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Growth by acquisition has been one of the major characteristics of the industrial scene during the last decade. In the U.K. this pattern of growth was evidenced at the beginning of the decade by the emergence of the industrial holding companies of which Thomas Tilling has been the most consistently successful. The strategy of the industrial holding company, frequently selling on very high price per earnings ratios, was to take over a number of small private companies with the intention of improving previous management performance. However, central control of the industrial holding company was weak and preferred not to become too deeply involved in the new subsidiary's business. The previous owners were frequently retained to manage the business following acquisition. But when they decided to leave—having become rich men on selling their business—effective management was generally non‐existent. The resultant fall in earnings was inevitable as was the fall in stock market rating; this fall in price/earnings ratio precluded subsequent use of equity in acquisitions.
The financial analysis of international investment decisions is complex. The basic methodology which homes in on incremental cash flows needs to be refined in order to…
The financial analysis of international investment decisions is complex. The basic methodology which homes in on incremental cash flows needs to be refined in order to focus upon cash flows which are remittable to the parent company, for it is only these that would logically add shareholder value. Build in the complications of two lots of tax and changing exchange rates and the equation looks anything but simple. But there is another complexity too which renders the traditional discounting methodology less than wholly appropriate. And this applies not just to international investment but to any situation where capital is committed with an option to expand or curtail embedded in it. This is not to say that the typical model cannot be adapted to meet the situation. It can and it is not too difficult.
In a critical article in the last issue of Personnel Review the two major approaches to Human Resource Accounting (HRA) were examined and the salient criticisms arrayed. The present short comment seeks to amplify further some of these debates and to enlarge the compass of the concept. Two further approaches will be examined briefly; that of competitive bidding as a means of human valuation, and systems simulation as a means of operationalizing a conceptual framework which involves HRA.
A quarter of a century has passed since Stonehill and Nathanson (1968) surveyed multinational companies to determine their foreign capital budgeting practices. Since then…
A quarter of a century has passed since Stonehill and Nathanson (1968) surveyed multinational companies to determine their foreign capital budgeting practices. Since then, research has not only refined its theoretical base on this subject but also expanded the knowledge of actual practices by multinational companies. This article summarizes the findings of major multinational capital budgeting studies for the last 25 years to ascertain whether companies followed theoretically prescribed approaches. Then, it suggests further research to advance the knowledge on this subject.
DESPITE assurances from the Union most concerned that “every endeavour will be made to keep Montague Burton workers in employment” it seems inevitable that the massive redundancies announced a month ago will take place. Nor does it seems possible that these unfortunate people will readily find employment elsewhere — certainly not in the towns where they are living and working now. In every sense, it will mean a major upheaval for most of them.
Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination…
Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination of some legal aspects concerning MNEs, cyberspace and e‐commerce as the means of expression of the digital economy. The whole effort of the author is focused on the examination of various aspects of MNEs and their impact upon globalisation and vice versa and how and if we are moving towards a global digital economy.
Analyses the variety of loyalty programmes that exist within the UK corporate hotel sector. A literature review leads to the proposition that in order to be…
Analyses the variety of loyalty programmes that exist within the UK corporate hotel sector. A literature review leads to the proposition that in order to be cost‐effective in stimulating repeat business, loyalty programmes should reflect the business environment in which they operate. Loyalty programmes vary in the extent to which they collect, analyse and use customer information. A conceptual framework is developed in which information management and customisation are related to each other. This proposition supports the argument that there is no single formula for the development of a successful loyalty programme within the hotel sector. Although questions are raised about how the effectiveness of a loyalty programme can be measured, the proposition that market characteristics, information intensity and level of customisation can influence the effectiveness of a loyalty programme, is accepted.
Recognizes the difficulties of evaluating training and argues that whatis required to make it more effective is the adoption of an integratedapproach to evaluation and…
Recognizes the difficulties of evaluating training and argues that what is required to make it more effective is the adoption of an integrated approach to evaluation and, most significantly, the creation of an appropriate organizational culture, which promotes and recognizes the value of evaluation in general and training evaluation in particular. Discusses reasons for the absence of, or ineffective practice of, evaluation within so many organizations and these are shown to be related to organizational cultures which discourage training evaluation, especially organizational‐level evaluation. Discusses the nature and meaning of organizational culture from a practical point of view before providing advice to those responsible for training about how they can attempt to change an organization′s culture towards one which supports and values the evaluation of training.
The purpose of this paper is to present a novel version of Dunning’s eclectic paradigm of internationalisation (OLI framework) to explain both inbound and outbound Foreign…
The purpose of this paper is to present a novel version of Dunning’s eclectic paradigm of internationalisation (OLI framework) to explain both inbound and outbound Foreign Direct Investment (FDI) in multinational contracting.
The OLI factors and hypothesis are significantly developed to address a weakness in the OLI framework in its application to settings, such as multinational contracting, with extreme heterogeneity arising from extreme location specificity.
These developments advance Dunning’s seminal contribution and bring this to life in construction research that has barely applied the framework and, when doing so, has focused only on outbound FDI by multinational contractors (MCs).
The power of the OLI framework is increased on explaining and predicting FDI in contexts that exhibit extreme heterogeneity associated with extreme location specificity. Furthermore, the operationalisation of key theories representing the framework’s OLI factors is made far more precise.
Engineering, construction and architectural managers, can now more reliably apply the OLI framework both in MCs’ outbound FDI decisions and in governments’ decisions to attract new MCs – or inbound FDI.
A significant advance is made in the OLI framework in settings with extreme location specificity, along with the operationalisation of key theories associated with the OLI factors, including the first steps to operationalise Coase’s Nobel prize-winning transaction cost thesis.