Knowledge acquisition strategies of small and medium‐sized enterprises during institutional transition: Evidence from Hungary and Ukraine

Drawing on data from Hungary and Ukraine, this study explores how small‐ and medium‐sized enterprises (SMEs) in transition economies acquire the managerial, marketing, and technological knowledge they need to compete in increasingly competitive local and global markets. Although Hungary and Ukraine are at different stages of transition and levels of economic and institutional development, the patterns we observed were remarkably similar, suggesting that shared institutional legacies shape management practice in important ways. Managerial knowledge was perceived as the most difficult to acquire, with technological knowledge being the easiest. Both managerial and marketing knowledge were perceived as critically important for success, although the priority may differ depending on stage of SME development. © 2012 Wiley Periodicals, Inc.     

SIR WALDRON SMITHERS AND THE LONG WALK TO FINCHLEY

The television drama ‘Margaret Thatcher: The Long Walk to Finchley’ has Sir Waldron Smithers strongly objecting to Thatcher's selection as a Conservative candidate prior to the 1950 General Election. It is more likely that Smithers would have found her a kindred ideological spirit: both shared an anti‐socialist commitment and admiration for Hayek's ‘The Road to Serfdom’.     

The Lead–Lag Relationship Between Stock Indices and Stock Index Futures Contracts: Further Australian Evidence

This article examines the lead-lag relationship in returns on stock index futures and the underlying stock index for the Australian market between 1992 and 1997. On average across the sample period, futures returns lead index returns by twenty to twenty-five minutes and there is some evidence of feedback from the equities market to the futures market. Analysis conducted on a year-by-year basis suggests that the extent to which the futures market leads the equities market has decreased over time and the relationship between the two markets has generally strengthened. This is consistent with an increase in the level of integration between the markets. The results suggest that prior research that compares lead-lag relationships across international markets and time periods in drawing inferences on the effects of market structure needs to be interpreted with caution.     

Pupils' attitudes to technology in key stage 3 of the national curriculum: A study of pupils in South Wales

This paper describes part of a continuing research project based at the University of Wales, Swansea, which is investigating pupils' attitudes to a range of national curriculum subjects. There has been no major national funded project to evaluate the national curriculum from pupils' perspectives. The market economy philosophy adopted by the present government is restricted in the meaning of choice given to consumers of education. Pupils' opinions are rarely sought out.The paper describes the results gained from a Likert-type attitude scale and subsequent follow-up interviews with a selection of pupils aged 13 and 14 years in secondary schools across South Wales.     

Is attack the best form of defence? A competing risks analysis of acquisition activity in the UK

The primary purpose of this paper is to investigate whethercompanies can use acquisition as a strategy to reduce theirlikelihood of take-over. The determinants of making an acquisitionand being taken over are modelled for the first time withina competing risks framework using two large samples of UK manufacturingcompanies which together cover most of the post-World War IIperiod up to 1990. Our results indicate that, ceteris paribus,companies which make acquisitions can significantly reduce theirconditional probability of being taken over by around one-third,largely through the impact that acquisition has on corporatesize. In this sense, attack, through acquisition, is the bestform of defence against take-over.     

Another look at the role of the industrial structure of markets for international diversification strategies

This paper re-examines the extent to which gains from international diversification are due to differences in industrial structure across countries. Recent papers by Roll (1992), Journal of Finance 47, 3–42 and Heston and Rouwenhorst (1994), Journal of Financial Economics 36, 3–27 investigate this issue and find conflicting evidence. Using a new database, the Dow Jones World Stock Index, with coverage in 25 countries and over 66 industry classifications, we decompose comprehensively both country and industrial sources of variation. We confirm that little of the variation in country index returns can be explained by their industrial composition. We also uncover differences in the proportion of variation in industry index returns that is captured by country and industry factors and discuss the implications for global diversification strategies.     

Local economies and business networks re-visited. A case study of business and professional services in London

This article describes networks among business and professional services (BPS) firms in London, and deals with the relationship between the businesses interviewed and their locality. The article is based on empirical material derived from a large number of interviews with BPS firms in central London. It is noted that lateral links between firms are poor, relationships are better characterised as competitive rather than co-operative, and businesses tend to take little interest in the various support agencies. Although all the businesses interviewed placed great emphasis on the development of close, co-operative relationships with clients, markets are geographically diffuse. However, despite the weakness of localised, inter-firm links, businesses were able to identify a number of valuable and distinctive assets attached to their current location, which implies that the “local economy” continues to be important. The article finishes briefly with some implications for local economies and appropriate methods of business support.