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Article

Shreesh Deshpande and Vijay Jog

This study aims to examine a large, non-disclosed production contract awarded to Lockheed Corp. in the context of a trade-off between a contractually required…

Abstract

Purpose

This study aims to examine a large, non-disclosed production contract awarded to Lockheed Corp. in the context of a trade-off between a contractually required non-disclosure clause and the need (as a publicly traded firm) to disclose material information to its shareholders. This production contract generated significant cash flows to the firm as evidenced by growth in its earnings. However, the existence of the production contract and its contribution to Lockheed’s earnings, was not disclosed by the firm to shareholders and potential investors while the production contract was being executed.

Design/methodology/approach

The authors examine the market reaction to several key contract events which were not disclosed at the time they occurred, in compliance with the contractually required non-disclosure clause.

Findings

A statistically significant stock price reaction around the time of the award of this non-public contract, indicative of trading by some capital market participants using non-public information was documented.

Originality/value

Because similar large non-public contracts funded by the government are common in the industrial economy, we conclude by discussing implications for organizational structure, firm’s cost of capital, equity-based compensation and market efficiency.

Details

Review of Accounting and Finance, vol. 13 no. 3
Type: Research Article
ISSN: 1475-7702

Keywords

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Article

Kevin M. Taaffe, Robert William Allen and Lindsey Grigg

Performance measurements or metrics are that which measure a company's performance and behavior, and are used to help an organization achieve and maintain success. Without…

Abstract

Purpose

Performance measurements or metrics are that which measure a company's performance and behavior, and are used to help an organization achieve and maintain success. Without the use of performance metrics, it is difficult to know whether or not the firm is meeting requirements or making desired improvements. During the course of this study with Lockheed Martin, the research team was tasked with determining the effectiveness of the site's existing performance metrics that are used to help an organization achieve and maintain success. Without the use of performance metrics, it is difficult to know whether or not the firm is meeting requirements or making desired improvements. The paper aims to discuss these issues.

Design/methodology/approach

Research indicates that there are five key elements that influence the success of a performance metric. A standardized method of determining whether or not a metric has the right mix of these elements was created in the form of a metrics scorecard.

Findings

The scorecard survey was successful in revealing good metric use, as well as problematic metrics. In the quality department, the Document Rejects metric has been reworked and is no longer within the executive's metric deck. It was also recommended to add root cause analysis, and to quantify and track the cost of non-conformance and the overall cost of quality. In total, the number of site wide metrics has decreased from 75 to 50 metrics. The 50 remaining metrics are undergoing a continuous improvement process in conjunction with the use of the metric scorecard tool developed in this research.

Research limitations/implications

The metrics scorecard should be used site-wide for an assessment of all metrics. The focus of this paper is on the metrics within the quality department.

Practical implications

Putting a quick and efficient metrics assessment technique in place was critical. With the leadership and participation of Lockheed Martin, this goal was accomplished.

Originality/value

This paper presents the process of metrics evaluation and the issues that were encountered during the process, including insights that would not have been easily documented without this mechanism. Lockheed Martin Company has used results from this research. Other industries could also apply the methods proposed here.

Details

Journal of Quality in Maintenance Engineering, vol. 20 no. 2
Type: Research Article
ISSN: 1355-2511

Keywords

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Book part

Jon S.T. Quah

The Lockheed scandal was exposed during the 4 February 1976 hearings of the Sub-Committee on Multinational Corporations of the United States Senate Committee on Foreign…

Abstract

The Lockheed scandal was exposed during the 4 February 1976 hearings of the Sub-Committee on Multinational Corporations of the United States Senate Committee on Foreign Relations. These hearings revealed that Lockheed Aircraft Corporation paid illegal payments in several countries including Japan to promote the sale of its planes to prevent bankruptcy. The Securities Exchange Commission obtained documents showing that Lockheed paid more than US$10 million to Yoshio Kodama, a “fixer” and Lockheed's secret representative, and the Marubeni Corporation, which was Lockheed's agent in Japan since 1959. During the same hearings on 6 February, A. Carl Kotchian, vice president of Lockheed, informed the committee that a senior Japanese government official received US$2 million from Marubeni and that his company relied on Kenji Osano, a close associate of former Prime Minister Kakuei Tanaka, as an intermediary in its efforts to sell 21 Lockheed's L-1001 Tristar airbuses to All Nippon Airways (ANA) (Macdougall, 1988, pp. 193–195).

Details

Curbing Corruption in Asian Countries: An Impossible Dream?
Type: Book
ISBN: 978-0-85724-819-0

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Article

Jack Thornton

Emphasizes the importance now placed on maintainability of military aircraft by the US Department of Defense. Describes how Lockheed Martin have used Delmia simulation…

Abstract

Emphasizes the importance now placed on maintainability of military aircraft by the US Department of Defense. Describes how Lockheed Martin have used Delmia simulation software to simplify and speed up routine maintenance tasks for the next‐generation joint strike fighter (JSF). Ergonomics and the use of realistic human models have played a key role in determining maintenance procedures.

