Всего публикаций в данном разделе: 470
Опубликовано на портале: 21-06-2006Robert G. Dyson The Journal of the Operational Research Society. 2000. Vol. 51. No. 1. P. 5-11.
This paper explores the nature of operational research and its interactions with performance measurement and strategy. It is argued that operational research (OR) is well fitted to handle strategic issues as the modelling approach of OR facilitates understanding and learning, and the evaluation of strategies prior to action. The development of problem structuring methods is also a key aid to strategy and policy formulation. OR is also beginning to play a role in performance measurement and there is an opportunity for OR to lead in the improvement of performance measurement systems.
Опубликовано на портале: 21-06-2006Douglass Cagwin, Marinus J. Bouwman Management Accounting Research. 2002. Vol. 13. No. 1. P. 1-39.
This study investigates the improvement in financial performance that is associated with the use of activity-based costing (ABC), and the conditions under which such improvement is achieved. Internal auditors furnish information regarding company financial performance, extent of ABC usage, and enabling conditions that have been identified in the literature as affecting ABC efficacy. Confirmatory factor analysis and structural equation modelling are used to investigate the relationship between ABC and financial performance. Results show that there indeed is a positive association between ABC and improvement in ROI when ABC is used concurrently with other strategic initiatives, when implemented in complex and diverse firms, when used in environments where costs are relatively important, and when there are limited numbers of intra-company transactions. In addition, measures of success of ABC used in prior research appear to be predictors of improvement in financial performance.
Activity-based Costing as a Method for Assessing the Economics of Modularization - A Case Study and Beyond [статья]
Опубликовано на портале: 21-06-2006Jesper Thyssen, Poul Israelsen, Brian Jorgensen International Journal of Production Economics. 2006.
The paper accounts for an Activity-Based Costing (ABC) analysis supporting decision-making concerning product modularity. The ABC analysis carried out is communicated to decision-makers by telling how much higher the variable cost of the multi-purpose module can be compared to the average variable cost for the product-unique modules that it substitutes to break even in total cost. The analysis provides the platform for stating three general rules of cost efficiency of modularization, which in combination identify the highest profit potential of product modularization. Finally the analysis points to problems of using ABC in costing modularity, i.e. handling of R&D costs and identification of product profitability upon an enhanced modularization.
Activity-Based Costing and Process Modeling for Cost-Conscious Product Design: A Case Study in a Manufacturing Company [статья]
Опубликовано на портале: 21-06-2006Katja Tornberg, Miikka Jämsen, Jari Paranko International Journal of Production Economics. 2002. Vol. 79. No. 1. P. 75-82.
The most effective way to control costs is to design them out of the products. However, cost data is rarely available for product designers in a usable form. The aim of this study was to investigate the possibilities of activity-based costing and the modeling of design, purchasing and manufacturing processes in providing useful cost information for product designers. The hypothesis was that activity-based costing and process modeling might provide an effective tool for the evaluation of different design options. The study was conducted in a large Finnish manufacturing company. First, the most costly items of one product's sub-assembly were studied in order to identify the activities needed to produce the items and to calculate their activity-based costs. Second, the processes, in other words the activity chains, were modeled with graphic flowcharts from product design, purchasing, and manufacturing departments. Finally, the applicability of activity-based cost information and process models to product designing practices was tested. The results of the study suggested that activity-based costing and process modeling provide a good starting point in heading toward more cost-conscious design. This way the designers learn the relationships between the activities performed in the organization and their associated costs. The development of a parametric cost estimation model based on activity-based costing and process modeling provides a challenge for future research.
Опубликовано на портале: 21-06-2006Lyndal Drennan, Michael Kelly Critical Perspectives on Accounting. 2002. Vol. 13. No. 3. P. 311-331.
Research dealing with the implementation of system changes such as activity-based costing (ABC) systems is founded largely on a presumption that the motivation for the innovation is economic. The definition of success or failure then rests on the project’s reaching a stage of implementation where the new data are used in routine and/or unforeseen ways to improve economic efficiency. This paper presents a view of an ABC project where complex motivations, both economic and institutional, are identified, these held in turn by different groups within the organization as well as external groups likely to be affected by the project. Seen in terms of its institutional motivations, the project, documented in an internal review as a failure because it was abandoned without using the data, can be defined as a success by at least some of the affected groups.
