• Validity of interpretation: a user validity perspective beyond the test score

      MacIver, R.; Anderson, Neil; Costa, Ana-Cristina; Evers, A. (2014-06)
      This paper introduces the concept of user validity and provides a new perspective on the validity of interpretations from tests. Test interpretation is based on outputs such as test scores, profiles, reports, spread-sheets of multiple candidates’ scores, etc. The user validity perspective focuses on the interpretations a test user makes given the purpose of the test and the information provided in the test output. This innovative perspective focuses on how user validity can be extended to content, criterion and to some extent construct-related validity. It provides a basis for researching the validity of interpretations and an improved understanding of the appropriateness of different approaches to score interpretation, as well as how to design test outputs and assessments which are pragmatic and optimal.
    • The validity of ipsative and quasi-ipsative forced-choice personality inventories for different occupational groups: a comprehensive meta-analysis

      Salgado, J.F.; Anderson, Neil; Tauriz, G. (2015-12)
      A comprehensive meta‐analysis of two types of forced‐choice (FC) personality inventories (ipsative and quasi‐ipsative) across nine occupational groups (Clerical, Customer Service, Health Care, Managerial, Military, Police, Sales, Skilled Manual, and Supervisory) is reported. Quasi‐ipsative measures showed substantially higher operational validity coefficients and validity generalization across all occupations than ipsative measures. Results also showed that, compared with the findings of previous meta‐analyses, quasi‐ipsative personality inventories are better predictors of job performance than previously thought and that operational validities for ipsative measures are notably congruent with past findings. We conclude that quasi‐ipsative scale formats are superior for predicting job performance for all occupational groups. Theoretical and practical implications of these findings for personnel selection are discussed in 4.4.
    • The valuation of no-negative equity guarantees and equity release mortgages

      Dowd, K.; Buckner, D.; Blake, D.; Fry, John (2019-11)
      We outline the valuation process for a No-Negative Equity Guarantee in an Equity Release Mortgage loan and for an Equity Release Mortgage that has such a guarantee. Illustrative valuations are provided based on the Black ’76 put pricing formula and mortality projections based on the M5, M6 and M7 mortality versions of the Cairns–Blake–Dowd (CBD) family of mortality models. Results indicate that the valuations of No-Negative Equity Guarantees are high relative to loan amounts and subject to considerable model risk but that the valuations of Equity Release Mortgage loans are robust to the choice of mortality model. Results have significant ramifications for industry practice and prudential regulation.
    • Value co-creation: The role of actor competence

      Waseem, Donia; Biggemann, S.; Garry, T. (2018-04)
      Adopting a Service-Dominant Logic lens, recent research within industrial marketing contexts increasingly recognizes the role of operant resources in value co-creation. Incumbent within operant resources is actor competence. Despite this, an investigation into the role of actor competence in value co-creating processes is scant and the competence literature, in general, has tended to concentrate on specialized knowledge and skills based interpretations that potentially restrict our understanding of the construct. To address this gap, this research adopts a phenomenological approach to explore perceived behavioral attributes of competent actors. Findings confirm two broad behaviorally based conceptualizations of competence: 1) extra-role behavior demonstrated through organizational citizenship behavior, and 2) in-role behavior demonstrated through understanding of work, and engagement behavior. To this end, the contribution of this research is twofold. First and from a theoretical perspective, it offers empirical insights into a relational based framework of competency within industrial marketing contexts. Second, and from a pragmatic perspective, this framework may aid managers in developing a broader understanding of actor competence and how such competencies may be enhanced within the workplace to optimize value co-creation.
    • Value Creation from Circular Economy led Closed Loop Supply Chains: A Case Study of Fast Moving Consumer Goods