Details

Assembly Automation, vol. 21 no. 3
Type: Research Article
ISSN: 0144-5154

Keywords

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Article

R. Richard Heppe and Channing R. Englebry

Development of the Lockheed supersonic transport has followed the basic philosophy that an advance in air travel in terms of speed and economics should be accompanied by…

Abstract

Development of the Lockheed supersonic transport has followed the basic philosophy that an advance in air travel in terms of speed and economics should be accompanied by similar advances in aeroplane safety and flying qualities. To achieve these objectives, Lockheed's SST design work has been concentrated for many years on the development of a fixed‐wing design. The present configuration—called a double delta—provides a simple high lift system with low wing loading, excellent low speed stability and control, and large favourable ground effects in landing, with inherent advances in operational simplicity and safety.

Details

Aircraft Engineering and Aerospace Technology, vol. 39 no. 1
Type: Research Article
ISSN: 0002-2667

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Article

Lockheed‐Georgia's composite rudder for the Gulfstream III executive jet has completed a highly‐successful flight test programme, and Lockheed says it expects early U.S…

Abstract

Lockheed‐Georgia's composite rudder for the Gulfstream III executive jet has completed a highly‐successful flight test programme, and Lockheed says it expects early U.S. Federal Aviation Administration (FAA) certification of the new rudder.

Details

Aircraft Engineering and Aerospace Technology, vol. 55 no. 12
Type: Research Article
ISSN: 0002-2667

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Article

Patrice Jackson, Candace Cole, Isabel Lazar and Leah Morell

This paper aims to describe knowledge productivity coaches and the approach Lockheed Martin has taken to ensure that its employees have the knowledge and skills needed to

Abstract

Purpose

This paper aims to describe knowledge productivity coaches and the approach Lockheed Martin has taken to ensure that its employees have the knowledge and skills needed to utilize its information system modeled after Web 2.0 and Enterprise 2.0 concepts and technologies. This information system is branded Unity.

Design/methodology/approach

To train the employee population (∼140,000 employees) in using Unity, a small team of knowledge productivity coaches was formed, who in turn mentor and coach more than 100 Unity ambassadors. These ambassadors are responsible for helping employees to understand the Unity platform and to utilize its related tools. A multitude of learning options are offered including Collaboration Playbooks, unMeetings (informal lunch‐n‐learn sessions on a specific Unity topic), videos, quick, short jump‐start guides, one‐on‐one coaching sessions, and personal assistance in setting‐up key team and personal spaces within the Unity environment. While the system is in many ways intuitive, these ambassadors provide the “human” link to learning.

Findings

The adoption rate of Unity has increased exponentially. Unity spaces increased 51 percent during the rollout in the third quarter of 2009. Much of this growth can be attributed to knowledge productivity coaches and ambassadors providing the support employees need to utilize Unity to increase their performance and productivity.

Originality/value

This strategy of using knowledge productivity coaches and ambassadors can be repeated for any large system implementation in the future. The methods and processes can also be leveraged to save time and money for every new program utilizing the strategy. This paper details the strategy and processes for reuse.

Details

On the Horizon, vol. 18 no. 3
Type: Research Article
ISSN: 1074-8121

Keywords

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Article

In 1993, Lockheed Fort Worth—the manufacturing facility that produces the military's elite F‐16 fighter jet—was experiencing more workers' compensation claims than at any…

Abstract

In 1993, Lockheed Fort Worth—the manufacturing facility that produces the military's elite F‐16 fighter jet—was experiencing more workers' compensation claims than at any other time in its history.

Details

Journal of Business Strategy, vol. 16 no. 6
Type: Research Article
ISSN: 0275-6668

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Article

J.B. Wassall

BACKGROUND IN the early stages of World War II the U.S. Navy used the Lockheed PV‐1 (Ventura) in considerable quantities as a land‐based patrol plane for anti‐submarine…

Abstract

BACKGROUND IN the early stages of World War II the U.S. Navy used the Lockheed PV‐1 (Ventura) in considerable quantities as a land‐based patrol plane for anti‐submarine and anti‐surface vessel patrol and attack. Inasmuch as the PV‐1 was the first high speed land based patrol aeroplane used by the U.S. Navy, and realizing that its aero‐dynamic configuration grew out of the commercial Lockheed Lodestar, it can be understood that its tactical utility was a compromise.

Details

Aircraft Engineering and Aerospace Technology, vol. 22 no. 6
Type: Research Article
ISSN: 0002-2667

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Article

FUTURE aircraft structures could weigh up to 30% less than their current aluminium counterparts when reinforced with a new thermoset composite material patented by Lockheed

Abstract

FUTURE aircraft structures could weigh up to 30% less than their current aluminium counterparts when reinforced with a new thermoset composite material patented by Lockheed‐California Company and developed jointly with Hysol/Grafil Company of Pittsburg, California.

Details

Aircraft Engineering and Aerospace Technology, vol. 59 no. 6
Type: Research Article
ISSN: 0002-2667

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