.S. merger‐control policies. In particular, the article evaluates whether the “substantial impediment to effective competition” (SIEC) test in the new regulation implies convergence with the U.S. “substantial lessening of competition” (SLC) benchmark. In this context, the article develops scenarios for convergence between EU and U.S. merger‐control policies. The EU merger process has emerged against a background of significant political and institutional development in the European Union, and this is an important explanatory element in the development of competition policy in general and for the new merger regulation in particular. It also has implications for merger strategies examined at the end of the article. © 2006 Wiley Periodicals, Inc.     

Buying into Europe

Danger may lurk for the U.S. companies that simply think, “Well, here comes 1992. I guess we had better get a foothold somewhere in Europe.” A company that doesn't make sound choices based on the many complex factors involved will find only trouble—not more profits.     

Managing for Excellence in the Food and Beverages Industry

Abstract

In order to understand how to manage for excellence in the food and beverages industry, one must recognize some key principles that are utilized by top companies in this industry. The following article will provide detail examples of three top organizations to let the readers realize the strategies used by each company and what makes them superior than other competitors. The first example is about Nestlé's excellent achievement on market research and successful story about “Wellness strategy”. The second example shows how Coca-Cola produces the world's best known product and implements “Total Quality Management” and “Just-In-Time” system. The third example reveals the success secrets of McDonald's franchise kingdom and “three-legged-stool” relationship with its franchisees and suppliers. To be the top leader in the food and beverage industry, we suggest learning these skills.     

Editorial

The concept of an excellent company is complex and multidimensional. Most studies of “excellence” have focused on one, or sometimes two, dimensions with profitability and growth being the most common. Companies that have performed exceptionally well on such criteria have, however, proved far from robust. It is shown how the objectives of the firm partly conflict with one another and these conflicts are exacerbated when the firm seeks exceptional performance along one specific measure. Performance in the long run depends upon satisfying several stakeholder groups. A concept of a “tolerance zone” of performance is defined which is bounded by zones of disequilibrium. Within this tolerance zone the firm is likely to be in a position to satisfy its key stakeholder groups. Paradoxically, the financial performance of companies operating successfully within this tolerance zone will often be regarded as mediocre by students of “excellence” but in the long run such companies are more likely to prosper.     

Capital Structure and Mergers: Retrospective Evidence from a Natural Experiment

This analysis evaluates the impact of corporate debt in influencing mergers of local exchange companies in the United States telecommunications industry between 1988 and 2001. Firms’ financial structures significantly affect behavior and performance; yet no evidence has shown how firms’ financial structures influence their merger activities. The impact of corporate debt levels on the various mergers that took place during the merger wave in the sector is significantly negative for the first set of mergers carried out, and significantly negative, but with smaller impact, for the second set of mergers. The results support the idea that firms with high debt levels can be monitored carefully, precluding engagement in potentially-risky mergers so as to not engender negative financial outcomes.     

Toward a cross‐cultural theory of “exemplary organizations”: Evidence from Cuba

Management interest in “good companies to work for,” or “exemplary organizations,” has attracted the interest of researchers in the United States and Europe. We contribute to the literature on exemplary organizations by studying the representation of “exemplary organizations” in an unusual context, Cuba, and by inviting scholars to explore the cross‐cultural differences between what in different countries is viewed as an exemplary organization. Until now, studies on the best companies to work for have focused on companies operating in capitalistic economies. We aim to develop a better understanding of the representation of what a good place might be in an economic and ideological context that is in sharp contrast with the contexts in which this theme has been studied previously. © 2007 Wiley Periodicals, Inc.     

Environment,corporate entrepreneurship,and financial performance: A taxonomic approach

This study examined the association between a firm's external environment, corporate entrepreneurship, and financial performance. The study emphasized three propositions: (1) perceived—rather than objective-characteristics of the environment significantly influenced entrepreneurship activities; (2) a multidimensional definition of a firm's environment was essential to unravel the interplay between the environment, orporate entrepreneurship activities, and financial performance; and (3) a taxonomic approach had the advantage of accounting for the interrelationships among the dimensions of the environment in classifying firms.Using data from 102 companies in six4-digit industrial classification codes (SIC),cluster analysis was used to distinguish four environmental settings: “dynamic growth,” “hostile and rivalrous but technologically rich,” “hospitable, product-driven growth,” and “static and impoverished” environments. These four environments varied in their characteristics.The four empirically derived environment clusters were then used to examine variations in corporate entrepreneurship—operationalized as corporate innovation and venturing, and corporate renewal activities. The first dimension—corporate innovation and venturing—had four components: new business creation, new product introduction, percent of revenue from new products, and technological entrepreneurship. The renewal dimension had three components: mission reformulation, reorganization, and system-wide change. The data were used to test six hypotheses:

• 1.H1: In dynamic or growth environments, companies will emphasize new business creation and innovation.
• 2.H2: Environmental hostility is positively associated with the redefinition of business through venturing activities.
• 3.H3: Hospitable business environments are positively associated with business venturing and renewal activities.
• 4.H4: Static environments are inversely associated with corporate venturing and renewal activities.
• 5.H5: Corporate entrepreneurship activities are positively associated with company financial performance.
• 6.H6: Corporate entrepreneurship activities emphasised in HI through H4 will be significantly and positively associated with company financial performance in their respective environmental clusters.