      Mishra, Jyoti L.; Hopkinson, Peter G.; Tidridge, G. (2017)
      The role of closed loop supply chains (CLSC) for creating and recovering value is widely acknowledged in supply chain management and there are many examples, mainly in the business-to-business sector, of successful OEM remanufacturing. The integration of value creation and recovery activities into retail customer value propositions is, however, under researched and raises many challenges, especially in Fast Moving Consumer Goods (FMCG) retail where few real world examples have been published. The recent emergence of the term ‘circular economy’ has initiated further debate about closed loop value propositions and closed loop supply chain implications. This paper selects four circular economy-led closed loop product case examples from a major European FMCG company, and assesses, at a high level, how these cases created value, for whom value was created, and key challenges in their implementation. The findings highlight that each case is different. Closing loops and creating successful value propositions is complex and requires simultaneous reconfiguration of key building blocks to ensure customer acceptance and business viability. The paper proposes the term ‘circular supply chain’ for cases where circular economy principles are explicitly incorporated in CLSC for value creation.
    • Value enhancing learning in diversification experience

      Nguyen III, T.T.; Cai, Charlie X. (2013)
      This paper analyses whether and how organizational learning from diversification experience affects diversification value. Three main findings are reported. First, we find a U-shaped relationship between diversification value and diversification experience. Second, higher similarity in industries of diversifications results in higher diversification value. Finally, value of diversification and temporal interval between diversifications is related an inverted U-shaped curve. In the extension analysis, the paper demonstrates that external learning from others’ experience also affects value of diversification in a cubic pattern. Taken together, the study illustrates the effects learning from both own and population experience on the cross-sectional variance of diversification value.
    • Value of the stochastic efficiency in data envelopment analysis

      Vincent, Charles (2017-09-15)
      This article examines the potential benefits of solving a stochastic DEA model over solving a deterministic DEA model. It demonstrates that wrong decisions could be made whenever a possible stochastic DEA problem is solved when the stochastic information is either unobserved or limited to a measure of central tendency. We propose two linear models: a semi-stochastic model where the inputs of the DMU of interest are treated as random while the inputs of the other DMUs are frozen at their expected values, and a stochastic model where the inputs of all of the DMUs are treated as random. These two models can be used with any empirical distribution in a Monte Carlo sampling approach. We also define the value of the stochastic efficiency (or semi-stochastic efficiency) and the expected value of the efficiency.
    • Value relevance of accounting information: Evidence from an emerging market.

      Elshandidy, Tamer (2014)
      Without making any distinction of the applicable accounting standards, this paper investigates, firstly, the value relevance of accounting information from 1999 to 2012 in different segments of the Chinese stock market. This investigation includes A-shares, prepared under Chinese Accounting Standards (CAS) for domestic firms; B-shares, prepared under either the International Accounting Standards (IAS) or International Financial Reporting Standards (IFRS) for both domestic and overseas firms; and H-shares prepared under either the IAS or Hong Kong GAAP for Hong Kong and overseas firms. Then, the paper examines whether or not the converged IFRS with CAS, applicable from 2007 onwards, is more value relevant when compared with prior to the 2007's standards (CAS, IAS, Hong Kong GAAP for A-share, B-share, and H-share markets, respectively). Based on 34,020 firm-year observations and after controlling for industry- and year-fixed effects, the findings suggest that accounting information is value relevant with A- and B-share markets, while it is partially relevant with the H-share market. The paper finds that the converged IFRS with CAS is more value relevant in A-shares and B-shares and it is partially more value relevant with the H-share market. These findings have implications for both policymakers and investors since they provide further empirical evidence for the current policy procedure which harmonizes local GAAP with IFRS.
    • Values and attitudes toward social and environmental accountability: A study of MBA students.

