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Article
Publication date: 15 August 2016

Joachim Samuelsson, Jim Andersén, Torbjörn Ljungkvist and Christian Jansson

Several studies have highlighted the importance of management accounting practices such as formal short-term planning and formal long-term planning for SME performance…

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1396

Abstract

Purpose

Several studies have highlighted the importance of management accounting practices such as formal short-term planning and formal long-term planning for SME performance. However, few studies have considered what actually explains differences in the use of formal planning (from a management accounting approach) in SMEs. Family ownership and EO are two plausible explanations for such differences. The purpose of this paper is therefore to examine how family ownership and EO are correlated to the use of formal short-term planning and formal long-term planning in SMEs.

Design/methodology/approach

In this study, the authors examined how family ownership and entrepreneurial orientation (EO) affect the use of formal planning by analyzing a sample of 156 Swedish manufacturing SMEs, using multivariate regression analysis.

Findings

As could be expected, the authors were able to validate the notion that family firms use less formal planning than non-family firms. However, in contrast to some previous studies, the authors found that there is a strongly positive relationship between EO and the use of formal short-term planning and long-term planning.

Originality/value

Whereas many previous studies on family business have assumed that family firms use less formal planning than non-family firms, the present study is one of few to actually confirm this notion. Also, this study has provided strong evidence that EO is positively correlated to the use of formal planning, in the short term and in the longer term.

Details

Journal of Small Business and Enterprise Development, vol. 23 no. 3
Type: Research Article
ISSN: 1462-6004

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Article
Publication date: 1 March 1993

Melissa R. Bowers and Anurag Agarwal

Describes a model of a hierarchical planning system to provide a comprehensive approach to the complex production planning and scheduling problem. The model supplies a…

Abstract

Describes a model of a hierarchical planning system to provide a comprehensive approach to the complex production planning and scheduling problem. The model supplies a link between long‐term and short‐term planning; the three tiers of the hierarchy implement: long‐term inventory planning on a cost minimization basis; shorter‐term production planning; and daily sequencing. Emphasizes efficient processing and transmission of information.

Details

International Journal of Clothing Science and Technology, vol. 5 no. 3/4
Type: Research Article
ISSN: 0955-6222

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Book part
Publication date: 24 August 2011

Zhihong Wang and James E. Hunton

The purpose of the current study is to examine how employees from different cultures respond to participative budgeting when the budget planning horizon is congruent or…

Abstract

The purpose of the current study is to examine how employees from different cultures respond to participative budgeting when the budget planning horizon is congruent or incongruent with their cultural time orientation. We conducted a 2×2 quasi-experiment in which cultural time orientation (short term or long term) was measured and budget planning horizon (short term or long term) was manipulated. A total of 164 employees participated in the experiment – 87 from China and 77 from the United States, representing long-term and short-term cultural time orientations, respectively. The results indicate that satisfaction with participative budgeting was greater when cultural time orientation and budget planning horizon were congruent, relative to incongruent. Also, the differential reaction between congruence and incongruence was less extreme for the Chinese participants than the U.S. participants, which is consistent with Confucian thought of “The Doctrine of the Mean.” The results of this study contribute to participative budgeting literature and suggest that managers who operate in different countries should be cognizant of cultural differences when employing participative budgeting processes.

Details

Advances in Accounting Behavioral Research
Type: Book
ISBN: 978-1-78052-086-5

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Article
Publication date: 1 May 2004

Nicola Dellepiane

The operational component of a company’s short‐term plan (amounts of products to be delivered and sold to various markets at prices that vary according to markets, sales…

