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1 – 10 of over 8000The roles and responsibilities of the chief financial officer (hereafter CFO) have evolved dramatically over the past 10 years. This article explores this evolution from a South…
Abstract
The roles and responsibilities of the chief financial officer (hereafter CFO) have evolved dramatically over the past 10 years. This article explores this evolution from a South African perspective by, firstly, presenting an extensive literature review on the matter. Secondly, a unique South African model of the key focus areas for CFOs is proposed. Lastly, the results of a questionnaire administered to the CFOs of FTSE/JSE Top 40 companies are reported. The results revealed significant findings relating to the CFO’s most important current and future role ‐ that of planner and strategist. In addition, CFOs at the top of the corporate ladder expect to focus more on their role as a growth and innovation catalyst. This article also identifies three key areas for future research that will make an important contribution to the continued development of the educational framework for chartered accountants.
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Rodney McAdam, Renee Reid and Neil Mitchell
There is a paucity of studies on the complex longitudinal dynamics of innovation incorporation within family‐based small‐ to medium‐sized enterprises (SMEs) in response to market…
Abstract
Purpose
There is a paucity of studies on the complex longitudinal dynamics of innovation incorporation within family‐based small‐ to medium‐sized enterprises (SMEs) in response to market and technological change. Attempts at innovation implementation are likely to be influenced by the dynamic effects of critical incidents or crisis points in small family‐based firms. The aim of this EU‐funded study is to explore the effects of critical incidents on innovation implementation within a regional cluster of family‐based SMEs over a two‐year period.
Design/methodology/approach
The research methodology involves the longitudinal study of a regional cluster of five family‐based businesses in relation to innovation implementation at firm level. A participant observation and critical action learning methodology was used to study the firms over the two‐year period of the study.
Findings
The findings, as summarised using a conceptual model, show that the critical incidents acted interactively with the firm's lifecycle stage and its approach to family versus business, to either act as a catalyst for developing more radical innovation or in maintaining the status quo or continuous improvement.
Practical implications
The findings can act as a guide for how family‐based firms can evaluate and maximise their responses to critical incidents and leverage them to encourage more radical approaches to innovation implementation.
Originality/value
There is a paucity of longitudinal studies on the effect of critical incidents on approaches to innovation implementation in family businesses.
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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…
Abstract
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.
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Mark E. Haskins, Lou Centini and George R. Shaffer
The purpose of this paper is to codify a comprehensive array of executive education (EE) revenue growth ideas that are implementable in their own right or that spark other…
Abstract
Purpose
The purpose of this paper is to codify a comprehensive array of executive education (EE) revenue growth ideas that are implementable in their own right or that spark other, related growth ideas.
Design/methodology/approach
The EE revenue growth ideas presented are an outgrowth of: a collective and personal “reflections from practice” process that embraced nearly a century of combined years in the talent management and EE sales, design, and delivery arena; and a focused “ideation” process sparked by the contemporary business literature devoted to profitable growth models.
Findings
In total, a robust list and description of 90 EE revenue growth ideas are succinctly chronicled.
Research limitations/implications
The 90 ideas presented here, although rooted in nearly a century of the authors’ combined EE experience, are nonetheless limited by their experience. The array of ideas, and variants of those presented, are constrained only by the unique experience and creativity of other conscientious EE program designers and stewards. The inventory of 90 ideas is a robust start that can be extended, modified, and used as a catalyst for ongoing EE revenue growth discussions and research.
Practical implications
The growth ideas presented are immediately actionable and potentially galvanizing for EE providers. In addition, EE clients whose interest is piqued by any of the ideas, can approach their own providers to initiate a tailored talent development process rooted in one or more of the ideas. Of note, the extensive list has been crafted to have a long shelf life and thus this paper can effectively serve as a reference for ongoing use.
Originality/value
The authors are not aware of any prior articles presenting such a myriad of ideas for EE providers (and clients) to potentially renew and expand their portfolio of activities with the aim of revenue growth. Moreover, the paper is both an inventory of ready ideas as well as an array of catalysts for specific providers (and clients) to pursue their own related, or parallel, ideas.