      Fukukawa, Kyoko; Shafer, W.E.; Lee, G.M. (2007)
      Efforts to promote corporate social and environmental accountability (SEA) should be informed by an understanding of stakeholders' attitudes toward enhanced accountability standards. However, little is known about current attitudes on this subject, or the determinants of these attitudes. To address this issue, this study examines the relationship between personal values and support for social and environmental accountability for a sample of experienced MBA students. Exploratory factor analysis of the items comprising our measure of support for SEA revealed two distinct factors: (1) endorsement of the general proposition that corporations and executives should be held accountable for the social and environmental impacts of their actions; and (2) agreement that the government should adopt and enforce formal SEA standards. Our findings indicate that the universalism value type is positively associated with general support for SEA, but not with support for government enforcement of accountability standards. In addition, we found that gender has a significant impact on support for government enforcement of SEA standards.
    • Values and the perceived importance of ethics and social responsibility: The US versus China

      Fukukawa, Kyoko; Lee, G.M.; Shafer, W.E. (2006)
      This study examines the effects of nationality (U.S. vs. China) and personal values on managers¿ responses to the Perceived Role of Ethics and Social Responsibility (PRESOR) scale. Evidence that China¿s transition to a socialist market economy has led to widespread business corruption, led us to hypothesize that People¿s Republic of China (PRC) managers would believe less strongly in the importance of ethical and socially responsible business conduct. We also hypothesized that after controlling for national differences, managers¿ personal values (more specifically, self-transcendence values) would have a significant impact on PRESOR responses. The hypotheses were tested using a sample of practicing managers enrolled in part-time MBA programs in the two countries. The results indicate that nationality did not have a consistent impact on PRESOR responses. After controlling for national differences, self-transcendence values had a significant positive impact on two of the three PRESOR dimensions. Conservation values such as conformity and tradition also had a significant association with certain dimensions of the PRESOR scale.
    • A Variance Gamma model for Rugby Union matches

      Fry, John; Smart, O.; Serbera, J.-P.; Klar, B. (2020)
      Amid much recent interest we discuss a Variance Gamma model for Rugby Union matches (applications to other sports are possible). Our model emerges as a special case of the recently introduced Gamma Difference distribution though there is a rich history of applied work using the Variance Gamma distribution – particularly in finance. Restricting to this special case adds analytical tractability and computational ease. Our three-dimensional model extends classical two-dimensional Poisson models for soccer. Analytical results are obtained for match outcomes, total score and the awarding of bonus points. Model calibration is demonstrated using historical results, bookmakers’ data and tournament simulations.
    • Varieties and variability of employee relations approaches in US subsidiaries: Country-of-origin effects and the level and type of industry internationalisation

      Tüselmann, H-J.; Allen, M.; Barrett, S.; McDonald, Frank (Routledge, 2008-09)
      This article investigates the relative importance and variability of the country-of-origin effect in employee relations approaches of US subsidiaries within the context of diversity of employee relations patterns in home- and host-country business systems and the influence of important industry forces. It is based on a representative survey of US subsidiaries and indigenous firms in the UK. The cross-sectional comparison with indigenous UK firms confirmed a distinct US country-of-origin imprint in employee relations patterns in US subsidiaries. However, the magnitude of such an effect cautions against assumptions of popular stereotypes and reflects, inter alia, the diversity of employee relations approaches among US parent companies as well as developments in the UK industrial relations landscape over the last decades. The intra-US analysis revealed the importance of both the level and type of industry internationalisation in shaping the strength and nature of the country-of-origin influence. On the basis of the findings, the article highlights lessons to be learned for the study of cross-border policy-transfer issues in MNCs.
    • Visualising a knowledge mapping of information systems investment evaluation

