The relationship between job satisfaction and managerial remuneration in small and medium-sized enterprises: an empirical test of ‘comparison income’ and ‘equity theory’ hypotheses

The relationship between job satisfaction levels and the remuneration of non-owner managers employed by a sample of 97 UK small and medium sized enterprises (SMEs) is investigated. The main empirical findings are that relative remuneration levels appear to be largely explained by differences in human capital and job/firm characteristics and that job satisfaction is positively related to deviations from these estimated comparison-income levels. Moreover, the equity theory expectation that individuals with the least prospect of redressing payment inequities will have the greatest incentives to respond to payment inequities by congitive adjustment is also supported. The results indicate that job satisfaction levels for individuals expecting to remain in their current post are not significantly affected by current payment inequities. For those managers who expect to move firms, the amount of payment inequity has a significantly positive effect upon their job satisfaction.     

The impact of connectivity technologies on e-flexible working practices of small and medium-sized enterprises in the North East of England

This paper examines the use of connectivity technologies among 80 small and medium-sized enterprises operating in the North East of England. The paper demonstrates that translation of connectivity technologies into e-flexible working practices is highly dependent on the firm's organisational structure and managerial capacity.     

Firm Growth and Supply Chain Partnerships: An Empirical Analysis of U.K. SME Subcontractors

This paper examines the performance of a sample of 211 U.K.subcontractors to evaluate whether differences in how they manage their supply chain relationships are associated with differences in (sales and employment)growth rates over two consecutive 3 year periods from 1993 to 1999.We identified 34 firms that had close partnership relationships with members of their supply chain. Our empirical findings indicate that firms with inter-firm partnership arrangements with members of their supply chain experienced significantly higher growth rates. These results suggest that inter-firm partnerships may facilitate more rapid and sustained SME growth,though further research is required to determine the role played by partnerships and the extent to which this may vary to reflect differing owner-manager motivations and growth opportunities.     

Convergences with Schumpeter: An essay Hirschman has yet to write

The paper explores the contributions of Joseph Schumpeter and Albert Hirschman to our understanding of the dynamics of modern democratic capitalist economies and suggests that much of their respective work displays intellectual overlap and complementarity. It is primarily focused upon the role of economic and political processes as forces of change and adjustment and the necessary degree of built-in inertia required to permit orderly rather than chaotic responses.     

Productivity Growth in the Western Hemisphere (1978–94): The Caribbean in Perspective

Productivity growth, technical efficiency change, and technological change were measured for a sample of 30 countries in the Western Hemisphere for the 1978–1994 period using the Malmquist index. The Caribbean compared unfavorably with North America and the Latin American regions. Evidence indicated some support for the convergence hypothesis. Regression analysis indicated that productivity growth in the Caribbean was positively associated with civil, economic, and political liberty.     

Determinants of US direct foreign investment in the Caribbean

This study evaluates two groups of variables (economic and structural/locational) associated with US short- and long-run direct foreign investment (DFI) in the Caribbean over the 1983–1994 period. Separate generalized least square models for the Caribbean and Latin America were estimated to determine whether differences existed between the two regions as to the variables associated with the levels of DFI. This helped provide insights as to the strategies that should be maintained or introduced to give the Caribbean a competitive edge in attracting the limited amounts of US DFI likely to be available for investment in the Western hemisphere.     

The remuneration of non-owner managers in UK unquoted and Unlisted Securities Market enterprises: An empirical analysis of firm specific,human capital and job history influences

This paper examines the extent to which the remuneration levels of non-owner managers employed by UK small and medium size enterprises (SME) can be explained empirically by a number of firm specific, human capital and job history characteristics. The UK SME sector is very heterogeneous and we test for possible differences in the determinants of remuneration for two distinct groups of firms. One group consists of high-growth firms that achieved an Unlisted Securities Market (USM) listing within 10 years of start-up. The second group consists of similar firms, matched with the USM firms in terms of age, sector and location, that have remained unquoted businesses. The empirical analysis, based upon data obtained from interviews with non-owner managers and the published financial records of their employing firms lodged at Companies House, focuses on comparing the separately estimated remuneration equations for the two groups of managers.The empirical results indicate that for both groups, the managers' age and qualifications and the asset size and location of their employing firms are significant factors and collectively are able to explain a large proportion of the cross-sectional variance in remuneration. Moreover, the size and significance levels of the estimated parameters on these variables were statistically identical in the two equations. However, the job history variables, in particular whether or not the manager had previously been employed by a large firm and whether the individual had previously been employed as a manager, were of relatively more importance in explaining the remuneration levels of the USM managers. Though there is a lack of previous empirical research on SME managerial pay, these results are broadly consistent with the expectations derived from the extant theoretical and empirical literatures.     

The Small Company Audit Qualification: A Preliminary Investigation

In recent years there has been much debate in the UK regarding the value and feasibility of the small company audit. The lack of formal internal control systems and the application of universal auditing standards has given rise to the use of a special ‘Small Company (Example 6) Audit Qualification’. However, doubts concerning the uniformity of practice between auditors has created difficulties for users in interpreting its meaning. This paper examines the extent to which a number of financial, organisational and auditor variables are able to explain the receipt of a ‘Small Company Audit Qualification’. The main empirical findings, using multivariate logistic analysis on a sample of 540 small company reports, are that companies audited by large audit practices, companies which had a prior year qualification, a secured loan, declining earnings, large audit lags and few non-director shareholders were more likely to receive an audit qualification than other companies.     

The performance of business incubators and their potential development in the north east region of england

The creation of incubators is viewed by many local and regional strategic bodies in the UK and abroad as an effective way of nurturing and facilitating the success of new technology-based companies. Drawing on a survey of 17 incubators operating in the North East of England, based on original findings, this paper empirically examines the crucial role of existing incubators in the local economy in enterprise creation and attempts to identify areas of good practice that can be used as benchmarks for the creation of future Incubators.     

The survival and non survival of micro firms in the UK

This paper examines a combination of firm characteristics, characteristics of the owner and finance/strategy variables to explain the survival/non-survival of micro enterprises in the UK between 1985 and 1994. The theoretical underpinning of the paper derives from Frank who articulates the notion of entrepreneurial talent. The measures of ‘talent’ used in the paper do not adequately explain survival/non-survival.