Search results

Recent models in firm theory assume that problems have to be solved for production to take place and that knowledge is the main input for problem-solving. This paper characterizes the relationship between the predictability of production prcesses and investment in knowledge.

This paper uses a theoretical model of firm theory to study investment in knowledge by a simplified one-layer firm with a stochastic technology, across different market structures, and develops a calibration exercise to illustrate the results.

Firms working closer to the production frontier (those with a larger efficient scale in perfect competition, facing a higher demand in monopoly or more competitive internationally in an open economy) react more in terms of investment in knowledge when problem predictability changes. Investment in knowledge becomes nearly insensitive to such changes for firms with a low output, i.e. those far from the frontier. A calibration exercise suggests that the elasticity of knowledge with respect to the predictability of problems was around 0.59 for the US economy for the period 1980–2020.

These are the first nonambiguous results on the relationship between the predictability of production processes and investment in knowledge and help understanding knowledge acquisition by different firms in distinct competitive environments.

The purpose of this study is to investigate the predictability of crude oil price and shale oil production, in a bid to examine the possibility of bi-directional causality.

The study adopts a recently developed predictability model by Westerlund and Narayan (2015), which accounts for persistence, endogeneity and heteroscedasticity. It also accounts for structural breaks in the predictive models.

The empirical results show that only a unidirectional causal relationship from crude oil price to shale oil production exists. This happens as crude oil price appears to be a good predictor of shale oil production; however, shale oil production does not serve as a good predictor for crude oil price. Accounting for structural break was found to improve the predictability and forecast accuracy of the predictive model. Our result is robust to choice of crude oil price benchmarks (West Texas Intermediate, Brent, Dubai Fateh and Refiners’ Acquisition Cost) and their denominations (real or nominal).

The result implies that crude oil price must be considered when predicting shale oil production. Meanwhile, the non-significance of shale of production in crude oil price predictive model provides information to potential analyst, researchers and countries predicting crude oil price that failure to account for the effect of shale oil production would not have significant impact on the forecast accuracy of their models.

The study contributes originally to the literature on crude oil price–shale oil production in four major ways. First, it applies a recently developed predictability method by Westerlund and Narayan (2015), which is more suitable for dealing with persistence, conditional heteroscedasticity and endogeneity in the predictors. Second, it investigates existence of reverse causality between crude oil price and shale oil production. Third, it examines the variation in the response and effect of four major crude oil price benchmarks. Fourth, it considers crude oil price in both real and nominal terms.

The construction industry has been criticized for not keeping up with other production industries in terms of cost efficiency, innovation, and production methods. The purpose of this paper is to contribute to the knowledge about what hampers efficiency in supplying engineer‐to‐order (ETO) joinery‐products to the construction process. The objective is to identify the main contributors to inefficiency and to define areas for innovation in improving this industry.

Case studies of the supply chain of a Swedish ETO joinery‐products supplier are carried out, and observations, semi‐structured interviews, and documents from these cases are analysed from an efficiency improvement perspective.

From a lean thinking and information modelling perspective, longer‐term procurement relations and efficient communication of information are the main areas of innovation for enhancing the efficiency of supplying ETO joinery‐products. It seems to be possible to make improvements in planning and coordination, assembly information, and spatial measuring through information modelling and spatial scanning technology. This is likely to result in an increased level of prefabrication, decreased assembly time, and increased predictability of on‐site work.

The role of supplying ETO joinery‐products is a novel research area in construction. There is a need to develop each segment of the manufacturing industry supplying construction and this paper contributes to the collective knowledge in this area. The focus is on the possibilities for innovation in the ETO joinery‐products industry and on its improved integration in the construction industry value chain in general.

This paper examines whether there are differences in the nature of the price discovery process across established versus emerging stock markets using a twenty-country sample.

The authors analyse security returns for traces of predictability or non-randomness using variance ratio tests, Granger-Causality models and runs tests.

The findings pinpoint at predictabilities which seem inconsistent with market efficiency, and they suggest that the inherent cause of predictability differs across groups.

The authors present empirical evidence which may be used to attain a deeper understanding of the links between predictability and market efficiency, in view of the conflicting evidence in prior literature.

Whilst the pricing process in emerging markets may be hindered by delayed adjustments, in case of established markets it seems that there is a higher tendency for price reversals which could be due to prior over-reactions.

This study presents evidence of substantial differences in predictability across developed and emerging markets which was gleaned through the rigorous application of different empirical tests.