      Irani, Zahir; Sharif, Amir M.; Kamal, M.M.; Love, P.E.D. (2014-01-01)
      Information systems (IS) facilitate organisations to increase responsiveness and reduce the costs of their supply chain. This paper seeks to make a contribution through exploring and visualising knowledge mapping from the perspective of IS investment evaluation. The evaluation of IS is regarded as a challenging and complex process, which becomes even more difficult with the increased complexity of IS. The intricacy of IS evaluation, however, is due to numerous interrelated factors (e.g. costs, benefits and risks) that have human or organisational dimensions. With this in mind, there appears to be an increasing need to assess investment decision-making processes, to better understand the often far-reaching implications associated with technology adoption and interrelated knowledge components (KC). Through the identification and extrapolation of key learning issues from the literature and empirical findings, organisations can better improve their business processes and thereby their effectiveness and efficiency, while preventing others from making costly oversights that may not necessarily be only financial. In seeking to enlighten the often obscure evaluation of IS investments, this paper attempts to inductively emphasise the dissemination of knowledge and learning through the application of a fuzzy Expert System (ES) based knowledge mapping technique (i.e. Fuzzy Cognitive Map [FCM]). The rationale for exploring knowledge and IS investment evaluation is that a knowledge map will materialise for others to exploit during their specific technology evaluation. This is realised through conceptualising the explicit and tacit investment drivers. Among the several findings drawn from this research, the key resulting knowledge mapping through FCM demonstrated the complex, multifaceted and emergent behaviour of causal relationships within the knowledge area. The principal relationships and knowledge within IS investment evaluation are illustrated as being determined by a blend of managerial and user perspectives.
    • The volatility effect of futures trading: Evidence from LSE traded stocks listed as individual equity futures contracts on LIFFE

      Mazouz, Khelifa; Bowe, M. (2006)
      This study investigates the impact of LIFFE's introduction of individual equity futures contracts on the risk characteristics of the underlying stocks trading on the LSE. We employ the Fama and French three-factor model (TFM) to measure the change in the systematic risk of the underlying stocks which arises subsequent to the introduction of futures contracts. A GJR-GARCH(1,1) specification is used to test whether the futures contract listing affects the permanent and/or the transitory component of the residual variance of returns, and a control sample methodology isolates changes in the risk components that may be caused by factors other than futures contract innovation. The observed increase (decrease) in the impact of current (old) news on the residual variance implies that futures contract listing enhances stock market efficiency. There is no evidence that futures innovation impacts on either the systematic risk or the permanent component of the residual variance of returns.
    • Waste not, want not. What are the drivers of sustainable medicines recycling in National Health Service hospital pharmacies (UK)?

      Breen, Liz; Xie, Y. (2015)
      Medicines management is only one part of NHS (UK) procurement and management, but essentially a very expensive part. In December 2012 the Department of Health issued an action plan to improve the use of medicines and reduce waste. There is an onus therefore on the NHS to ensure that they are as efficient in the medicines management as possible in all aspects of the supply chain in order to ensure sustainability (economically and operationally). To do this consideration must be given to medicines optimization, from procurement, through to storage, dispensing, compliance and finally waste prevention and reduction and waste retrieval. As part of the larger National Health Service (UK), hospital pharmacy places strong emphasis on contributing to the efficiency targets through reductions in waste and drug spending, and best practice. The purpose of this study is to examine medicines reverse logistics practice within the NHS hospital pharmacies, and the operational strategy which drives such practices. The overarching aim is to explore through qualitative analysis the variance and commonality in strategy and practice in what is a standard logistical activity. The outputs offer transparency of medicines RL as practiced by NHS professionals and contribute to ongoing discussions within the Department of Health (NHS UK) on best practice governing waste medicines recycling processes. A qualitative approach was adopted in undertaking this research study, utilizing a purposive study sample. The survey examined practice in 45 hospitals as individual cases across all stages in the medicines reverse logistics system. The findings indicated there is some commonality in the strategy employed in conducting medicines recycling, and all 3 drivers are prevalent in undertaking recycling and encouraging a more sustainable approach, i.e., economic, corporate citizenship, and legislation. However, the means by which the same objective was achieved differed, such as resource utilisation, training etc.
    • Waves of Professionalization Before, During and After Management Buyouts and Buy-ins of Private Family Firms

