Flow time and product cost estimation by using an artificial neural network (ANN): A case study for transformer orders

In electromechanical industrial corporations, determining the production cost of the orders according to the technical specifications demanded by the customer has great importance in giving an accurate price offer. Labor cost is one of the important and most variable cost components that must be estimated in order to give an accurate price offer. In this study, a feed-forward back-propagation artificial neural network (FF-BPN) is used to predict the flow times of power transformer orders of a transformer producer according to the technical specifications given by the customer. The results of this study show that the prediction capability of an artificial neural network is very good for this type of problem and results in better cost estimation than current company practice. A case study is carried out for a manufacturer of electrical transformers in Turkey.     

Dust entrainability and its effect on explosion propagation in elongated structures

Two apparatuses have been developed to characterize the entrainability of dust deposits. The minimum aerodynamic wall shear stress required for dust removal (Critical Shear Stress), measured by the first apparatus, is an indicator of the ease with which dust particles can be removed from a layer. The second apparatus measures the settling velocity distribution of dust clouds, which is an important factor controlling the extent of dispersion as well as the time period during which the entrained dust cloud can remain suspended. Testing has shown that the critical shear stress depends not only on the nature of the dust, but on the way the dust deposit is formed. Therefore, a portable version of this apparatus was developed to allow field testing of dust deposits. This methodology has also been used to evaluate the effect of oil treatment sometimes used in the grain handling industry to reduce dust emission. Simulated explosion tests have demonstrated the importance of critical shear stress on dust entrainability. A simple model calculating unsteady dust concentration in elongated structures has been developed. The model shows that flammable dust concentrations induced in a gallery by a primary explosion exist over a finite length and time period. Therefore, the probability of a secondary explosion depends not only on the dust and layer properties, but on the details of the primary explosion and of the enclosure geometry. A simple criterion for transmission of a primary explosion into an adjoining elongated structure is discussed in the paper.     

The Relationship Between Top Management Team–Outside Board Conflict and Outside Board Service Involvement in High‐Tech Start‐Ups

Corporate governance research has extensively studied the relationship between outside board characteristics and outside board involvement. We add to this literature by investigating the extent to which interactions between outside board members and the top management team (TMT) affect the functioning of the outside board. Building on conflict theory, our study shows that conflict between TMT and outside board is an important antecedent for outside board service involvement. Specifically, drawing from a hand‐collected data set of 70 high‐tech start‐ups in Belgium, we find that TMT–outside board task conflict is both directly and indirectly, that is, through TMT–outside board relationship conflict, related to outside board service involvement.     

It’s in the air: Aroma marketing and affective response in the hotel world

Smell is considered to be the sense that is most closely attached to emotional reactions. This makes scent in the hotel environment an important atmospheric variable to study, because fragrances are expected to increase the likelihood of producing an emotional reaction from consumers. Capitalizing on smell’s ability to cue memories and conjure up emotions, the purpose of this research is to examine the emotional states evoked by various hotel scents in a hotel business in Hong Kong that uses scent throughout its premises. More specifically, this study intends to make a connection between the emotional states evoked by the hotel scents and how hotel businesses can make use of their guests’ emotional responses. Scent marketing is an overlooked subject in hospitality and tourism research.     

Information reduction via level crossings in a credit risk model

This paper provides an alternative credit risk model based on information reduction where the market only observes the firm’s asset value when it crosses certain levels, interpreted as changes significant enough for the firm’s management to make a public announcement. For a class of diffusion processes we are able to provide explicit expressions for the firm’s default intensity process and its zero-coupon bond prices.      

Theory-Driven Choice Models

We explore issues in theory-driven choice modeling by focusing on partial-equilibrium models of dynamic structural demand with forward-looking decision-makers, full equilibrium models that integrate the supply side, integration of bounded rationality in dynamic structural models of choice and public policy implications of these models.     