Опубликовано на портале: 21-06-2006Robert C. Kee Advances in Management Accounting. 2003. Vol. 11. P. 59-84.
Among others, have asserted that activity-based costing (ABC) is inappropriate for operational decision-making. In this article, ABC is modified to reflect separate flexible and committed cost driver rates for an activity. This enables the model to reflect the difference in the behavior of an activity’s flexible and committed costs needed for operational planning decisions. The modified ABC facilitates determining the resources required to produce the product mix developed from the firm’s strategic plan and the excess capacity that will result. The modifications made to ABC aid in determining an optimal product mix when the firm has excess capacity, while the traditional ABC may not. Equally important, it facilitates measuring the financial implications of the resource allocation decisions that comprise the firm’s operational plan. As the operational plan is implemented, operational control is used to ensure that it is performed in an efficient and effective manner. The modified ABC enables the firm’s managers to compute the different types of deviations that arise from using flexible and committed resources at the unit, batch, and product levels of the firm’s operations. This aids in understanding problematic aspects of the firm’s operations and identifying where management resources are needed to improve operational efficiency.
Опубликовано на портале: 21-06-2006M. Gupta, K. Galloway Technovation. 2003. Vol. 23. No. 2. P. 131-138.
Activity-Based Costing/Management (ABC/M) is an Information System developed in the 1980s to overcome some of the limitations of traditional cost accounting and to enhance its usefulness to strategic decision-making. In this paper, we show how an ABC/M system can serve as a useful information system to support effective operations decision-making processes. We propose a conceptual framework, Operations Hexagon, to discuss the managerial implications of an ABC/M system for various operations management decisions related to product planning and design, quality management and control, inventory management, capacity management and work force management. By viewing an ABC/M system as an enabler to improve the operations decision-making, we demonstrate that these systems enable an operations manager to enhance the quality of the decision-making process.
Опубликовано на портале: 21-06-2006Jan Mouritsen Management Accounting Research. 1998. Vol. 9. No. 4. P. 461-482.
This paper compares and contrasts Economic Value Added (EVATM) and Intellectual Capital (IC) as two technologies of managing oriented towards encouraging growth. The analysis suggests that EVATMand IC contrasts greatly. EVATMis a financial management system based on radical delegation and ‘empowerment’ and which therefore directs attention to the results created by managers. Based on financial micro-theory, EVATMis a performance measure that attempts to account more properly for the cost of capital, but more than that, it is also a management control system which seeks to create radically independent business units and minimize corporate staff. IC is a different control system concerned to encourage endogenous growth implemented via loosely coupled sets of non-financial measurements that become strong via stories and metaphors about the post-modern firm in the post-modern world. Here, based on theories of organizational knowledge and competence development, emphasis is put on mobilizing white collar productivity and creativity based on some form of evolutionary economics or resource-based theory. While EVATMlooks to managers as the movers of change, IC seems more systematically to promote the creativity possessed by employees
Indicators of Successful Companies [статья]
Опубликовано на портале: 21-06-2006Robert Johnson, Luc Soenen European Management Journal. 2003. Vol. 21. No. 3. P. 364-369 .
Using monthly Compustat data for 478 companies covering the period 1982–1998, we investigate which factors discriminate between financially successful and less successful companies. Financial success is measured using three different methods, i.e., the Sharpe ratio, Jensen’s alpha, and EVA. We consider a total of 10 different company specific characteristics as potential indicators of superior performance. A binary logit model is applied to quantify the relationship between the individual firm characteristics and the probability that a particular measure of success will be greater or lower than the average for all firms considered. We also calculate the percentage correct prediction by the model for each measure of success. We find that especially large profitable firms with efficient working capital management and a certain degree of uniqueness regarding their business are the most successful companies.
Modeling the Relationship between Corporate Strategy and Wealth Creation Using Neural Networks [статья]
Опубликовано на портале: 21-06-2006Caron H. St. John, Nagraj Balakrishnan, James O. Fiet Computers & Operations Research. 2000. Vol. 27. No. 11-12.