The results provided general support for the six hypotheses. They showed that: (1) each environmental cluster had a distinct combination of activities relating to corporate innovation and venturing, and renewal; (2) corporate entrepreneurship activities varied in their associations with measures of company growth and profitability; and (3) the associations between corporate entrepreneurship and company financial performance varied among the four environment clusters. The results from this study can help executives in selecting specific entrepreneurial activities that match the demands of success in their business environment to improve their company's performance.     

对中国上市公司控制权溢价的实证分析

运用2001-2004年的样本数据。在对中国上市公司控制权的隐性利益水平所进行的分析显示，中国上市公司的转让溢价水平除了与转让比例呈正相关以外，转让溢价水平与净资产收益率、现金比率、流通股数和公司规模均呈负相关。同时，随着转让比例的上升，一开始溢价比例会增加，但当转让比例达到一定程度时，溢价比例又会下降，溢价比例与转让比例之问是一种倒U型的非线性关系。     

Disillusionment from Failure as a Source of Successful Learning

In this article I review the literature on organizational learning from failed product launches. I challenge the view that failure is an inevitable part of the “probe and learn” process as well as the view that companies do not learn anything from such failures. I conclude there is no direct link between learning and commercial failures, and highlight many obstacles that hamper the learning process. Finally, even when learning does occur, it will not always result in improved organizational performance. Copyright © 2011 ASAC. Published by John Wiley & Sons, Ltd.     

The public shell: Vehicle for venture financing

A public shell is generally defined as an inactive public corporation. It may or may not have assets or a publicly trading stock. However, for purposes here it must have valid SEC and domicile-State legal standing to permit its reactivation by merger with, or acquisition of, an operating company. After many years of clouded regard because of promoters' stock abuses, acceptance of using a shell to go public has considerably widened. This has been due to clarified and tighter SEC policies, rising costs of an IPO, and innovative financial uses of a shell by businessmen and investment bankers. Supply of shells probably still greatly exceeds demand for shells because of the mortality rate of the waves of new issues of recent years, the lack of cleanness of many of these shells and still lagging sophistication in their use. Nevertheless, advertising analysis indicates that in the past year alone companies “going public the back door” has at least trebled the number a decade ago. The greater part of this increase, also, appears to be accountable by ventures.For venture start-ups public access via merger with a shell can produce economies in legal/accounting costs and opportunity cost in time. It is also a means of becoming public when an initial public offering is not feasible due to market condition or nature of business. If the stock is trading it can encourage initial venture capital investment. The concept impact can vault the stock price even before earnings eventuate. Or exciting prospects can entice an exaggerated price/earnings ratio on tiny earnings. These events can even facilitate additional financing to prolong viability. But once the venture decides to use a shell for public access, the caveats of the route must be considered. In addition to valid registration and cleanness, such aspects as stockholder list, market sponsorship, control and dilution problems must be matched to the venture's financial aims. Cost of the shell can vary between $25,000–$100,000 depending on the outcome of these considerations, terms of payment, and general attractiveness of the venture entering the shell.Finally, speculative merits of shell stocks compared with the OTC Index of Industrial Stocks show that for equal holding periods, a market basket of revived-shell stocks bought soon after revival and sold around their highs, during the past decade would have produced multiple total returns compared to the less speculative index market basket. This optimum buy-sell period usually fell between 18 months and two years. But these returns presume not only sagacious timing, but that sales of stock of the typically small companies constituting shell-revivals could actually be made at the prices shown in the National Securities Dealers Pink Sheets. Beyond the optimum holding period, shell-descended companies become increasingly subject to valuation factors similar to those accorded to long established companies in related industries.     

Non-Discrimination in Human Resources Management as a Moral Obligation

The purpose of socially responsible investing (SRI) is to: (1) allow investors to reflect their personal values and ethics in their choices, and (2) encourage companies to improve their ethical, social, and environmental performance. In order to achieve these ends, the means SRI fund managers employ include the use of negative screening, or the exclusion of companies involved in “sinful” industries. We argue that there are problems with this methodology, both at a theoretical and at a practical level. As a consequence, current SRI offerings cannot accurately reflect the values and ethical beliefs they propose to represent. Moreover, the use of a?priori criteria is potentially misleading, as we show by discussing examples of glue and wine making. Applying this flawed approach SRI funds fail to influence the direction of the firms they deem most in need of re-directing. Rather than engaging in the simple a?priori assumption that some industries are “saints” while others are “sinners” (Freeman, 2007) we suggest a new framework upon which the SRI screening methodology could be grounded. Embracing the philosophical tradition of American pragmatism, we suggest that SRI methodology could be improved by engaging in an analysis based on (1) the actual impacts of the company’s products and services, (2) the company’s relationships with its specific, real stakeholders, and (3) the contingent environment (social, economic, political, legal, and cultural) in which the business operates.     

