• The Q Theory of Investment with Private Benefits of Control, Soft Budget Constraints and Financial Constraints

      Mykhayliv, Dariya; Zauner, K.G. (2015-12)
      In this paper, we extend Tobin’s Q model under financial frictions (Hennesy, Levy, and Whited, Journal of Financial Economics (2007)), using a discrete-time version of their model, to include private benefits of control of managers and other stakeholders and soft budget constraints in the form of money injections into the firm. Managers are not viewed to maximise shareholder value, but to maximise the value of their shareholding plus their private benefits of control. Private benefits of control introduce elements of asset stripping into the model. We characterize the optimal investment policy, analyse comparative statics and discuss applications to firms in transitional economies.
    • Quantifying the sustainability of Bitcoin and Blockchain

      Fry, John; Serbera, J-P. (2020)
      Purpose: We develop new quantitative methods to estimate the level of speculation and long-term sustainability of Bitcoin and Blockchain. Design/Methodology/Approach: We explore the practical application of speculative bubble models to cryptocurrencies. We then show how the approach can be extended to provide estimated brand values using data from Google Trends. Findings: We confirm previous findings of speculative bubbles in cryptocurrency markets. Relatedly, Google searches for cryptocurrencies seem to be primarily driven by recent price rises. Overall results are sufficient to question the long-term sustainability of Bitcoin with the suggestion that Ethereum, Bitcoin Cash and Ripple may all enjoy technical advantages relative to Bitcoin. Our results also demonstrate that Blockchain has a distinct value and identity beyond cryptocurrencies - providing foundational support for the second generation of academic work on Blockchain. However, a relatively low estimated long-term growth rate suggests that the benefi ts of Blockchain may take a long time to be fully realised. Originality/value: We contribute to an emerging academic literature on Blockchain and to a more established literature exploring the use of Google data within business analytics. Our original contribution is to quantify the business value of Blockchain and related technologies using Google Trends.
    • Question & Answer EU Law

      Guth, Jessica; Mowlam, Edward T. (2017-07-31)
      EU law is not a subject enjoyed by most students but it really does not have to be difficult. Every EU law question is likely to ask you to apply your knowledge of the law to a particular context – either a practical one, as in problem questions, or a more theoretical one, as in essay questions. For both you need to remember that EU law does not exist in isolation but is inextricably linked with the national legal systems of the Member States. The interaction between European law and these systems is crucial to understanding how EU law works. EU law is often considered in a political context and this has become very apparent in the UK following the referendum in June 2016 and the vote for ‘Brexit’. At te time of writing Brexit negotiations are continuing and for now EU law applies as it always has in the UK. Recognising that your political stance is likely to influence your views on EU law is valuable and something which can make your answers stronger, particularly in relation to questions on historical, constitutional or institutional issues.
    • Quiescence continued? Recent strike activity in nine Western European economies

      Gall, Gregor (2012)
      This article examines whether the downward trajectory in strike activity in nine Western European economies has continued over recent years. In doing so, it considers the nature of the dominant forms of extant strike activity and how these relate to systems of collective bargaining and political exchange. The main findings are three-fold. First, while there has been a general decline in aggregate strike activity, this has often been punctuated by sharp peaks. Second, the dominant nature of the strike activity, especially the sharp peaks, has become increasingly concerned with mounting demonstrative collective mobilizations in the political, rather than industrial, arena. Consequently, much strike activity is increasingly being deployed as a tool of political leverage with governments rather than as a tool of industrial leverage with (private sector) employers. Third, official data on strikes are becoming increasingly unreliable as they contain ever more significant exclusions, raising not so much the prospect of an end to quiescence but an over-estimation of the extent of decline.
    • R&D capabilities, intellectual property strength and choice of equity ownership in cross-border acquisitions: Evidence from BRICS acquirers in Europe

