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Article
Publication date: 11 December 2023

Stephanie Fabri, Lisa A. Pace, Vincent Cassar and Frank Bezzina

The European Innovation Scoreboard is an important indicator of innovation performance across European Member States. Despite its wide application, the indicator fails to…

Abstract

Purpose

The European Innovation Scoreboard is an important indicator of innovation performance across European Member States. Despite its wide application, the indicator fails to highlight the interlinkages that exist among innovation measures and focuses primarily on the linear relationship between the individual measures and the predicted outcome. This study aims to address this gap by applying a novel technique, the fuzzy-set qualitative comparative analysis (fsQCA), to shed light on these interlinkages and highlight the complexity of the determinants underlying innovation performance.

Design/methodology/approach

The authors adopted a configurational approach based on fsQCA that is implemented on innovation performance data from European Member States for the period 2011–2018. The approach is based on non-linearity and allows for the analysis of interlinkages based on equifinality, that is, the model recognises that there are different potential paths of high and low innovation performance. In addition, the approach allows for asymmetric relations, where a low innovation outcome is not the exact inverse of that which leads to high innovation outcome.

Findings

The results clearly indicate that innovation outcomes are not based on simple linear relations. Thus, to reap the desired effects from investments in innovation inputs, the complex set of indicators on which innovation performance is based should be taken into consideration. The results clearly indicate the elements of equifinality and asymmetric relations. Different paths lead to high innovation performance and low innovation performance.

Originality/value

The method applied to investigate the determinants of innovation performance is the prime original factor of this study. Thus, the study contributes to literature by highlighting the complexity involved in understanding innovation. By recognising and attempting to detangle this complexity, this study will assist not just academics but also policymakers in designing the necessary measures required to reach this important outcome for a country’s competitive edge.

Details

International Journal of Innovation Science, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1757-2223

Keywords

Article
Publication date: 5 September 2023

Driss El Kadiri Boutchich

This study aims to carry out a critical analysis of the methods used to deal with the regulatory impact assessment while proposing an alternative method to overcome some of the…

Abstract

Purpose

This study aims to carry out a critical analysis of the methods used to deal with the regulatory impact assessment while proposing an alternative method to overcome some of the drawbacks of the aforementioned methods.

Design/methodology/approach

To achieve the objective of this work, the methods currently used in regulatory impact analysis are presented by highlighting their scope and the problems they may pose during their applications. After that, the adjusted variant of radial measure is suggested as an alternative method to the aforementioned methods while showing its relevance with regard to other methods using pertinent criteria. Finally, for concretization, a case study related to the sanctions against Russia after its invasion of Ukraine is presented.

Findings

The findings show that regulations related to the sanctions against Russia are good enough, with a score of 0.846. However, this score is less good in several countries like Germany (0.671), Italy (0.677) and France (0.745) and in the poorest countries.

Originality/value

The originality of this work resides in using a novel method in the regulatory impact analysis field, which is adjusted variant of radial measure. This method increases the effectiveness of the regulatory impact assessment.

Article
Publication date: 2 May 2023

Mete Feridun

The EU prudential regime for investment firms comprising the Directive (EU) 2019/2034 (IFD) and Regulation (EU) 2019/2033 (IFR) introduces a fit-for-purpose capital framework for…

Abstract

Purpose

The EU prudential regime for investment firms comprising the Directive (EU) 2019/2034 (IFD) and Regulation (EU) 2019/2033 (IFR) introduces a fit-for-purpose capital framework for investment firms. The capital impact on the practice of investment management can be material depending on firms’ specific business models and risk profiles, which may require them to take strategic decisions with respect to the services they provide. Despite the importance of this issue for the practice of investment management, there exists no study among the existing studies that focuses on this issue. This study aims to fill this gap in the literature.

Design/methodology/approach

This paper reviews the calibration approaches the European Banking Authority (EBA) has used by exploring the deficiencies of the regime with respect to the calibration of categorization thresholds and coefficients that are used by the EBA to calculate regulatory capital requirements.

Findings

This paper sets out that the choice of the relevant percentile for setting the firm categorization thresholds was not based on any theoretical rule. It also discusses that the calibration of the K-factors was subjective and lacked consistency. In addition, it criticizes the sample that the EBA used for business model coverage on the grounds that it was unbalanced, resulting in certain K-factors driving the overall capital impact.

Research limitations/implications

Further research is needed on the calibration of thresholds as this will remain a crucial factor for the effectiveness of the new regime. In particular, a more data-driven and transparent approach would be necessary to ensure the accuracy and consistency of the thresholds.

Practical implications

This paper leads to the policy implication that, despite its merits that overweigh its shortcomings, potential market competition and financial stability issues that may stem from inconsistencies and a general lack of objectivity in certain aspects of the regime should not be underestimated by the EU policy makers.

