Better than their reputation - A case for mail surveys in contingent valuation

Though contingent valuation is the dominant technique for the valuation of public projects, especially in the environmental sector, the high costs of contingent valuation surveys prevent the use of this method for the assessment of relatively small projects. The reason for this cost problem is that typically only contingent valuation studies which are based on face-to-face interviews are accepted as leading to valid results. Especially in countries with high wages face-to-face surveys are extremely costly considering that for a valid contingent valuation study a minimum of 1,000 completed face-to-face interviews is required. In this paper we try a rehabilitation of mail surveys as low-budget substitutes for costly face-to-face surveys. Based on an empirical contingent valuation study in Northern Thailand we show that the validity of mail surveys can be improved significantly if so-called citizen expert groups are employed for a thorough survey design.contingent valuation; Environmental Valuation; Equity

Networking and innovation within the ornamental plant sector

The ornamental plant cultivation could benefit from networking, as the locus of innovation is no longer the individual farm, but increasingly the network within which the farm is embedded. The main contribution of this paper is to shed light on the relation between networking and innovation and the influencing factors for networking as leverage for innovation within the ornamental plant sector. In contrast to the majority of the innovation studies, which are focusing on technological innovation i.e. product and process innovations, this study includes also marketing and organizational innovations. By looking at the link between innovation type and network partner, we found that network partners differ depending on the innovation type. Furthermore, this study provides insights into the factors influencing networking in the ornamental plant sector in particular. The results lead to implications for ornamental plant growers and network coordinators. It is important that growers are aware of the merit of partner suitability for the innovation type they are aiming at. For network coordinators, it is important to set up a clear strategy and communicate for which innovations their network can advise and help the farmer. They could focus on improving their approachability and try to increase the added value of activities by aligning them better with farmers' needs

Organisation of Innovation in High-Tech Industries: Acquisitions as Means for Technology Sourcing.

Innovation activities in the semiconductor industry provide considerable challenges for technology and innovation management. In particular, firms frequently face make-or-buy decisions and such decisions have considerable management implications. The semiconductor industry has a long history of radical innovations which are taking place through distinct industry cycles of high and low demand. The paper investigates these issues for the Electronic Design Automation industry which is a specific sub-segment of the semiconductor industry. Based on database searches and structured interviews, the paper analyses empirically the reasons for make or buy decisions with regard to innovation and the level of acquisition activities of innovative small firms in the Electronic Design Automation industry. This analysis is supported by an analysis of the SEC filings of large firms in the Electronic Design Automation industry.

Measuring the alignment of Maintenance and Manufacturing Strategies – The development of a new model and diagnostic tool

Purpose - To outline the development of a new conceptual model and diagnostic tool which assesses the strategic processes and links involved between maintenance and manufacturing strategies and the effect on manufacturing performance. Methodology - The new model was developed in two stages. Firstly a conceptual framework was produced and then a holistic diagram. From this theoretical model a diagnostic tool was generated. This tool was then verified and tested during an empirical research phase which produced four extensive and detailed case studies. A brief overview of one of the case studies is provided in this article. Findings - It was found that the conceptual model provided an accurate representation of the strategic processes and links which should exist in a manufacturing plant. Moreover the diagnostic tool proved to be a valid and reliable test instrument to measure and display this information. Practical implications - The diagnostic tool provides a snapshot of the status of manufacturing and maintenance strategies which then can be used to benchmark improvements over time. If required the individual questions from the questionnaire can be “reverse engineered” to provide detailed information for senior managers to carry out corrective action. Originality/value – This theoretical and empirical research closes a gap in the literature relating to the linkage between maintenance and manufacturing strategies. It does so by providing a unique and holistic model showing the strategic processes and links which should exist within a manufacturing plant. Moreover the diagnostic tool produced from the model is a convenient audit facility which enables companies to move toward functional coherence

Disclosure measurement in the empirical accounting literature: A review article

This is the first study to provide an extensive and critical review of different techniques used in the empirical accounting literature to measure disclosure. The purpose is to help future researchers to identify exemplars and to select suitable techniques or to develop their own techniques. It also provides in depth discussion of current measurement issues related to disclosure and identifies gaps in the current literature which future research may aim to cover

Payout Policy in the 21st Century

We survey 384 CFOs and Treasurers, and conduct in-depth interviews with an additional two dozen, to determine the key factors that drive dividend and share repurchase policies. We find that managers are very reluctant to cut dividends, that dividends are smoothed through time, and that dividend increases are tied to long-run sustainable earnings but much less so than in the past. Rather than increasing dividends, many firms now use repurchases as an alternative. Paying out with repurchases is viewed by managers as being more flexible than using dividends, permitting a better opportunity to optimize investment. Managers like to repurchase shares when they feel their stock is undervalued and in an effort to affect EPS. Dividend increases and the level of share repurchases are generally paid out of residual cash flow, after investment and liquidity needs are met. Financial executives believe that retail investors have a strong preference for dividends, in spite of the tax disadvantage relative to repurchases. In contrast, executives believe that institutional investors as a class have no strong preference between dividends and repurchases. In general, management views provide at most moderate support for agency, signaling, and clientele hypotheses of payout policy. Tax considerations play only a secondary role. By highlighting where the theory and practice of corporate payout policy are consistent and where they are not, we attempt to shed new light on important unresolved issues related to payout policy in the 21st century.

Maintenance of Automated Test Suites in Industry: An Empirical study on Visual GUI Testing

Context: Verification and validation (V&V) activities make up 20 to 50 percent of the total development costs of a software system in practice. Test automation is proposed to lower these V&V costs but available research only provides limited empirical data from industrial practice about the maintenance costs of automated tests and what factors affect these costs. In particular, these costs and factors are unknown for automated GUI-based testing. Objective: This paper addresses this lack of knowledge through analysis of the costs and factors associated with the maintenance of automated GUI-based tests in industrial practice. Method: An empirical study at two companies, Siemens and Saab, is reported where interviews about, and empirical work with, Visual GUI Testing is performed to acquire data about the technique's maintenance costs and feasibility. Results: 13 factors are observed that affect maintenance, e.g. tester knowledge/experience and test case complexity. Further, statistical analysis shows that developing new test scripts is costlier than maintenance but also that frequent maintenance is less costly than infrequent, big bang maintenance. In addition a cost model, based on previous work, is presented that estimates the time to positive return on investment (ROI) of test automation compared to manual testing. Conclusions: It is concluded that test automation can lower overall software development costs of a project whilst also having positive effects on software quality. However, maintenance costs can still be considerable and the less time a company currently spends on manual testing, the more time is required before positive, economic, ROI is reached after automation

Beyond ‘the Beamer, the boat and the bach’? A content analysis-based case study of New Zealand innovative firms

In this paper we will use case studies to seek to understand the dynamic innovation processes at the level of the firm and to explain the apparent 'enigma' between New Zealand's recent innovation performance and economic growth. A text-mining tool, Leximancer, (version 4) was used to analyse the case results, based on content analysis. The case studies reveal that innovation in New Zealand firms can be best described as 'internalised', and the four key factors that affect innovation in New Zealand firms are ‘Product’, ‘Market’, ‘People’ and ‘Money’. New Zealand may be an ideal place for promoting local entrepreneurship, however, many market/technology opportunities cannot be realized in such a small and isolated economy, hence the poor economic performance