Addresses the standardization of the measurements and the labels for concepts commonly used in the study of work organizations. As a reference handbook and research tool, seeks to improve measurement in the study of work organizations and to facilitate the teaching of introductory courses in this subject. Focuses solely on work organizations, that is, social systems in which members work for money. Defines measurement and distinguishes four levels: nominal, ordinal, interval and ratio. Selects specific measures on the basis of quality, diversity, simplicity and availability and evaluates each measure for its validity and reliability. Employs a set of 38 concepts ‐ ranging from “absenteeism” to “turnover” as the handbook’s frame of reference. Concludes by reviewing organizational measurement over the past 30 years and recommending future measurement reseach.

In recent years there has been an increasing interest in make-to-stock and make-to-order combined strategies in food manufacturing operations. However, most scholarly work to-date has neglected the role of hierarchical production planning (HPP) in guiding small- and medium-sized enterprise (SME) implementation of such strategies. The purpose of this paper is to address food SME manufacturers’ readiness to adopt such strategies, in terms of internal integration and their capability to adopt formalised planning approaches.

This study adopted an action research methodology to explore the potential impact of HPP in SME food manufacturers. Selected companies had identified product variety management as a challenge and also had recognised the need to enhance internal integration. Given this, the research team, from a theoretical perspective, proposed the use of HPP set within a broader decision-making conceptual framework to improve internal integration and planning.

This paper adopts the fundamental position that HPP provides a useful framework in the establishment of strategic and tactical level constraints and priorities which then act as specific guides at the operational level, and presents empirical evidence in a food SME manufacturing context. In the cases the authors studies, the cascading effect of this decision-making framework focused attention on key metrics, encouraged greater internal integration and delivered tangible, significant improvements in performance. This was greatly facilitated by the provision of new key data on the cost of certain managerial trade-offs which these firms faced.

SMEs are of a scale that requires a formalised planning approach; however production planning systems are typically designed for large scale enterprises. This paper addresses the need of SMEs in this regard. Well-established supply chain metrics were used to establish the benefits of both HPP and resulting improvement in internal integration and beyond, in terms of improvement in the quality of planning decisions.

The paper proposes a model aiming at the explanation of the formation of coordinative knowledge practices in distributed work. Findings from a pilot study aiming at the preliminary testing of the model are presented and discussed.

The explanatory model was developed by combining concepts and findings developed in studies of social capital, knowledge sharing and computer supported cooperative work. The empirical data were gathered in 2007‐2008 in a multi‐unit Finnish chemical company production site. The methods used were structured observation of work processes, semi‐structured interviews and a web‐based questionnaire.

The model suggested that coordinative knowledge practices are shaped by four major factors: work coupling, social capital, spatio‐temporality and affordances of collaboration technologies. The empirical study showed that these concepts can be successfully applied in empirical research to better understand and support the development of coordinative knowledge practices.

The findings can be utilized in the analysis and assessment of coordinative knowledge practices between distributed work groups in multi‐unit organizations. The findings can also be used in the development of solutions for knowledge sharing and communication in distributed work organizations and communities.

The model developed provides a novel perspective for the study of knowledge practices in the context of distributed group work. The model proposes that varying degrees in work coupling intensity, social capital, spatio‐temporality and affordances of collaborative technologies explain the emergence of coordinative knowledge practices. The study shows how coordinative knowledge practices can be studied empirically. The empirical study resulted in a typology of coordinative knowledge practices.

Marketing‐manufacturing interface is becoming an increasingly important research area, as the firms unable to reduce inter‐departmental conflict find their global competitiveness compromised. Due to inevitable interaction of marketing and manufacturing with design engineering in conflict and resolution, there is a need to increase the scope of the research area of manufacturing‐marketing interface to include design (engineering) and establish appropriate interfaces between each pair of these domains. Some firms are practising concurrent engineering to minimise the conflict between design and manufacturing departments. Several interface variables can be used to resolve inter‐departmental conflict. A firm’s decision to pursue a particular interface requires commitment, investment and change in culture. What type of interface should a firm choose? This paper introduces a conceptual framework to resolve this dilemma. Specifically, the contribution of this paper is at least threefold. First, it characterises the possible conflicts that can arise due to interaction between the three functional areas – marketing, manufacturing, and design. Design is recognised as a separate function in its own right. Second, it identifies and describes possible variables that can be utilised as interfaces to resolve conflicts. Third, it establishes a methodology to develop a framework to assess inter‐departmental conflict and identify an optimal mix of interface variables to resolve all possible conflicts. The paper concludes with an actual case study involving a global marketing‐manufacturing company and provides an application of this framework and methodology.

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.