Originality/value

The present paper contributes to the existing knowledge primarily by reviewing the EBA’s calibration approaches with respect to the K-factor coefficients and firm categorization thresholds, concluding that lack of objectivity and precision in the relevant methodologies could distort capital allocation decisions in the practice of investment management.

Details

Journal of Financial Regulation and Compliance, vol. 31 no. 4
Type: Research Article
ISSN: 1358-1988

Keywords

Article
Publication date: 16 August 2022

Awel Haji Ibrahim, Dagnachew Daniel Molla and Tarun Kumar Lohani

The purpose of this study is to address a highly heterogeneous rift margin environment and exhibit considerable spatiotemporal hydro-climatic variations. In spite of limited…

Abstract

Purpose

The purpose of this study is to address a highly heterogeneous rift margin environment and exhibit considerable spatiotemporal hydro-climatic variations. In spite of limited, random and inaccurate data retrieved from rainfall gauging stations, the recent advancement of satellite rainfall estimate (SRE) has provided promising alternatives over such remote areas. The aim of this research is to take advantage of the technologies through performance evaluation of the SREs against ground-based-gauge rainfall data sets by incorporating its applicability in calibrating hydrological models.

Design/methodology/approach

Selected multi satellite-based rainfall estimates were primarily compared statistically with rain gauge observations using a point-to-pixel approach at different time scales (daily and seasonal). The continuous and categorical indices are used to evaluate the performance of SRE. The simple scaling time-variant bias correction method was further applied to remove the systematic error in satellite rainfall estimates before being used as input for a semi-distributed hydrologic engineering center's hydraulic modeling system (HEC-HMS). Runoff calibration and validation were conducted for consecutive periods ranging from 1999–2010 to 2011–2015, respectively.

Findings

The spatial patterns retrieved from climate hazards group infrared precipitation with stations (CHIRPS), multi-source weighted-ensemble precipitation (MSWEP) and tropical rainfall measuring mission (TRMM) rainfall estimates are more or less comparably underestimate the ground-based gauge observation at daily and seasonal scales. In comparison to the others, MSWEP has the best probability of detection followed by TRMM at all observation stations whereas CHIRPS performs the least in the study area. Accordingly, the relative calibration performance of the hydrological model (HEC-HMS) using ground-based gauge observation (Nash and Sutcliffe efficiency criteria [NSE] = 0.71; R2 = 0.72) is better as compared to MSWEP (NSE = 0.69; R2 = 0.7), TRMM (NSE = 0.67, R2 = 0.68) and CHIRPS (NSE = 0.58 and R2 = 0.62).

Practical implications

Calibration of hydrological model using the satellite rainfall estimate products have promising results. The results also suggest that products can be a potential alternative source of data sparse complex rift margin having heterogeneous characteristics for various water resource related applications in the study area.

Originality/value

This research is an original work that focuses on all three satellite rainfall estimates forced simulations displaying substantially improved performance after bias correction and recalibration.

Details

World Journal of Engineering, vol. 21 no. 1
Type: Research Article
ISSN: 1708-5284

Keywords

Article
Publication date: 25 January 2024

Siming Cao, Hongfeng Wang, Yingjie Guo, Weidong Zhu and Yinglin Ke

In a dual-robot system, the relative position error is a superposition of errors from each mono-robot, resulting in deteriorated coordination accuracy. This study aims to enhance…

Abstract

Purpose

In a dual-robot system, the relative position error is a superposition of errors from each mono-robot, resulting in deteriorated coordination accuracy. This study aims to enhance relative accuracy of the dual-robot system through direct compensation of relative errors. To achieve this, a novel calibration-driven transfer learning method is proposed for relative error prediction in dual-robot systems.

Design/methodology/approach

A novel local product of exponential (POE) model with minimal parameters is proposed for error modeling. And a two-step method is presented to identify both geometric and nongeometric parameters for the mono-robots. Using the identified parameters, two calibrated models are established and combined as one dual-robot model, generating error data between the nominal and calibrated models’ outputs. Subsequently, the calibration-driven transfer, involving pretraining a neural network with sufficient generated error data and fine-tuning with a small measured data set, is introduced, enabling knowledge transfer and thereby obtaining a high-precision relative error predictor.

Findings

Experimental validation is conducted, and the results demonstrate that the proposed method has reduced the maximum and average relative errors by 45.1% and 30.6% compared with the calibrated model, yielding the values of 0.594 mm and 0.255 mm, respectively.

Originality/value

First, the proposed calibration-driven transfer method innovatively adopts the calibrated model as a data generator to address the issue of real data scarcity. It achieves high-accuracy relative error prediction with only a small measured data set, significantly enhancing error compensation efficiency. Second, the proposed local POE model achieves model minimality without the need for complex redundant parameter partitioning operations, ensuring stability and robustness in parameter identification.