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1163

Abstract

The operational component of a company’s short‐term plan (amounts of products to be delivered and sold to various markets at prices that vary according to markets, sales channels, types of customers and quantities sold, levels of utilization of production capacity, assignment of resources to the manufacturing of different products, amounts of raw materials purchased from different sources, stocks of raw materials and finished products) gives rise to a series of cash inflows and outflows which are not synchronized. The financial component of a company’s short‐term plan has to indicate how to compensate the imbalances, in time, generated by the operational plan, between availabilities and requirements of cash, and indicate the sources of financing to be used and how to temporarily invest cash surpluses. The approach, too often followed in companies, that defines the financial component of a company’s short‐term plan as a consequence of the operational component of the plan, ignores the potential interactions between them and the possibility of defining simultaneously a more economic interfunctionally integrated plan. A model is presented for the decisions in the operational component and a model for the decisions in the financial component. If these models are used separately, they can be integrated resorting to an iterative approach that mutually adapts their separate solutions in order to define the company plan. However, the best approach is to build a model that integrates the two separate models into one structured in a way that can define the optimal integrated short‐term operational and financial plan. The lack of integration between the operational and the financial components of the short‐term company plan is a common weak point in the existing literature and practice.

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Managerial Finance, vol. 30 no. 5
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 8 July 2019

Francisco Guzman, Audhesh Paswan and Niranjan Tripathy

Personal finance influences everything we buy and is a key driver of all economies. It has attracted significant research attention, mostly grounded in rational economics…

Abstract

Purpose

Personal finance influences everything we buy and is a key driver of all economies. It has attracted significant research attention, mostly grounded in rational economics. However, it has not received adequate research attention in the consumer behavior literature. This study aims to address this gap by looking at some of the consumer-centric antecedents of short- and long-term personal financial planning, i.e. self-other orientation, cognitive style and time orientation.

Design/methodology/approach

A self-administered survey was used to collect data from full time employees. Hypotheses were tested using multiple regression analyses.

Findings

Both short- and long-term financial planning are positively associated with non-impulsive and analytical decision-making styles; whereas self and other orientation are only associated with short-term financial planning. Intuitive decision-making is not associated to either short- or long-term financial planning.

Research limitations/implications

While analytical and long-term orientation are still important for personal finance, in the short run, consumers are also driven by self and other orientation.

Practical implications

The results are relevant for both products and services that have long-term and short-term financial implications for consumers.

Originality/value

This study explores financial planning decision-making from a consumer behavior perspective, and addresses a gap in consumer behavior literature.

Details

Journal of Consumer Marketing, vol. 36 no. 6
Type: Research Article
ISSN: 0736-3761

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Article
Publication date: 31 May 2013

Alexander H. Hübner, Heinrich Kuhn and Michael G. Sternbeck

The purpose of this paper is to develop a holistic operations planning framework for grocery retailing. The authors aim to identify, describe and structure coherent demand…

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9704

Abstract

Purpose

The purpose of this paper is to develop a holistic operations planning framework for grocery retailing. The authors aim to identify, describe and structure coherent demand and supply chain (SC) planning problems in a comprehensive architecture.

Design/methodology/approach

The authors reviewed key literature on retail SC management and sales planning. This built a foundation for the development of an integrated operations planning framework. The findings were evaluated through discussions with retailers and communications with retail planners, including personal interviews with 28 leading European grocery retailers and with people in related positions from the consumer goods industry and consultancies.

Findings

The core of this paper is the development of a coherent demand and SC planning matrix. It demonstrates planning interdependencies and defines a framework for retail operations. The grocery planning framework integrates retail specifics, as well as hierarchical and sequential aspects of decision making. That is why this planning architecture also forms the foundation for research and development of advanced decision support systems.

Practical implications

Planning tasks are identified in interrelated planning modules permitting coordinated and decentralised decision making, which is necessary for operational and complexity reasons. The planning framework assists retail planners in understanding their decision problem from a comprehensive perspective. Better coordination of different modules and further development of retail‐tailored analytical models will improve planning quality.

Originality/value

This is the first paper that structures retail demand and SC planning questions coherently in one framework, matching demand and supply from a long‐ to short‐term perspective and from supplier to customer.

