Empirical testing of alternative price spread models in the South African maize market

Reduced-form price spread models have been recently utilized by Wohlgenant and Mullen, and Thompson and Lyon to evaluate the economic factors affecting the marketing margins for agricultural products. Drawing on Gardner, Heien, Buse and Brandow, Waugh, Tomek and Robinson, and others they specify alternative retail-farm price spread models and attempt to determine which best fit the data in the context of underlying theoretical rationale. This paper continues in the spirit of Wohlgenant and Mullen, and Thompson and Lyon by evaluating alternative specifications of the retail-farm price spread for white maize in South Africa. However, several important differences do remain. Wohlgenant and Mullen analyzed the price spread for beef using annual data, while Thompson and Lyon modeled the price spread for oranges using weekly data. The time period under consideration can be expected to affect the choice of model because fixed markup rules that might be evident using a short-run period of analysis (e.g., Thompson and Lyon) become untenable over the long run with underlying supply and demand shifts. In this paper, monthly data, which may be interpreted as an intermediate-run period, are used along with dichotomous supply-demand shifters. In addition, Brorsen et. al. have shown that price uncertainty affects the price spread in the marketing channels of agricultural commodities. Thus, the analysis in this paper extends the framework of Wohlgenant and Mullen, and Thompson and Lyon to include measures of price risk. Finally, like Brorsen et. al. this study pertains to the grain market, while Wohlgenant and Mullen, and Thompson and Lyon studied the marketing margin for non-storable commodities.     

An Integrative Framework for Measuring the Extent to which Organizational Variables Influence the Success of Process Improvement Programmes

abstract    Studies on the three types of process improvement programmes (Continuous Improvement, Reengineering and Benchmarking) have appeared many times in the literature. These studies suggest that certain organizational variables act as enablers and their presence or absence can significantly influence success rates. Such studies have tended to examine companies where a single programme has been implemented. In contrast, this paper examines a sample of companies who have experienced all three programmes. Our aim is to compare and contrast each programme's impact on firm performance and identify which organizational variables are common and which are programme-specific enablers of success. We build and test an integrative framework to support our analysis. Our study found that: (1) Reengineering delivered the greatest impact on performance; (2) executive commitment was needed to make this happen; (3) strategic alignment was the major influence on the success rate of Reengineering and Continuous Improvement programmes; and (4) employee empowerment was necessary for each programme to work effectively.     

Institutional strategies for dealing with sexual harassment

Sexual harassment is being recognized as a pervasive and highly visible problem at an institutional level. As a consequence institutions are establishing policies and procedures to address this issue. In view of recent legal decisions, sexual harassment can have negative consequences for the institution as well as the harassee; thus, in some institutions, sexual harassment is viewed as a common problem shared by employers and employees. This article addresses institutional strategies that have proven effective in proactively dealing with sexual harassment in the workplace.     

Earning the “Write to Speak”: Sell‐Side Analysts and Their Struggle to Be Heard

This paper explores the ways in which sell‐side (SS) financial analysts seek to position themselves advantageously within the wider field of investment advice in spite of widespread skepticism over the value that their forecasts and recommendations add to investment decisions. The field of investment advice has been characterized in recent years by a number of regulatory and technological changes that have forced SS analysts to reconstitute the ways in which they influence the investment decisions of buy‐side (BS) actors. Faced with existential threats, SS analysts have responded to the disruptive impact of technology and regulation by struggling hard to ensure that their services are still valued by fund managers. Key to this ongoing process is the recalibration of professional expertise, which previous research has alluded to but not explored in detail. Central to the persistence of SS analysts in processes of investment decision making are activities revolving around the production and use of analyst reports which, our findings indicate, are less valuable for their informational content than their role as “relational devices,” ascribing legitimacy to SS analysts and earning them an entry ticket to more substantive, value‐adding interactions with companies and BS actors. We also show that economic considerations in the area of investment advice are influenced by social ties, the motivations of various actors in the field, and their relative position vis‐à‐vis other actors. More generally, we contribute to the literature on professional projects by showing how professional groups are constantly engaged in attempts to reposition themselves in the social space, but that field‐level changes can restrict the outcomes of these strategies to mitigation rather than advancement for the professionals concerned.     

A review of research on personality in teams: Accounting for pathways spanning levels of theory and analysis

Over the last half century there has been a great deal of interest in the role of personality in teams. In this article we review the theoretical and empirical research on this topic to summarize what we have learned and also to provide a foundation for future research necessary for application of this knowledge to human resource management decisions. We describe research that emphasizes both team- and individual-levels of analysis and theory, and we discuss recent efforts that attempt to bridge these two levels. We conclude by identifying several issues that should take precedence in research in order to advance our understanding of the role of personality in teams.     

Significant Issues for the Future of Product Innovation

In this issue, Merle Crawford and Milton Rosenau present their thoughts on some of the issues confronting product development professionals. Both reflect on the emergence of new products management as a profession—a field with its own requirements for success. Crawford wonders about the sustainability of our current use of teams for much of our work, the need for improved measurements, and the overall relationship between the management of new initiatives and the ongoing work of the organization. As new products work become more integrated with corporate operations, what new responsibilities will we face, beyond our current challenges? Rosenau looks squarely at the complex issues of rewards and compensation. How can we modify systems that have traditionally evaluated individual performance and adjust them to fit various cooperative work patterns necessary in new product development? He calls for formal study of these important issues. These essays continue a year-long series of contributions that the editor-in-chief solicited from members of the editorial board. Members were asked to reflect on changes and opportunities that they feel will influence our profession during the coming decade. Both of these short essays are designed to introduce new perspectives. It is not essential that you agree with the recommendations, but we hope that you are stimulated as you reflect on the issues that are raised.