管理者权力视角下高管薪酬契约有效性探究

近年来,高管“天价”薪酬及其与企业绩效不相配比的现象层出不穷,薪酬契约机制的激励效用愈发受到质疑。基于此,本文以2013—2017年我国沪深两市的上市企业为研究对象,运用多元回归公式对高管薪酬的有效性进行分析。实证结果表明:丰厚的高管薪酬能够提升企业的绩效水平,但管理者权利会反向调节两者间的正向关系,且相比非国有企业,这种抑制效果在国有性质的企业中更为显著。     

Entrepreneurs from low-skilled immigrant groups in knowledge-intensive industries: company characteristics,survival and innovative performance

This paper analyzes how companies of immigrant entrepreneurs in knowledge-intensive industries differ from companies of native entrepreneurs with respect to start-up characteristics, company survival and innovative performance. I focus on immigrants from the “recruitment countries” of south and southeast Europe, who arrived in Germany mainly in the 1970s to fill labor shortages. They are the largest immigrant group in Germany and can be reliably identified via ethnic name coding. Companies owned exclusively by immigrants tend to be smaller and have higher exit rates. After controlling for size and other company characteristics, I find no differences in patenting activity compared to companies owned exclusively by natives.     

A SUPPLY CHAIN‐ORIENTED APPROACH OF WORKING CAPITAL MANAGEMENT

This article analyzes and illustrates the role of payment terms for working capital improvements in supply chains. So far, research has shown how individual industries and powerful companies were able to enhance their cash‐to‐cash cycles at both their supplier's and customer's expense. From a “network perspective,” the exploitation of individual advantages by a single powerful company lowers the overall financial wealth of the supply chain. Therefore, a collaborative working capital management approach is proposed, by which the cash‐to‐cash cycles of companies with the lowest weighted average cost of capital (WACC) should be extended, while companies with higher financing costs are relieved by a shortened cash‐to‐cash cycle. An unequal distribution of power, however, between supply chain members can be the main hindrance for developing a collaborative working capital management solution.     

Competitive by design

This paper is concerned with the role of design in the competitiveness of manufacturing companies and reports on design management in commercially successful firms. The findings are based on a survey of design policies and practices in over one hundred British and foreign companies from several industries, ranging from furniture to electronics. The paper shows that while in theory design plays a key role in competition, influencing both “price” and “non‐price” factors, in practice many managers do not give design high priority in company strategy and product development. The commercially most successful firms were those that not only invested resources in design and managed it effectively, but had other strengths, for example in marketing and manufacturing.     

可转换债券融资对我国上市公司价值的影响研究

可转换债券兼有股权融资和债权融资的两种效用,通常会促使投资者对转股时机与转股数量有不同的决策,这些决策对发行可转换债券的公司价值有不同影响。文章通过建立影响公司价值的分析模型,探讨我国上市公司发行可转换债券对公司价值所产生的影响,并利用我国上市公司1998年至2014年期间发行可转换债券的样本数据进行实证分析。研究发现：上市公司进行可转换债券融资后,公司价值会因其偿债能力变化而下降;国有股权比例之于公司价值的影响,是通过影响公司经理人经营行为来实现的;成长性不同的公司在债券存续期内的公司价值变化,并不存在显著差异。文章基于委托代理角度对可转换债券影响我国上市公司价值展开研究,在一定程度和范围内拓宽了公司治理问题的分析空间。     

“A ‘Butte’ of a hole in Montana”

Butte Montana, located in the south-west quarter of the state, is and always has been a company town. Butte is situated on what has been called the “richest hill on earth.” The mining rights to this fabulous hill belong to the Anaconda Copper Company. By 1892 the Anaconda Company had become the world's largest producer of copper (a status it enjoyed well into the twentieth century) achieving an output of 100 million pounds. By 1978 “the company” proudly claimed that over 20 billion pounds of copper had been mined from the “richest hill on earth.” In the past Anaconda has employed approximately one-third of Buttes work force, paid 58% of the county property tax and annually pumped millions of dollars into the local business community. While it is clear that Anaconda and Butte are inextricably wed, since the early 1970's the residents of Butte have come to resent their nearly 100 year marriage of convenience to the copper giant. At present the major area of contention between “the company” and the citizens of Butte found themselves confronting the following predicament: What personal property and fiduciary rights can an ordinary citizen expect to maintain in the face of the needs and requirements of advancing industrial progress?     

模糊综合评价法在电信企业顾客忠诚度评价中的应用

选择能够将定量指标与定性指标良好结合的模糊综合评价法作为评价方法,构建出电信企业顾客忠诚度的评价体系后,结合实际,采用调研分析等方法,对某电信企业的顾客忠诚度进行了评价。本文旨在建立一个有效的、具备可实施性的电信企业顾客忠诚度的评价体系,以此来了解企业的顾客忠诚度状况,期望对电信企业的发展起到一定的指导作用。