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Article
Publication date: 27 October 2020

Pedro Hemsley, Rafael Morais and Karinna Di Iulio

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…

Abstract

Purpose

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.

Design/methodology/approach

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.

Findings

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.

Originality/value

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.

Details

Journal of Economic Studies, vol. 48 no. 6
Type: Research Article
ISSN: 0144-3585

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Article
Publication date: 31 January 2020

Sam O. Olofin, Tirimisiyu Folorunsho Oloko, Kazeem O. Isah and Ahamuefula Ephraim Ogbonna

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.

Abstract

Purpose

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.

Design/methodology/approach

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.

Findings

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).

Research limitations/implications

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.

Originality/value

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.

Details

International Journal of Energy Sector Management, vol. 14 no. 4
Type: Research Article
ISSN: 1750-6220

Keywords

Content available
Article
Publication date: 13 November 2020

Silvio John Camilleri, Semiramis Vassallo and Ye Bai

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.

Abstract

Purpose

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.

Design/methodology/approach

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

Findings

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

Research limitations/implications

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.

Practical implications

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.

Originality/value

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.

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Article
Publication date: 5 October 2012

Samuel Forsman, Niclas Björngrim, Anders Bystedt, Lars Laitila, Peter Bomark and Micael Öhman

The construction industry has been criticized for not keeping up with other production industries in terms of cost efficiency, innovation, and production methods. The…

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Abstract

Purpose

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.

Design/methodology/approach

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.

Findings

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.

Originality/value

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.

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Article
Publication date: 1 June 1997

James L. Price

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…

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11773

Abstract

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.

Details

International Journal of Manpower, vol. 18 no. 4/5/6
Type: Research Article
ISSN: 0143-7720

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Article
Publication date: 5 October 2015

Seamus O'Reilly, Anita Kumar and Frédéric Adam

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…

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2082

Abstract

Purpose

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.

Design/methodology/approach

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.

Findings

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.

Originality/value

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.

Details

International Journal of Operations & Production Management, vol. 35 no. 10
Type: Research Article
ISSN: 0144-3577

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Article
Publication date: 1 February 1998

Samar K. Mukhopadhyay and Anil V. Gupta

Marketing‐manufacturing interface is becoming an increasingly important research area, as the firms unable to reduce inter‐departmental conflict find their global…

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2255

Abstract

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.

Details

European Journal of Marketing, vol. 32 no. 1/2
Type: Research Article
ISSN: 0309-0566

Keywords

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Article
Publication date: 13 July 2012

Heljä Franssila, Jussi Okkonen, Reijo Savolainen and Sanna Talja

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

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1166

Abstract

Purpose

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.

Design/methodology/approach

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.

Findings

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.

Practical implications

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.

Originality/value

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.

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Article
Publication date: 1 April 2003

Georgios I. Zekos

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…

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55374

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.

Details

Managerial Law, vol. 45 no. 1/2
Type: Research Article
ISSN: 0309-0558

Keywords

Content available
Article
Publication date: 20 November 2019

Jan De Leede, Linda Drupsteen, Esther Schrijver, Anneke Goudswaard, Nihat Dağ, Joost Van der Weide and Sarike Verbiest

The purpose of this paper is to understand how small and medium enterprises (SMEs) cope with the need for labour flexibility. Most previous studies ignore the labour…

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1420

Abstract

Purpose

The purpose of this paper is to understand how small and medium enterprises (SMEs) cope with the need for labour flexibility. Most previous studies ignore the labour flexibility practices of SMEs, especially in times of economic growth and tight labour markets.

Design/methodology/approach

A multiple case study approach is applied, with ten Dutch SMEs located in one small province with a similar labour market. A survey was executed as an intake, followed by 48 interviews with the entrepreneurs, HR and other managers and employees, and two focus groups in each company. The findings are based on an analysis of the approved case descriptions.

Findings

SMEs, like big companies, do not rely on one flexibility practice. Volume fluctuations are countered with all flexibility strategies, the mix fluctuations and the product innovations are mostly countered with flexible functions and flexible production technology. In general, the data suggest that flexibility strategies of SMEs can be characterised as ad hoc, reactive and with a short-term orientation.

Research limitations/implications

Future research should include other sectors and regions enabling to generalise the findings. Future research should have a longitudinal design to include the pathway dependencies of flexibility practices.

Practical implications

This study identifies the need to analyse flexibility demands; reduce flexibility demands before investments in flexibility practices; create production process flexibility; invest in labour flexibility practices only after the first three steps are taken; and develop basic and more advanced levels of flexible contracts, flexible functions and flexible working times.

Originality/value

This study contributes to the authors’ knowledge on the use of labour flexibility practices in SMEs. In addition, it brings empirical data on how these labour flexibility practices relate to the needs for flexibility and how they relate to other sources of organisational flexibility, such as a flexible market approach and flexible production technologies. Dynamic capabilities should include the suggested operationalisation of the flexibility practices.

Details

Personnel Review, vol. 49 no. 3
Type: Research Article
ISSN: 0048-3486

Keywords

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