Details

International Journal of Retail & Distribution Management, vol. 41 no. 7
Type: Research Article
ISSN: 0959-0552

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Article
Publication date: 1 April 2004

Jane E. Mather

As real estate departments and workplace organisations devote more attention to strategic planning, most of the work has focused on improving performance metrics and…

Abstract

As real estate departments and workplace organisations devote more attention to strategic planning, most of the work has focused on improving performance metrics and developing dashboards to communicate this information clearly and concisely. Yet these steps will take these organisations only part of the way. Once they have this information, they need to devote more time to developing strategies and plans. This review examines one of these activities ‐ developing high‐level occupancy plans. Representatives of the strategy and planning groups at ten leading corporations and the occupancy planning experts at seven service providers and system developers were interviewed for this survey. It was found that most firms continue to complete high‐level occupancy plans with tedious and time‐consuming data‐collection processes and spreadsheet analyses. These organisations could improve efficiency and the success of their plans in two ways: better analysis approaches and better data collection and organisation. This review summarises the best practices identified in these areas.

Details

Journal of Corporate Real Estate, vol. 6 no. 2
Type: Research Article
ISSN: 1463-001X

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Article
Publication date: 1 February 1982

Malcolm H. B. McDonald

This monograph identifies and evaluates the marketing planning practices of British industrial goods companies operating internationally and examines the validity of the…

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2557

Abstract

This monograph identifies and evaluates the marketing planning practices of British industrial goods companies operating internationally and examines the validity of the widespread belief that formalised marketing planning facilitates success. It defines the theoretical framework for marketing planning and describes a logical sequence of activities leading to the setting of marketing objectives and the formulation of plans for achieving them. It also contains a report of the results of in‐depth interviews with 385 directors and senior managers from 199 companies covering a broad spectrum of size and diversity, the purpose of which was to establish the extent to which the theory is practised and what the consequences are of either conformity or non‐conformity.

Details

European Journal of Marketing, vol. 16 no. 2
Type: Research Article
ISSN: 0309-0566

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Article
Publication date: 5 January 2010

Patrick B. Marren and Peter J. Kennedy

In light of the increased level of uncertainty in the economy, and the need for companies to make critical short‐term strategic and tactical decisions under these

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2732

Abstract

Purpose

In light of the increased level of uncertainty in the economy, and the need for companies to make critical short‐term strategic and tactical decisions under these stressful conditions, the paper aims to propose that short‐term economic scenarios can help managers cope with uncertainty.

Design/methodology/approach

The paper asserts that there is no logical reason why a scenario approach must be restricted to extremely long‐term decisions; nor is there any legitimate bar to using scenario planning to make short‐term economic decisions in an uncertain, recessionary environment.

Findings

The Futures Strategy Group has developed a set of four customizable short‐term economic scenarios called the Recession/Recovery Decision Matrix ™.

Practical implications

It is precisely now, when in a painful recession management is bogged down in “the tyranny of the present,” that scenario planning is especially crucial.

Originality/value

These scenarios, which cover quite a broad range of plausible recession/recovery eventualities, allow clients to perform due diligence on short‐term, critical decisions within a brief period of time.

Details

Strategy & Leadership, vol. 38 no. 1
Type: Research Article
ISSN: 1087-8572

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Article
Publication date: 1 December 1994

Lisa A. Phillips and Roger Calantone

Examines the environment hostility‐planning‐performance relationship ofHong Kong retailers. A positive relationship is found betweenenvironment hostility and the threats…

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2811

Abstract

Examines the environment hostility‐planning‐performance relationship of Hong Kong retailers. A positive relationship is found between environment hostility and the threats encompassed by the existing labour shortage, rising rents, foreign‐based competition, the 1997 return to Chinese governance and Hong Kong′s relationship with mainland China. Retailers who perceive less hostility in their environment are more planning‐oriented. Short‐term planners significantly outperformed non‐planners. Formal long‐range planning was unrelated to retailer performance.

Details

International Journal of Retail & Distribution Management, vol. 22 no. 8
Type: Research Article
ISSN: 0959-0552

Keywords

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