Inbound Travelers' Selection Criteria for Hotel Spas in Hong Kong

With a growing number of travelers enjoying spa experiences, it is vital that hotels understand their preferences. As Hong Kong has a high visitor inflow and is in the preliminary stages of hotel spa development, an examination of the selection criteria used by inbound travelers when choosing hotel spas should provide Hong Kong hoteliers with the information needed to further develop and refine their facilities. This study examines the selection criteria that inbound travelers use to gain insight into how demographic factors and travel characteristics affect their spa-related decisions. A measuring instrument was developed based on in-depth interviews of spa industry professionals and secondary data. The results reveal that relaxation, pampering, and beautification were the main reasons that people visited hotel spas; with the three most important major selection dimensions being therapists, price, and product and treatment types. Of the 28 selection criteria studied, professional skills, product and service knowledge, sense of privacy, range of facilities, and product branding were the most important attributes. The implications of these findings and directions for future research are discussed here.     

Transformation of Islamic Work Ethic and Social Networks: The Role of Religious Social Embeddedness in Organizational Networks

The aim of this study is to explore the influence of religious beliefs on social or work-related ties of managers who are member of organizational networks representing two different ideologies (religious and secular) in Turkey. In this research, the emergence of secular and devout entrepreneurs is considered as a phenomenon, and special attention is paid to religious transformation and secularism in Turkey. Social network analysis method is used to define the nature of communication links among 80 chairmen who are the members of two conflicting and dominant groups in Turkish business system. The findings show that Protestant work ethic suggested by Weber with regard to Christianity have attained a similar place over the past decade in Islamic organizational networks. The concern of political power in religion leads to organizational networks being nourished by religious norms and creeds in many developing countries. Especially in societies like Turkey where the state is dominant in the business life, organizations and managers prefer to be included in religious networks to make close contacts with the state. Another significant finding is that efforts of the members of religious networks—in spite of their relatively closed characteristics—in terms of being at the center of a network and taking the brokerage role, are highly developed on the contrary to the literature.     

International market selection strategies of manufacturing and services firms

This paper discusses the entrepreneurial landscape in Africa and locates a new generation of African entrepreneurs and their business networks within it. Unlike others in that landscape (i.e. micro- or small-scale informal sector vendors, and traditional or multinational large-scale formal sector firms), the ‘new generation’ entrepreneurs are business globalists who organized a system of business enterprise networks consisting of national, regional, and pan-African organizations. The study analyses interview data from 57 men and women network members from 10 countries (Botswana, Ethiopia, Ghana, Kenya, Mali, Senegal, South Africa, Uganda, Zambia, and Zimbabwe). Some defining characteristics of these entrepreneurs are interactive social and business relationships, use of modern management methods and information technology, trust among fellow members, transparent business practices, advocacy on behalf of the private sector, and commitment to increasing intra-African commerce. Their mission is to improve the climate for private sector business in Africa and to promote regional economic integration. They pursue cross-national commercial ventures, maintain official observer status at established regional economic organizations, sign memoranda of understanding with multilateral agencies, establish venture capital funds, and help to change government policies. The paper identifies characteristics of the ‘new generation’ entrepreneurs, evaluates goals and achievements of their networks, and concludes that despite limitations, these entrepreneurs and their organizations have created intra- and cross-national networks that strengthen private-sector-led economic growth in Africa.     

Internationalization of private firms: environmental turbulence and organizational strategies and resources

Profiles of exporting and superior-performing private small and medium-sized enterprises (SMEs) are presented. Multivariate regression evidence suggests that SMEs focusing upon an offensive and market differentiation strategy of product/service protection is associated with the propensity and the intensity of exporting. Exporting SMEs are also associated with younger and manufacturing firms as well as firms with product or service quality and/or technology resources. The perceptions by SMEs of external environmental turbulence were not significantly associated with the exporting-dependent variables. Most notably, variables associated with exporting SMEs are not the same as those associated with superior firm performance. Moreover, exporting firms did not report superior levels of performance. Implications for policy-makers, practitioners and researchers are discussed.