      Ahammad, M.F.; Konwar, Ziko; Papageorgiadis, Nikolaos; Wang, Chengang (2018-03)
      The aim of the study is to investigate two relatively underexplored factors, namely, the R&D (research and development) capabilities of target firms and the strength of intellectual property (IP) institutions in target economies, that influences the choice of equity ownership in cross border acquisitions (CBAs) undertaken by multinational enterprises (MNEs) from BRICS (Brazil, Russia, India, China and South Africa) economies. We develop our key hypothesis on foreign market entry through CBAs by incorporating insights from transaction costs economics, the resource-based view and institutional theory to investigate the determinants of full versus partial equity ownership. Using logistic regression estimation methods to a sample of 111 CBA deals of BRICS MNEs in 22 European countries, we find that BRICS MNEs are likely to pursue full rather than partial acquisition mode when target firms have high R&D capabilities. However, the greater the degree of strength of IP institutions in target economies and higher the target firms’ R&D capabilities, the more likely it is for BRICS MNEs to undertake partial, rather than, full acquisition mode. We provide interesting theoretical insights and managerial implications that might underlie some of the key findings on CBAs by emerging market MNEs.
    • R&D intensity, knowledge creation process and new product performance: The mediating role of international R&D teams

      Adomako, Samuel; Amankwah-Amoah, J.; Danso, A.; Danquah, Joseph K.; Hussain, Zahid I.; Khan, Z. (Elsevier, 2021-05)
      Although previous studies have shown the positive effect of research and development (R&D) intensity on new product performance (NPP), our understanding about the mechanisms through which R&D intensity influence NPP is less understood. In this paper, we focus on the mediating role of international R&D teams in explaining the effect of R&D intensity on NPP. Since R&D teams are dispersed across the globe, thus examining the role of international R&D teams will provide a more nuanced understanding of the mechanisms through which R&D intensity contributes to NPP. Using survey data from 201 Ghanaian firms engaged in internationalization activities, the results suggest that the use of international R&D teams mediates the relationship between R&D intensity and NPP. Moreover, the findings indicate that the use of international R&D teams improves NPP and that this linkage is amplified when the knowledge creation process inside the firm is stronger. We discuss the implications of these findings for theory and practice.
    • Radical learning through semantic transformation: capitalizing on novelty

      Bosma, B.; Chia, R.; Fouweather, Ian (2016-01-14)
      That organizations exist in a fluid environment of unprecedented and discontinuous change seems beyond debate. We seem to find ourselves immersed in a world in which events have a tendency to unfold and overtake us in unforeseeable and novel ways that defy comprehension; a crisis of meaning takes place and conventional sensemaking is disrupted. Our need to imaginatively construct new meanings that allow us to understand what is going on and to work out how to respond becomes ever more pressing. We do live in interesting times. The emergence of the new, however, challenges current established ways of knowing and opens a creative space for radical learning to take place. Novelty stimulates the generative process by which organizations and individuals learn, adapt to and cope with the exigencies they face in order to survive and progress. Such radical learning occurs when creative linguistic interventions in dialogue opens up semantic spaces whereby new terms are coined and old ones broken up, combined and/or redeployed in novel ways, in an effort to give expression to the fresh circumstances experienced or new phenomena observed. We call this kind of imaginative linguistic intervention semantic transformation. In this paper we argue that it is this semantic transformation that promotes radical transformational learning. Such semantic transformation is predicated on the improvisatory character of dialogue as a form of communication. We explore how, through this dialogical process of semantic transformation, we discover the resources and means to respond to the vagueness and equivocality experienced, by exploiting language in novel ways in our attempts to make sense of and account for such experiences.
    • Ranking online consumer reviews

      Saumya, S.; Singh, J.P.; Baabdullah, A.M.; Rana, Nripendra P.; Dwivedi, Y.K. (2018-05)
      Product reviews are posted online by the hundreds and thousands for popular products. Handling such a large volume of continuously generated online content is a challenging task for buyers, sellers and researchers. The purpose of this study is to rank the overwhelming number of reviews using their predicted helpfulness scores. The helpfulness score is predicted using features extracted from review text, product description, and customer question-answer data of a product using the random-forest classifier and gradient boosting regressor. The system classifies reviews into low or high quality with the random-forest classifier. The helpfulness scores of the high-quality reviews are only predicted using the gradient boosting regressor. The helpfulness scores of the low-quality reviews are not calculated because they are never going to be in the top k reviews. They are just added at the end of the review list to the review-listing website. The proposed system provides fair review placement on review listing pages and makes all high-quality reviews visible to customers on the top. The experimental results on data from two popular Indian e-commerce websites validate our claim, as 3–4 newer high-quality reviews are placed in the top ten reviews along with 5–6 older reviews based on review helpfulness. Our findings indicate that inclusion of features from product description data and customer question-answer data improves the prediction accuracy of the helpfulness score.
    • Re-examining the Unified Theory of Acceptance and Use of Technology (UTAUT): Towards a Revised Theoretical Model