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Hee Song Ng and Daisy Mui Hung Kee
Entrepreneurial small- and medium-sized enterprises (SMEs) face ever increasing competition not only at the domestic level but also at the global level. While large-scale…
Abstract
Entrepreneurial small- and medium-sized enterprises (SMEs) face ever increasing competition not only at the domestic level but also at the global level. While large-scale enterprises and multinational corporations often hog the limelight, research and studies reveal that SMEs form the core of the growth engine of most of the national economies and are critical to rebuilding the economy from an economic crisis. In fact, SMEs make a significant contribution to economic growth and continue to play a pivotal role as a catalyst for development to drive innovation, competitiveness, and future growth. However, due to their size and limited resources, most SMEs often struggle to keep on top of new development in capabilities and skills and encounter difficulties keeping their operational activities in balance. Therefore, it is inevitable that most governments have taken a keen interest in SMEs’ development by providing infrastructure and financial grants. As such, it is argued that resource-constraint SMEs need to preserve the focus and drive to survive and grow in today’s interconnected, interdependent world. SMEs need to be properly equipped with deep capabilities in transformational leadership, technicality, and entrepreneurship, and innovativeness required to go international more rapidly and profitably in today’s increasingly borderless world.
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When it comes to Innovation, there are few certainties. However, two factors that are increasingly accepted, are that innovation is vital for business growth, but that the…
Abstract
When it comes to Innovation, there are few certainties. However, two factors that are increasingly accepted, are that innovation is vital for business growth, but that the innovation process in most companies is poor.
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Donard Games, Tri Siwi Agustina, Rambat Lupiyoadi and Rayna Kartika
This study aimed to examine the relationship between spiritual capital and small business innovation in a developing market economy and the highly religious society of Minangkabau.
Abstract
Purpose
This study aimed to examine the relationship between spiritual capital and small business innovation in a developing market economy and the highly religious society of Minangkabau.
Design/methodology/approach
A quantitative method was used by analyzing the data with partial least squares (PLS), comprising 278 entrepreneurial and high-growth aspiration small and medium-sized enterprises (SMEs) owners in a developing economy such as Indonesia.
Findings
The results showed that spiritual capital was a source of acquiring knowledge from innovation failure situations, serving as a catalyst for the occurrence of novelty and differentiation-related innovation.
Research limitations/implications
The perspective of spiritual capital was provided within a religious community, showing that future reports should produce comparative analyses from varying contexts. Since understanding entrepreneurs' perspectives and spiritual capital situation remained ambiguous, the performance of qualitative analysis was crucial.
Practical implications
Entrepreneurs were expected to obtain considerable benefits from spiritual capital as a source of inspiration for differentiation and higher levels of novelty-related innovation. Similarly, policymakers should implement the capital and learn from failure to evaluate entrepreneurial SMEs concerning their capabilities.
Originality/value
Previous studies were unable to acknowledge an alternative source of innovation in a specific context, such as entrepreneurial SMEs with high-growth aspirations and spiritual capital. This is because capital contributes to innovation, helps in the assimilation of innovative knowledge and causes novelty-related innovation.
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Obafemi O. Olekanma and Bassey Ekanem
This chapter presents the outcome of a study that examined the phenomena ‘Is Tourism Regulation Catalyst for Abuja Federal Capital Territory (FCT) Nigeria, Hotels Business…
Abstract
This chapter presents the outcome of a study that examined the phenomena ‘Is Tourism Regulation Catalyst for Abuja Federal Capital Territory (FCT) Nigeria, Hotels Business Performance Innovation?’ Previous studies on this subject area have been largely done around tourism and its impact on hotel business performance and the relationship between tourism regulation and hotel business performance from mostly western perspectives. Hence, this study aims to investigate the direct effect of tourism regulations on hotel business performance in Nigeria. Quantitative survey questionnaires were used to collect data from 176 participants comprising general managers and departmental heads in 22 key Abuja FCT Nigerian hotels. Balanced Scorecard (BSC) developed by Norton and Kaplan was adopted as the study’s theoretical framework. Data collected were analysed using the simple linear regression technique and Statistical Package for the Social Sciences (SPSS) statistical analysis software tool.
The result of the analysis shows that tourism regulation has a significant and positive correlation with Abuja hotel business performances based on the BSC four dimensions of financial, customer, processes and learning and growth. The unique city characteristics of Abuja FCT were also identified as an issue for consideration in future tourism regulation innovation by the regulatory authorities. This study contributes to business performance measurement literature from the Abuja FCT hotels, Nigerian perspective, and sets an agenda for the Nigerian tourism regulators, the Nigeria Tourism Development Corporation (NTDC) charged with diversifying the Nigerian economy revenue through tourism performance innovation. Also, a policy study into city characteristics classification as a way of innovating tourism regulations and hotels business performance is suggested.
