The capital structure implications of pursuing a strategy of innovation

In this paper, we argue that consideration of firm strategy can help illuminate the choices managers make between debt and equity financing. Within an industry, the form of competition that each firm chooses will determine the strategic value to the firm of maintaining financial slack. Our empirical analysis yields strong support for the proposition that financial slack should be a particularly critical strategic imperative for firms pursuing a competitive strategy premised on innovation. We also demonstrate that firms pursuing such a strategy that fail to recognize the value of financial slack are likely to perform poorly. Copyright © 2003 John Wiley & Sons, Ltd.     

R&D strategy and Australian manufacturing industry: an empirical investigation of emphasis and effectivness

This research investigates the degree of emphasis placed by the Australian manufacturing industry on Research and Development (R&D) strategy as well as on other organisational strategies such as marketing, HRs (HR), technology, and operations at the functional level. The research extends further to investigate whether the emphasis on R&D strategy differs with contextual factors such as firm size, firm’s generic strategy, type of market, firm’s life cycle stage, etc. A mail survey was carried out to collect information from manufacturing firms across Australia. This was followed by an on-site interview of some of the senior managers of manufacturing firms from three Australian states: South Australia, Victoria and New South Wales.The study found that although the emphasis on R&D strategy has received a high priority in the past few years, it has not been as effective as the operations strategy and the technology strategy. The operations strategy has been accorded the highest importance in the past few years and this will continue in the future. The study also indicated that firms, which adopt a differentiation generic strategy, put more emphasis on R&D than the firms, which adopt cost leadership and focus generic strategies. The results did not indicate any evidence of a relationship between firm size and the R&D strategy although large firms are found to put more emphasis on operations and marketing strategies. Relatively higher emphasis was placed on the R&D strategy by businesses: at the growth stage; involved in the manufacture of consumer goods as opposed to industrial goods; involved in exports with a higher sales growth in export markets; and having a higher growth rate relative to their industry.     

会计人员职业道德建设的诚信讨论

文章论述了在市场经济体制下。会计从业人员在职业道德建设方面存在的问题。强调了树立财经法律意识。以诚信务实的工作态度来获得社会的尊重与信赖。     

实施环北部湾战略的着力点——提高产业竞争力

实施北部湾战略的着力点应放在提高产业竞争力方面。文章就此提出了八大关于选择、布局、培育、发展具有强大竞争力产业的方式方法和途径。     

山西陈醋企业发展中存在的问题与对策探讨

山西是醋的发源地,做醋的历史长达4000年之久,面对中国加入WTO及食醋行业发展的新趋势,山西陈醋企业只有及时发现自身存在的问题,并做出相应的战略调整,方可获得持续快速发展.     

An exceptional development pattern

This paper investigates India's exceptional development pattern, specifically the major importance of information technology services (ITS), and compares it with China's development pattern. Both countries want to develop capabilities for carrying out the innovation of technologies that compete at the state-of-the-art in the world market. The paper posits that technological/economic success in the contemporary world market requires the ability to innovate complex technologies and complex technology-related services. The share of trade represented by complex technologies is compared with the “high-tech” share. The trading patterns of the two countries are compared using United Nations data. Two case studies of Indian ITS companies are then compared with two case studies of Chinese manufacturing companies. Historical and cultural differences appear to explain some of the differences in the development patterns of the companies located in the two countries.     

Relationship of Planning and Control Systems with Strategic Choices: A Closer Look

The study finds that relative to others, firms pursuing the Prospector-like strategy (high innovation) have lower financial results uncertainty, a more long-term orientation for decision making, and more decentralized control. As well, the tightness of budgetary control is found to be negatively correlated with financial results uncertainty. Thus, we are able to reproduce in our study the result that Prospector type firms have tighter budgetary control, which many have found puzzling previously, and point to the relation between strategy and financial results uncertainty as an explanation for the result.Based on a sample of large firms in Singapore, the study also finds the impact of the 1997–1998 Asian crisis is correlated with the intensity with which the Prospector-like strategy was pursued.     

区域经济一体化在构建大牡丹江战略中的实践

十七大报告、牡丹江市第十次党代会报告和十届四次全会报告中都提到区域经济协调发展的问题,这是一个关系国家、地区发展的重要战略。本文结合三个报告和大牡丹江战略来阐述区域经济一体化在牡丹江的实践。     

研究生就业形势及策略

自1999年研究生大规模扩招以来,毕业生数量激增,研究生“天之骄子”的地位不复存在,如何有效面对就业形势,转变就业观念,提高就业策略是本文探讨的主要内容。     

浅析我国服务业的库存问题及应对策略

服务业在整个经济中的地位是衡量一国经济结构合理程度、国际竞争力强弱、经济社会发展协调水平等的重要评判指标之一。与中国经济快速持续发展相比,服务业发展落后的短腿现象却日益突出,而服务业的库存管理问题更是落后。