Details

Industrial Robot: the international journal of robotics research and application, vol. 51 no. 2
Type: Research Article
ISSN: 0143-991X

Keywords

Article
Publication date: 24 July 2023

Mark R. Mallon and Stav Fainshmidt

Because family businesses are highly complex enterprises, researchers need appropriate theoretical and methodological tools to study them. The neoconfigurational perspective and…

Abstract

Purpose

Because family businesses are highly complex enterprises, researchers need appropriate theoretical and methodological tools to study them. The neoconfigurational perspective and its accompanying method, qualitative comparative analysis, are particularly well suited to phenomena characterized by complex causality, but their uptake in family business research has been slow and fragmented. To remedy this, the authors highlight their unique ability to address research questions for which other approaches are not well suited and discuss how they might be applied to family business phenomena.

Design/methodology/approach

The authors introduce the core tenets of the neoconfigurational perspective and how its set-theoretic epistemology differs from traditional approaches to theorizing and analysis. The authors then use a dataset of family firms to present a primer on conducting qualitative comparative analysis and interpreting the results.

Findings

The authors find that family firm resources can be combined in multiple ways to affect business survival, suggesting that resources are substitutable and complementary. The authors discuss how the unique features of the neoconfigurational approach, namely equifinality, conjunctural causation and causal asymmetry, can be fruitfully applied to break new ground in scholarly understanding of family businesses.

Originality/value

This article allows family business researchers to apply the neoconfigurational approach without first having to consult multiple and disparate sources often written for other disciplines. This article explicates how to leverage the theoretical and empirical advantages of the neoconfigurational approach in the context of family businesses, supporting a more widespread adoption of the neoconfigurational perspective in family business research.

Details

Journal of Family Business Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2043-6238

Keywords

Article
Publication date: 23 February 2024

Evangelia Panagiotidou, Panos T. Chountalas, Anastasios Ι. Magoutas and Fotis C. Kitsios

This study aims to dissect the multifaceted impact of ISO/IEC 17025 accreditation, specifically within civil engineering testing and calibration laboratories. To achieve this, it…

Abstract

Purpose

This study aims to dissect the multifaceted impact of ISO/IEC 17025 accreditation, specifically within civil engineering testing and calibration laboratories. To achieve this, it intends to explore several key objectives: identifying the prominent benefits of accreditation to laboratory performance, understanding the advantages conferred through participation in proficiency testing schemes, assessing the role of accreditation in enhancing laboratory competitiveness, examining the primary challenges encountered during the accreditation process, investigating any discernible adverse effects of accreditation on laboratory performance and evaluating whether the financial cost of accreditation justifies the resultant profitability.

Design/methodology/approach

This study employs a qualitative approach through semi-structured interviews with 23 industry professionals—including technical managers, quality managers, external auditors and clients. Thematic analysis, guided by Braun and Clarke’s six-stage paradigm, was utilized to interpret the data, ensuring a comprehensive understanding of the accreditation’s impact.

Findings

Findings reveal that accreditation significantly enhances operational processes, fosters quality awareness and facilitates continuous improvement, contributing to greater client satisfaction. In addition, standardized operations and rigorous quality controls further result in enhanced performance metrics, such as staff capability and measurement accuracy. However, the study also uncovers the challenges of accreditation, including high resource costs and bureaucratic hurdles that can inhibit innovation and slow routine operations. Importantly, the research underscores that the impact of accreditation on profitability is not universal, but contingent upon various factors like sector-specific regulations and market demand. The study also highlights sector-specific variations in the role of accreditation as a marketing tool and differing perceptions of its value among clients. It further emphasizes the psychological stress of high-stakes evaluations during audits.

Originality/value

This study represents the first in-depth investigation into the impact of ISO/IEC 17025 accreditation on civil engineering testing and calibration laboratories, directly contributing to the enhancement of their quality and operational standards. Providing actionable insights for laboratories, it underscores the importance of weighing accreditation costs and benefits and the necessity for a tailored approach to the unique market and regulatory landscapes they operate in.

Details

The TQM Journal, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1754-2731

Keywords

Open Access
Article
Publication date: 26 May 2023

Mpho Trinity Manenzhe, Arnesh Telukdarie and Megashnee Munsamy

The purpose of this paper is to propose a system dynamic simulated process model for maintenance work management incorporating the Fourth Industrial Revolution (4IR) technologies.

1624

Abstract

Purpose

The purpose of this paper is to propose a system dynamic simulated process model for maintenance work management incorporating the Fourth Industrial Revolution (4IR) technologies.