      Dwivedi, Y.K.; Rana, Nripendra P.; Jeyaraj, A.; Clement, M.; Williams, M.D. (2019-06)
      Based on a critical review of the Unified Theory of Acceptance and Use of Technology (UTAUT), this study first formalized an alternative theoretical model for explaining the acceptance and use of information system (IS) and information technology (IT) innovations. The revised theoretical model was then empirically examined using a combination of meta-analysis and structural equation modelling (MASEM) techniques. The meta-analysis was based on 1600 observations on 21 relationships coded from 162 prior studies on IS/IT acceptance and use. The SEM analysis showed that attitude: was central to behavioural intentions and usage behaviours, partially mediated the effects of exogenous constructs on behavioural intentions, and had a direct influence on usage behaviours. A number of implications for theory and practice are derived based on the findings.
    • Reading leadership through Hegel’s master/slave dialectic: towards a theory of the powerlessness of the powerful

      Harding, Nancy H. (2014-11)
      This paper develops a theory of the subjectivity of the leader through the philosophical lens of Hegel’s master/slave dialectic and its recent interpretation by the philosopher Judith Butler. This is used to analyse the working life history of a man who rose from poverty to a leadership position in a large company and eventually to running his own successful business. Hegel’s dialectic is foundational to much Western thought, but in this paper, I rashly update it by inserting a leader in between the master, whose approval the leader needs if s/he is to sustain self-hood, and the follower, who becomes a tool that the leader uses when trying to gain that elusive approval. The analysis follows the structure of Butler’s reading of the Dialectic and develops understanding of the norms that govern how leaders should act and the persons they should be. Hard work has become for leaders an ethical endeavour, but they grieve the sacrifice of leisure. They enjoy a frisson of erotic pleasure at their power over others but feel guilt as a result. They must prove their leadership skills by ensuring their followers are perfect employees but at the same time must prove their followers are poor workers who need their continued leadership. This leads to the conclusion that the leader is someone who is both powerful and powerless. This analysis is intended not to demonize leaders, but to show the harm that follows the emphasis on leadership as a desirable and necessary organizational function.
    • Real collars as alternative incentives for subsidizing energy facilities

      Adkins, Roger; Paxson, D. (2019-06)
      We suggest that real collars may be acceptable incentives for encouraging development of low (or no) carbon energy generating facilities as an alternative for high feed‐in‐tariffs. We provide novel analytical solutions for real collars and partial collars, plus floor and ceiling partial derivatives. The ‘gains/losses’ of the energy generator as perceived parameter values change are compared to those of the government providing the collar, and floor or ceiling only, viewing the arrangement as a real option game between principal and agent. A volatility increase first increases, then decreases the ‘gains’ of the generator.
    • Real exchange rate and asymmetric shocks in the West African Monetary Zone (WAMZ)

      Adu, R.; Litsios, Ioannis; Baimbridge, Mark J. (2019-03)
      This paper examines real effective exchange rate (REER) responses to shocks in exchange rate determinants for the West African Monetary Zone (WAMZ) over the period 1980–2015. The analysis is based on a country-by-country VECM, and oil price, supply and demand shocks are identified using long run restrictions in a structural VAR model. We report significant differences in the response of REER to real oil price, productivity (supply) and demand preference shocks across these economies. In addition the relative contribution of these shocks to REER movements in the short and long run appears to be different across economies. Our findings suggest that the WAMZ countries are structurally different, and asymmetric shocks with inadequate adjustment mechanisms imply that a monetary union would be costly.
    • Realigning reverse e-auctions for organisational magility.