      Howorth, Carole; Wright, M.; Westhead, P.; Allcock, D. (Enterprise Research Centre, 2015-11)
      We explore the process of professionalization pre- and post- buyout (MBO) or buyin (MBI) of former private family firms using longitudinal evidence from six UK family firms undergoing an MBO/I in 1998. Professionalization behaviour was monitored up to 2014. Previous studies have conceptualized professionalization as a threshold to be attained. We demonstrate that professionalization is a complex process occurring in waves, triggered by changes in firm ownership and management. Waves of professionalization converge during the MBO/I process. Buyouts provide a funnelling mechanism enabling diverse control systems to be standardized. Post-MBO/I, divergence in the professionalization process reoccurs contingent on firm-specific contexts. Professionalization focuses on operations when stewardship relationships predominate, but on agency control mechanisms when there is increased potential for agency costs. Buyout organizational form is an important transitory phase facilitating the professionalization process. Professionalization is not a once for all development stage.
    • A way forward: Process mapping and the delivery of mental health services

      McIntosh, Bryan; Breen, Liz; West, Sue (2016-12)
      Introduction: This paper demonstrates the practical application of process mapping principles as a model for evaluating NHS improvement. The NHS improvement in question was the merger of three crisis resolution teams within an NHS trust in 2012. The aims were to improve overall operational efficiency and enhance multidisciplinary working to meet operational targets. This paper examined changes following the merger to capture the effects of service improvement and the reality of the patient journey. Methods: A pooled cross-sectional approach, using six years of aggregated hospital data, was taken. To achieve operational efficiency, a process map of referrals, readmissions, length of stay and waiting times for crisis resolution team assessments was examined. Prevalence of clinical referral rates and disease classification before and after the merger were compared. Conclusion: Between 1 April 2009 and 30 March 2015, length of stay and readmissions for patients to crisis resolution team rates reduced. Operational sustainability and capacity was enhanced through the redistribution of clinical human resources. Multidisciplinary skill mix (e.g. through improved team composition) also improved.
    • We Are Not a Commercial Firm

      McQuillan, Deirdre (2018)
    • "We Don’t Have the Key to the Executive Washroom”: Women’s Perceptions and Experiences of Promotion in Academia

      Guth, Jessica; Wright, Fran (2010-05)
      This chapter reports on a pilot study looking at the progression of academic women at one UK University. The chapter focuses on the promotions process and criteria as one important issue emerging from that research. Earlier research has shown that women are less likely to break into institutional networks which allow them to access information not only on formal and objective promotion criteria but also on hidden criteria and the way the ‘academic game’ is played. One result of this is that some academic women may have an inaccurate view of promotion criteria and processes. At the university studied by the authors, the Human Resources department has sought to make the promotion process more transparent and, officially at least, it no longer depends purely upon research achievements. However, these changes will not necessarily result in easier progression for women academics. The authors’ study confirms that there is still a mismatch between what women think the criteria for promotion are, what the formal criteria are and how those criteria actually operate. Reliance on incomplete or inaccurate information about promotion criteria, coupled other factors, such as women’s reluctance to promote themselves actively and traditional barriers to promotion such as caring responsibilities, puts women at a disadvantage when they attempt to progress into more senior positions within universities. Reform of promotions procedures needs to look beyond re-writing the substantive criteria for promotion and look to improving understanding of what is involved.
    • We went looking for an organisation and could find only the metaphysics of its presence

      Ford, Jackie M.; Harding, Nancy H. (2004)
      This article explores the `lifeworld theories¿ of organizations held by organizational actors, gathered from staff and managers of two `organizations¿ as they went through a process of merger. Using Henri Lefebvre¿s theories of place and space read through a postmodernist lens to interrogate the data, we discovered amongst staff theories of the organization as place, arising out of the material territory in which they worked. Amongst managers and those whom we call directors/chief executives there was a contrasting theory of organization as space, based upon a sense of an immaterial space occupied by a metaphysical organization. Rather than finding a dualistic distinction between organization and agents, we found the organization and organizational members collapsed in upon each other, with managerial identities fused with and inseparable from that of `the organization¿; chief executives requiring the existence of an impossible organization that could exist only in their minds; and non-managerial employees refusing to identify anything called `an organization¿.