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Dorra Jebali and Viviana Meschitti
The study seeks to reduce the blurriness remaining around the value that HRM can bring to innovation in the specific context of start‐ups, it advocates that the early adoption of…
Abstract
Purpose
The study seeks to reduce the blurriness remaining around the value that HRM can bring to innovation in the specific context of start‐ups, it advocates that the early adoption of appropriate HRM practices, can act as a catalyst for innovation because they constitute a powerful means to systematically promote and facilitate employees' innovative behaviours.
Design/methodology/approach
In the aim of complementing the existing quantitative work, this paper employs a multiple case study approach to explore the role of HRM in fostering employees' innovative work behaviour in four Tunisian tech companies.
Findings
The study found substantial support for the importance of establishing a work environment for learning where employees can build their innovative capacities by upgrading their knowledge and skills through both formal and informal methods. Work autonomy and freedom are found to be essential parts of this environment. Workspace design that takes into account employees' comfort and the collaborative nature of their work, also stands out as a major contributor to innovative work behaviour.
Originality/value
The adopted qualitative approach enabled a grasp of the less apparent aspects underpinning the HRM and innovation relationship in start‐ups. “Ownership of space” is revealed as a key element of the innovation-supportive work environment. By having a feeling of control on the workspace, employees can develop a sense of ownership towards the organisation which enhances their eagerness to exert innovation efforts. It also demonstrated that developing an overly creative workforce can turn into a source of stagnation which can be mitigated by cultivating “an environment for idea ownership”.
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The recent collapse of the corporate giant Steinhoff in South Africa (SA) has highlighted the risks of a dominant Chief Executive Officer (CEO) and an ineffective governing board…
Abstract
Purpose
The recent collapse of the corporate giant Steinhoff in South Africa (SA) has highlighted the risks of a dominant Chief Executive Officer (CEO) and an ineffective governing board. For this reason, the purpose of this paper is to scrutinize the influence of CEO power attributes and independent governing boards on the growth of a Johannesburg stock exchange-listed firm.
Design/methodology/approach
The purpose of this paper is to answer the research question “Under the monitoring role of the board, what CEO attributes, theoretically and in practice preeminent successful firm growth strategies?” This question was answered by examining 130 companies over six years using the econometric methodology of generalized least squares and ordinary least squares with the specific inclusion of generalized method of moments estimation due to its efficiency in controlling for unobserved heterogeneity, endogeneity, autocorrelation, heteroscedasticity, amongst others. The proxies for CEO power are CEO tenure, turnover and professional skills as well as the explanatory variable of board vigilance. The response variable was firm growth.
Findings
This study found that CEO tenure is negatively correlated with firm growth indicating that long-tenured CEOs may stagnate the firm's growth. Furthermore, CEO turnover was positively correlated with firm growth indicating that a new CEO may bring innovative strategies that link to this study's finding on CEO tenure. The membership of CEOs to accounting professional bodies and board vigilance are also positively correlated to firm growth.
Practical implications
SA firms' growth policy does not solely depend on the neoclassical fundamental determinants of profitability, net worth, and cash flows. Since the value relevance of assessing CEO attributes as well as board vigilance in the SA market has proved to be very significant and will contribute to future decision making on growth strategies. This study innovatively illustrates the different drivers of firm growth, which is distinct from the normal macroeconomic indicators. The practical contribution of the study lies in the fact that organizations now discern which CEO attributes contribute to sustainability and profitability.
Social implications
The current depressed economic environment has several negative implications for the citizens of SA. The rising unemployment levels and inflation has deteriorated living conditions. For the economy to recover, SA needs its listed companies to remain strong performers to protect stakeholder interests and attract investments. The people responsible for steering the companies through this difficult time are the CEOs with the governing board protecting the public interest. This study examines these two important constructs concerning firm growth.
Originality/value
This study uniquely used a firm growth variable as opposed to the multitude of studies that used firm performance variables. Furthermore, this study's robustness was bolstered by an extensive theoretical framework employed to examine the value of a CEO as a firm growth stimulator. The period of this study is also unique as it examines firms in the aftermath of the global recession of 2008. This study provides a fresh perspective on firm growth indicators and has key implications for policymakers, stakeholders and regulatory establishments.
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