Design/methodology/approach

The extant literature in physical assets maintenance depicts that poor maintenance management is predominantly because of a lack of a clearly defined maintenance work management process model, resulting in poor management of maintenance work. This paper solves this complex phenomenon using a combination of conceptual process modeling and system dynamics simulation incorporating 4IR technologies. A process for maintenance work management and its control actions on scheduled maintenance tasks versus unscheduled maintenance tasks is modeled, replicating real-world scenarios with a digital lens (4IR technologies) for predictive maintenance strategy.

Findings

A process for maintenance work management is thus modeled and simulated as a dynamic system. Post-model validation, this study reveals that the real-world maintenance work management process can be replicated using system dynamics modeling. The impact analysis of 4IR technologies on maintenance work management systems reveals that the implementation of 4IR technologies intensifies asset performance with an overall gain of 27.46%, yielding the best maintenance index. This study further reveals that the benefits of 4IR technologies positively impact equipment defect predictability before failure, thereby yielding a predictive maintenance strategy.

Research limitations/implications

The study focused on maintenance work management system without the consideration of other subsystems such as cost of maintenance, production dynamics, and supply chain management.

Practical implications

The maintenance real-world quantitative data is retrieved from two maintenance departments from company A, for a period of 24 months, representing years 2017 and 2018. The maintenance quantitative data retrieved represent six various types of equipment used at underground Mines. The maintenance management qualitative data (Organizational documents) in maintenance management are retrieved from company A and company B. Company A is a global mining industry, and company B is a global manufacturing industry. The reliability of the data used in the model validation have practical implications on how maintenance work management system behaves with the benefit of 4IR technologies' implementation.

Social implications

This research study yields an overall benefit in asset management, thereby intensifying asset performance. The expected learnings are intended to benefit future research in the physical asset management field of study and most important to the industry practitioners in physical asset management.

Originality/value

This paper provides for a model in which maintenance work and its dynamics is systematically managed. Uncontrollable corrective maintenance work increases the complexity of the overall maintenance work management. The use of a system dynamic model and simulation incorporating 4IR technologies adds value on the maintenance work management effectiveness.

Details

Journal of Quality in Maintenance Engineering, vol. 29 no. 5
Type: Research Article
ISSN: 1355-2511

Keywords

Article
Publication date: 29 February 2024

Heng Liu, Yonghua Lu, Haibo Yang, Lihua Zhou and Qiang Feng

In the context of fixed-wing aircraft wing assembly, there is a need for a rapid and precise measurement technique to determine the center distance between two double-hole…

Abstract

Purpose

In the context of fixed-wing aircraft wing assembly, there is a need for a rapid and precise measurement technique to determine the center distance between two double-hole components. This paper aims to propose an optical-based spatial point distance measurement technique using the spatial triangulation method. The purpose of this paper is to design a specialized measurement system, specifically a spherically mounted retroreflector nest (SMR nest), equipped with two laser displacement sensors and a rotary encoder as the core to achieve accurate distance measurements between the double holes.

Design/methodology/approach

To develop an efficient and accurate measurement system, the paper uses a combination of laser displacement sensors and a rotary encoder within the SMR nest. The system is designed, implemented and tested to meet the requirements of precise distance measurement. Software and hardware components have been developed and integrated for validation.

Findings

The optical-based distance measurement system achieves high precision at 0.04 mm and repeatability at 0.02 mm within a range of 412.084 mm to 1,590.591 mm. These results validate its suitability for efficient assembly processes, eliminating repetitive errors in aircraft wing assembly.

Originality/value

This paper proposes an optical-based spatial point distance measurement technique, as well as a unique design of a SMR nest and the introduction of two novel calibration techniques, all of which are validated by the developed software and hardware platform.

Details

Sensor Review, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0260-2288

Keywords

Book part
Publication date: 23 October 2023

Glenn W. Harrison and Don Ross

Behavioral economics poses a challenge for the welfare evaluation of choices, particularly those that involve risk. It demands that we recognize that the descriptive account of…

Abstract

Behavioral economics poses a challenge for the welfare evaluation of choices, particularly those that involve risk. It demands that we recognize that the descriptive account of behavior toward those choices might not be the ones we were all taught, and still teach, and that subjective risk perceptions might not accord with expert assessments of probabilities. In addition to these challenges, we are faced with the need to jettison naive notions of revealed preferences, according to which every choice by a subject expresses her objective function, as behavioral evidence forces us to confront pervasive inconsistencies and noise in a typical individual’s choice data. A principled account of errant choice must be built into models used for identification and estimation. These challenges demand close attention to the methodological claims often used to justify policy interventions. They also require, we argue, closer attention by economists to relevant contributions from cognitive science. We propose that a quantitative application of the “intentional stance” of Dennett provides a coherent, attractive and general approach to behavioral welfare economics.

Details

Models of Risk Preferences: Descriptive and Normative Challenges
Type: Book
ISBN: 978-1-83797-269-2

Keywords

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