In this paper, we hypothesize that there is a non-linear relationship between corporate strategy, short-run financial variables, and wealth creation measured as market value added (MVA), and use neural networking to model this relationship. The neural network model accurately categorized over 90% in the training set and nearly 93% of firms in the holdout test sample. Additional analysis revealed that strategy variables were particularly effective predictors of an upward trend in wealth creation whereas short-run financial variables were more effective in predicting a downward trend, or wealth destruction. Neural networks outperformed discriminant analysis in predictive ability in all analyses, suggesting the presence of non-linear effects. This research represents a first attempt to use neural networking to model the relationship between corporate strategy and wealth creation.
BP Amoco: Integrating Competitive and Financial Strategy. Part II: Financial Strategy and Valuation Measurement [статья]
Опубликовано на портале: 21-06-2006Paul Stonham European Management Journal. 2000. Vol. 18. No. 5.
Part Two of this Case Study of BP Amoco examines the role of finance and financial strategy in BP Amoco between 1990 and 2000 to see where and how far they were supportive and complementary to competitive strategies pursued by the company's senior managers, and if they were ever pro-active. Models of value creation by Damodaran and Rappaport are considered as generic background and the relationship between financial strategies and performance and competitive strategies examined by using a sample of ratios suggested by McKenzie. Part Two concludes with valuation of BP Amoco, applying several metrics: total returns, asset value, earnings multiples and discounted cash flows (specifically, economic value added)
Managing Costs and Cost Structure throughout the Value Chain: Research on Strategic Cost Management [статья]
Опубликовано на портале: 21-06-2006Shannon W. Anderson SSRN Working Papers. 2005.
Strategic cost management is deliberate decision-making aimed at aligning the firm's cost structure with its strategy and optimizing the enactment of the strategy. Alignment and optimization must comprehend the full value chain and all stakeholders to ensure long run sustainable profits for the firm. Strategic cost management takes two forms: structural cost management, which employs tools of organizational design, product design and process design to build a cost structure that is coherent with strategy; and executional cost management, which employs various measurement and analysis tools (e.g., variance analysis, analysis of cost drivers) to evaluate cost performance. In this chapter I develop a model that relates strategic cost management to strategy development and performance evaluation. I argue that although management accounting research has advanced our understanding of executional cost management, other management fields have done more to advance our understanding of structural cost management. I review research in a variety of management fields to illustrate this point. I conclude by proposing that management accounting researchers are uniquely qualified to create a body of strategic cost management knowledge that unifies structural and executional cost management.
Control Systems in Multibusiness Companies: From Performance Management to Strategic Management [статья]
Опубликовано на портале: 21-06-2006Fredrik Nilsson, Nils-Goran Olve European Management Journal. 2001. Vol. 19. No. 4. P. 344-358.
This article discusses the role of control systems in multibusiness companies. The focus is on formulation and implementation of corporate and business unit strategies. Three widely used categories of control models are discussed: (1) models for performance management, (2) models for value-based management, and (3) models for strategic management. The discussion is based upon central normative texts and examples from applications in Nordic companies. The description and discussion of the control models and their features should facilitate decision-making on the design and use of control systems in multibusiness companies.
The EVA Financial Management System [статья]
Опубликовано на портале: 21-06-2006Don Chew Journal of Applied Corporate Finance. 1995. Vol. 8. No. 2.