      Tassabehji, Rana; Wallace, James; Tsoularis, A. (2006)
      With the advent and maturity of the internet, reverse electronic auctions (e-auctions) are now an important mechanism for public and private sector organisations, in the procurement of goods and services. Here, a novel link is made between reverse electronic auctions (e-auctions) and its potential impact on organisational agility, a link not previously developed in the literature. In this paper, we justify this relationship from a theoretical perspective. We investigate how information and internet technology impacts procurement, by an analysis and evaluation of the literature. E-auctions are reviewed and organisational agility defined; the advantages of agile management are also identified and the role that e-auctions can play in achieving this, discussed. Strategies for re-aligning reverse e-auctions in support of organisational agility are proposed and the advantages of this process discussed. Recommendations for future practice that will maximise the chances of realising agile systems management are also presented. Finally, areas for further research are identified.
    • `Real¿ managers don¿t do NVQs: a review of the new management `standards¿

      Grugulis, C. Irena (1998)
      In 1997 the Management Charter Initiative (MCI) officially launched the new Management NVQs (National Vocational Qualifications), benchmarks which attempted to describe the work performed by British managers. This article is a review of those qualifications. It remembers some of the main problems associated with the original Management NVQs and, drawing on some of the best theoretical and empirical accounts of managerial work, argues that the new qualifications have failed to live up to the MCI¿s original promise, to assist the development and training of managers.
    • Recruiting and Being Recruited: New Lecturers at Bradford University Law School

      Guth, Jessica (2008)
      Every person who holds or has held an academic position at Higher Education level has a unique experience of interview and of `settling in'. This Law in Brief considers the experiences of two new lecturers who took up their posts in August 2007.
    • Recruiting the Acquiescent Worker: a comparative analysis of McDonald’s in Germany and the UK

      Royle, Tony (1999)
      This article focuses on the workforce characteristics of the German and UK operations of McDonald’s Corporation. The UK workforce is characterised by predominantly young workers with very limited work experience, the German workforce is much older and mostly foreign workers. The analysis suggests that despite these differences and differences in labour market regulation, there is a key similarity between the workforces. The corporation is able to draw on similarly “weak” and marginalised segments of the labour market and these segments are likely to be particularly acquiescent to managerial prerogative. National institutional arrangements can still constrain the employment relations policies of multinational enterprises (MNEs). However, this analysis supports the notion that there is a growing diversity within national systems increasingly explained by MNE policies and practices. This does not necessarily mean that national systems are becoming redundant, but that there is a dynamic relationship between such systems and the needs of MNEs.
    • Redefining SME Productivity Measurement and Assessment for a Low Carbon Economy

      Owen, R.; Harrer, T.; Lodh, S.; Pates, R.; Mair, Simon (Productivity Insights Network, 2020-10)
      The UK faces the joint economic policy challenges of raising productivity and tackling climate change. This report challenges prevailing narrow market-based views of productivity, by examining the £4bn UK early stage Cleantech innovation finance market. We find that Cleantech innovation is frequently capital intensive and long horizon (5-10+ years), measured by shorterterm technology readiness level (TRL) and intellectual property (IP) progression. Longer-term sustainable productivity impacts remain little understood and, where applied, narrowly relate to customer adoption. This leads to Cleantech environmental impact investor logics that primarily relate to end user financial value (customer sales). There is little consideration for non-market values from, for example, circular economy (CE) and wider environmental spillover impacts (e.g. supply chains). Whilst few Cleantechs currently successfully commercialise, a small proportion exhibit high employment and sales growth and global environmental impact. Improved understanding of the broader environmental impacts of Cleantechs, through the adoption of environmental impact metrics (EIMs) can (i) add to a more holistic notion of productivity and (ii) improve the efficiency of the finance escalator, enabling more Cleantechs to contribute significantly to establishing the UK as a globally leading low carbon economy.
    • Redundancy as a critical life event: moving on from the Welsh steel industry through career change

      Gardiner, J.; Stuart, M.; MacKenzie, R.; Forde, C.; Greenwood, I.; Perrett, Robert A. (2009)
      This article investigates the process of moving on from redundancy in the Welsh steel industry among individuals seeking new careers. It identifies a spectrum of career change experience, ranging from those who had actively planned their career change, prior to the redundancies, to those ‘at a career crossroads’, for whom there were tensions between future projects, present contingencies and past identities. It suggests that the process of moving on from redundancy can be better understood if we are able to identify, not just structural and cultural enablers and constraints but also the temporal dimensions of agency that facilitate or limit transformative action in the context of critical life events. Where individuals are located on the spectrum of career change experience will depend on the balance of enabling and constraining factors across the four aspects considered, namely temporal dimensions of agency, individuals’ biographical experience, structural and cultural contexts.