The organisational learning system within small UK manufacturing firms

Organisational learning is increasingly being mentioned in the literature as a mechanism for assisting the market performance of small firms. There exists, however, limited empirical evidence on the learning systems utilised to manage the process. A survey was undertaken to acquire data on whether a relationship exists between learning style and the nature of learning systems used by small UK manufacturing firms. The results suggest that as firms move from single towards double-loop learning this is accompanied by the adoption of a more formalised learning system inside the organisation. The implications of these finding are discussed and proposals presented on the needs for further research.     

Disadvantaged families and the meaning of the holiday

Holiday participation, although widespread, is not universal. This paper summarises a study of the meaning and significance of the holiday for families who are rarely able to go on holiday because of personal economic and social circumstances: a subgroup of Haukeland's category C non-travellers. Holidays are likely to have particular significance for them. Studies of women’s holiday experiences are examined in order to contribute to the context of this study. Informants were interviewed in their own homes and a number of meanings emerged including the significance of ‘change’ and establishing relationships. The study confirms the diversity of holiday experiences and meanings and the particular significance for this study group in conferring the ‘excitement and spectacle’ that are particularly limited in their every-day lives. Copyright © 1999 John Wiley & Sons, Ltd.     

The impact of corporate social disclosure on investment behavior: A cross-national study

We examine the impact of corporate social disclosure (CSD) on investment behavior in the US, Japan, France, and Sweden using stakeholder theory as the underlying framework for our analysis. We find that there is a significant difference in investors’ reactions to CSD across countries. Using a unique stakeholder scale we also find that these reactions are related to the investors’ stakeholder orientation. These findings provide insight into cross-national differences in the perceived relevance of CSD to investors.     

The level and quality of Value-at-Risk disclosure by commercial banks

In this paper we study both the level of Value-at-Risk (VaR) disclosure and the accuracy of the disclosed VaR figures for a sample of US and international commercial banks. To measure the level of VaR disclosures, we develop a VaR Disclosure Index that captures many different facets of market risk disclosure. Using panel data over the period 1996–2005, we find an overall upward trend in the quantity of information released to the public. We also find that Historical Simulation is by far the most popular VaR method. We assess the accuracy of VaR figures by studying the number of VaR exceedances and whether actual daily VaRs contain information about the volatility of subsequent trading revenues. Unlike the level of VaR disclosure, the quality of VaR disclosure shows no sign of improvement over time. We find that VaR computed using Historical Simulation contains very little information about future volatility.     

The integrative domain of foresight and competitive intelligence and its impact on R&D management

R&D takes years to come to fruition, thus choosing R&D programs should be set in the context of the environment that will exist at the time that research is completed. Foresight and competitive intelligence are two fields that seek to address future oriented environmental scanning. The paper looks at what the domains of foresight and competitive intelligence entail and in particular how competitive technical intelligence can work to integrate and enable competitive agility in foresight positioning. Focus is put on reviewing literature that addresses how foresight impacts R&D project selection. A review is made on foresight programs from around the world based on a recently completed study on Canada's foresight capacity. The authors conclude that agile organizations need to be adaptive and well prepared for tomorrow's challenges and so by integrating competitive technical intelligence, (typically oriented to business needs) with strategic technology foresight, (typically designed to address government priorities for technology investments and innovation policy issues), enterprises will be best positioned to address uncertainties in the technology cycle.     

TAKING EFFORT SERIOUSLY

This paper examines the typical treatment of “effort” by both efficiency-wage theorists and principal-agent theorists. These theorists do not justify regarding effort as a cardinal variable. Yet, if effort is an ordinal variable, certain assumptions which are routinely invoked are literally devoid of meaning. Indeed, the precise expression of a complicated truth cannot possibly take a simple form, however precise-looking the simple formula might be. A formal expression can be extremely precise without being at all a precise representation of the underlying concept to be captured.     

The evolution of debt and equity markets in economic development

Summary. As noted by Gurley and Shaw, there is a typical pattern of economic development in which the evolution of the financial system is an essential aspect of the growth process. We focus on one component of this evolution: the increasing importance of equity markets as an economy grows. We develop a growth model where capital accumulation is financed externally through a combination of debt and equity. We illustrate why equity market activity might grow – often very rapidly – as an economy develops. We also illustrate why access to equity markets may not be needed in the early stages of economic development. Received: December 30, 1997; revised version: May 26, 1998     

The Socially Optimal Level of Saving in Australia, 1960-61 to 1994-95

In this paper a model is developed which determines the socially optimal level of saving for a small open economy. The model also determines the socially optimal disposition of saving between domestic capital accumulation and overseas asset accumulation. The model is then applied to the Australian economy for the period 1960-61 to 1994-95. For each year of that period socially optimal levels of saving, investment and the current account of the balance of payments are determined. Two main conclusions emerge. Firstly, while Australia under-saved by an average of 1.7 per cent of GDP from 1974-75 to 1994-95, it over-saved by an average of 5.3 per cent of GDP in the earlier period from 1960-61 to 1973-74. Secondly, Australia did not make optimal use of world capital markets to smooth consumption in the period from 1960-61 to 1994-95; although there is less evidence for this since 1984-85, suggesting that deregulation of capital markets may have facilitated the optimal smoothing of consumption.