Small firms and e-business: cautiousness, contingency and cost-benefit

This paper examines how e-business affects small firms in supply chains. Research in four UK supply chain cases, assistive/medical technology, construction, computer consumables and apparel, indicate widening gaps between large and small firm investment and strategy for exploitation of e-business. Existing models of e-business operationalisation are critically evaluated; and their appropriateness in providing insight and guidance is reflected on. While each model individually provides some useful insights, none are appropriate for examining small firm take up of e-business. Therefore a new framework is developed based on three key issues—cautiousness, contingency and cost-benefit.     

‘Tourism poverty’ in affluent societies: Voices from inner-city London

There is now a significant body of work analysing the multifaceted connections between tourism and poverty in less developed economies. Far fewer studies discuss the relationships between tourism and poverty in the world’s affluent societies and most of these concentrate on social tourism and on the benefits of these holidays for deprived and marginalised groups. This paper provides an insight into the experiences of families unable to afford any form of paid holiday away from home. Based on participant-driven interviews with 20 low-income parents living in a deprived area of Inner London, the paper reveals that for these individuals exclusion from tourism makes a clear contribution to their children’s exclusion from everyday norms as holidays are regarded as part of contemporary British family life. The study discusses policy and business implications and suggests further investigation of trans-generational ‘tourism poverty’.     

How much do farmers value their independence?

A farmer's decision to contract or produce independently depends on the distribution of income and the nonpecuniary attributes associated with both business arrangements. The benefits to growers from contracting (such as risk reduction) may be overestimated if the nonpecuniary benefits enjoyed by independent producers (such as the right to make management decisions and own the commodity produced) are not accounted for. This study uses data from a U.S. national survey of hog producers to estimate (1) the difference in expected net returns between contracting and independent production, (2) the premium a representative farmer would pay for the risk reduction provided by a contract, and (3) the premium a farmer would pay for the nonpecuniary benefits associated with independent production. Results indicate that growers have a strong preference for autonomy—with moderately risk‐averse growers being willing to pay more for the attributes of independent production than they would for the risk‐reducing benefits of a contract.     

Communication between R&D and its customers — a study of BT Laboratories

Aspects of communications between people working in R&D laboratories and their customers in the operating divisions of a company have been analysed, based on a series of in-depth interviews with people working in British Telecommunications plc (BT) Laboratories. Formal and informal communication channels interact to some extent, and their use is affected substantially by the type of customer for a particular project. Senior managers use informal networks to a greater extent than managers at lower levels, and are more likely to communicate about process rather than project matters.     

An Antitakeover Amendment for Stakeholders?

The non-financial effects (NFE) antitakeover amendment addresses the duties of company directors and management when faced with a possible takeover bid. The NFE amendment either permits or requires managers to consider the interests of the company's stakeholders during takeover bids. Other types of antitakeover devices have been viewed as protecting either stockholder or management interests. The NFE amendment would appear to protect a broad spectrum of interests including those of company employees, creditors, and the community in which the company operates. Positive market returns to the adoption of NFE amendments provide some evidence that investors approve. The percent of both management and institutional ownership are positively related to the market reaction to the NFE amendment adoption. To the extent that institutional ownership proxies for the broad spectrum of stakeholder interest, NFE devices, unlike some other amendments that have been studied, appear to be in the interests of more than a single interest group.     

The East Asian crisis and financing corporate investment: is there a cause for concern?

In view of limited empirical evidence concerning the microeconomic aspects of corporate financial problems in the East Asian countries in the 1990s, this paper analyses the financing pattern of corporate investment in Indonesia, Korea, Malaysia, and Thailand. The analysis is based on an unbalanced panel of listed firms during the period 1989–1997. By using firm size, retention practices, and leverage as three different indicators of financial constraint on firm investment, we have examined the role of various internal and external financing variables on corporate investment in the sample countries. Results indicate that a large number of sample firms depend on free cash flow, especially in Indonesia; there was also a steady increase in debt-equity ratio in all countries. There were signs of agency costs in the use of cash flow in Korea and Malaysia and also in the use of debt financing in Malaysia and Thailand. There was also sign of over-investment among the Thai firms during 1994–1997 though it appears very little if at all was done to redress it in time.     

Exploring Visitor Experiences,Activities and Benefits at Three Religious Tourism Sites

This research examines and compares the experiences of visitors (N = 534) to three different Christian religious heritage sites: Canterbury Cathedral, the Shrine of Our Lady of Walsingham and the Glastonbury Abbey Christian pilgrimage festival. Employing the activity, setting, experience and benefit framework, the findings indicate that the three religious sites attract visitors who seek different kinds of experiences and report different kinds of benefits. Results indicate that restorative experiences and benefits often overshadow the spiritual or cognitive benefits that many believe to be the primary outcomes of religious tourism. These results challenge traditional ideas about what it means to be a visitor at historical religious sites. Copyright © 2014 John Wiley & Sons, Ltd.