In this article, we argue that for many large companies the tops-down, earnings per share-based model of financial management that has long dominated corporate American is becoming obsolete. The most serious challenge to the long reign of EPS is coming from a measure of corporate performance called "economic value added," or EVA. EVA is by no means a new concept. Rather it is a practical, and highly flexible, refinement of economists' concept of "residual income"--the value that is left over after a company's stockholders (and all other important stakeholders) have been adequately compensated. For companies that aim to increase their competitiveness by decentralizing, EVA is likely to be the most sensible basis for evaluating and rewarding the periodic performance of empowered line people, especially those entrusted with major capital spending decisions. EVA, moreover, is not just a performance measure. When fully implemented, it is the centerpiece of an integrated financial management system that encompasses the full range of corporate financial decision-making--everything from capital budgeting, acquisition pricing, and the setting of corporate goals to shareholder communication and management incentive compensation. By putting all financial and operating functions on the same basis, an EVA system effectively provides a common language for employees across all corporate functions, linking strategic planning with the operating divisions, and the corporate treasury staff with investor relations and human resources. We begin by describing the shortcomings of the tops-down, EPS-based model of financial management. Next we explain the rise of hostile takeovers--as well as the phenomenal success of LBOs--in the 1980s as capital market responses to the deficiencies of the EPS model. The EVA financial management system, we go on to argue, borrows important aspects of the LBO movement--particularly, its focus on capital efficiency and ownership incentives--but without the high leverage and concentration of risk that limit LBOs to the mature sector of the U.S. economy. In the final section, we present the outlines of an EVA-based incentive compensation plan that is designated to simulate for managers and employees the rewards of ownership.
Опубликовано на портале: 16-06-2006Robert Charles Clark Harvard Law Review. 1979. Vol. 92. No. 4.
Discusses laws that regulate financial intermediaries and financial holding companies in the U.S. Information on laws that regulate the acquisition activities of intermediaries and holding companies; Consequences of financial holding companies; Criteria of definitional decisions.
Regional Regulation of Multistate Holding Companies: A Model for Readjusting the Federal-State Boundary [статья]
Опубликовано на портале: 16-06-2006Clinton A. Vince, Sherry A. Quirk, Richard A. Glick The Electricity Journal. 1990. Vol. 3. No. 10. P. 56-67.
There is now a conspicuous gap in regulation of holding company systems. This proposal for multistate involvement in these systems' planning processes would restore balance to the state-federal regulatory relationship.
Опубликовано на портале: 16-06-2006Howell E. Jackson Harvard Law Review. 1994. Vol. 107. No. 3.
Focuses on the expanding obligations of financial holding companies in the U.S. Emergence of enhanced obligations; Ways in which government officials have justified the trend toward enhanced obligations; Efficacy of enhanced obligations as a mechanism of regulatory control.
Опубликовано на портале: 16-06-2006Robert Goldstein, Nengju Ju, Hayne E. Leland Journal of Business. 2001. Vol. 74. No. 4. P. 483-513.
A model of dynamic capital structure is proposed. Even though the optimal strategy is implemented over an arbitrarily large number of restructuring-periods, a scaling feature inherent in the framework permits simple closed-form expressions to be obtained for equity and debt prices. When a firm has the option to increase future debt levels, tax advantages to debt increase significantly, and both the optimal leverage ratio range and predicted credit spreads are more in line with what is observed in practice.
Опубликовано на портале: 16-06-2006Saurabh Ghosh Applied Economics Letters. 2005. Vol. 12. No. 2. P. 89-94.
In the literature, the underperformance of IPOs is a well-documented empirical anomaly. This study concentrates on IPOs from the banking sector of an emerging economy, India. In a developing country, the role of the banking sector for economic development is undisputed. In view of its importance in economic resource allocation and its distinction from other industries in general, this paper analyses the post offering performance of banking sector IPOs in detail. The performance evaluation on the basis of stock returns did not find significant evidences of underperformance for the IPOs from the banking sector. Moreover, the study, based on key accounting parameters, found improvement in the performance of the banks in the post-listing period. There were no significant differences across ownership groups (public sector banks vis-à-vis their private counterpart) in the IPO performance.
Опубликовано на портале: 16-06-2006Kee H. Chung, Mingsheng Li, Linda Yu Financial Management. 2005. Vol. 34. No. 3. P. 65-88.
We consider a simple model positing that initial public offering price is equal to the present value of an entity's assets in place and growth opportunities. The model predicts that initial return is positively related to both the size and risk of growth opportunities. Consistent with this prediction, we find initial return to be positively related to both the fraction of the offer price that is accounted for by the present value of growth opportunities and various proxies of issue uncertainty. We also find that IPO investors equate one dollar of growth opportunities to approximately three quarters of tangible assets.