“Triple Bottom Line” as “Sustainable Corporate Performance”: A Proposition for the Future

Based upon a review of corporate performance, corporate financial performance and corporate social performance, we propose that the concept of ―triple bottom line‖ (TBL) as ―sustainable corporate performance‖ (SCP) should consist of three measurement elements, namely: (i) financial, (ii) social and (iii) environmental. TBL as SCP is proposed to be derived from the interface between them. We also propose that the content of each of these measurement elements may vary across contexts and over time. Furthermore, TBL as SCR should be interpreted to be a relative concept that is dynamic and iterative. Continuous monitoring needs to be performed, adapting the content of the measurement elements to changes that evolve across contexts and over time in the marketplace and society. TBL as SCP may be seen as a function of time and context. Keywords: triple bottom line; sustainable corporate performance; corporate social performance; financial performanc

The integration approach: Integrating technology strategy with business strategy in the airline industry

Technology has emerged as a key component in solving complex strategic issues. Much of the relevant literature recognises technology as the driving force behind the fast rate of change in many markets. Consequently, organisations are becoming increasingly dependent on advanced technology to improve their performance. At the same time organisations need to be extremely flexible in order to meet the demands of customers quickly, accurately and cost-effectively. To benefit from the potential of technology in highly dynamic environments, there is a need to integrate technology strategy with business strategy. This research explores the integration between technology strategy and business strategy in the airline industry. The literature on technology, technology strategy, corporate strategy, business strategy, competitive advantage and the integration of technology strategy with business strategy is critically evaluated and shortcomings of the literature are identified. The literature review was evaluated and identifies gaps and possible future directions. This indicated a need for a systematic way of linking technology and business strategies. Thus an Integration Model is proposed consisting of three stages involving business strategy, competitive strategy and technology strategy. The literature review and the Integration Model identified the importance of technology assessment in formulating a technology strategy and the need for a supportive tool to aid this process

A methodology for analysing and evaluating narratives in annual reports: a comprehensive descriptive profile and metrics for disclosure quality attributes

There is a consensus that the business reporting model needs to expand to serve the changing information needs of the market and provide the information required for enhanced corporate transparency and accountability. Worldwide, regulators view narrative disclosures as the key to achieving the desired step-change in the quality of corporate reporting. In recent years, accounting researchers have increasingly focused their efforts on investigating disclosure and it is now recognised that there is an urgent need to develop disclosure metrics to facilitate research into voluntary disclosure and quality [Core, J. E. (2001). A review of the empirical disclosure literature. Journal of Accounting and Economics, 31(3), 441–456]. This paper responds to this call and contributes in two principal ways. First, the paper introduces to the academic literature a comprehensive four-dimensional framework for the holistic content analysis of accounting narratives and presents a computer-assisted methodology for implementing this framework. This procedure provides a rich descriptive profile of a company's narrative disclosures based on the coding of topic and three type attributes. Second, the paper explores the complex concept of quality, and the problematic nature of quality measurement. It makes a preliminary attempt to identify some of the attributes of quality (such as relative amount of disclosure and topic spread), suggests observable proxies for these and offers a tentative summary measure of disclosure quality

Computing mean first exit times for stochastic processes using multi-level Monte Carlo

The multi-level approach developed by Giles (2008) can be used to estimate mean first exit times for stochastic differential equations, which are of interest in finance, physics and chemical kinetics. Multi-level improves the computational expense of standard Monte Carlo in this setting by an order of magnitude. More precisely, for a target accuracy of TOL, so that the root mean square error of the estimator is O(TOL), the O(TOL-4) cost of standard Monte Carlo can be reduced to O(TOL-3|log(TOL)|1/2) with a multi-level scheme. This result was established in Higham, Mao, Roj, Song, and Yin (2013), and illustrated on some scalar examples. Here, we briefly overview the algorithm and present some new computational results in higher dimensions

A multi-layered approach to surfacing and analysing organisational narratives : increasing representational authenticity

This paper presents an integrated, multi-layered approach to narrative inquiry, elucidating the evolving story of organisational culture through its members and their physical, textual, linguistic and visual dialogue. A dynamic joint venture scenario within the UK hi-technology sector was explored to advance understanding of the impact of transformation level change, specifically its influence on shared belief systems, values and behavioural norms. STRIKE – STructured Interpretation of the Knowledge Environment is introduced as an innovative technique to support narrative inquiry, providing a structured, unobtrusive framework to observe, record, evaluate and articulate the organisational setting. A manifestation of narrative in physical dialogue is illuminated from which the underlying emotional narrative can be surfaced. Focus groups were conducted alongside STRIKE to acquire a first order retrospective and contemporaneous narrative of culture and enable cross-method triangulation. Attention was given to non-verbal signals such as Chronemic, Paralinguistic, Kinesic and Proxemic communication and participants were also afforded opportunities to develop creative output in order to optimise engagement. Photography was employed to enrich STRIKE observation and document focus group output, affording high evidential value whilst providing a frame of reference for reflection. These tools enable a multiplicity of perspectives on narrative as part of methological bricolage. Rich, nuanced and multi-textured understanding is developed, as well as the identification of connections, timbre and subjugated knowledge. A highly emotional and nostalgic context was established with actors’ sense of self strongly aligned with the pre-joint venture organisation and its brand values, norms and expectations. Credibility and authenticity of findings is enhanced through data triangulation indicating traceability across methods, and from the contextual preservation attained through STRIKE. The multi-layered approach presented can facilitate researcher reflexivity and sense-making, while for the audience, it may be employed to help communicate and connect research findings. In particular, STRIKE demonstrates utility, quality and efficacy as a design artefact following ex-post evaluation. This systematic method of narrative inquiry is suitable for standardisation and alongside a diagnostic/prescriptive capacity, affords both researcher and practictioner value in its application

Measuring Organizational Performance in Strategic Human Resource Management: Looking Beyond the Lamppost

A major challenge for Strategic Human Resource Management research in the next decade will be to establish a clear, coherent and consistent construct for organizational performance. This paper describes the variety of measures used in current empirical research linking human resource management and organizational performance. Implications for future research are discussed amidst the challenges of construct definition, divergent stakeholder criteria and the temporal dynamics of performance. A model for performance information markets to address these challenges is introduced. The model uses a multi-dimensional weighted performance measurement system and a free information flow exchange mechanism for determining performance achievement criteria

Panel Data Models with Unobserved Multiple Time - Varying Effects to Estimate Risk Premium of Corporate Bonds

We use a panel cointegration model with multiple time- varying individual effects to control for the enigmatic missing factors in the credit spread puzzle. Our model specification enables as to capture the unobserved dynamics of the systematic risk premia in the bond market. In order to estimate the dimensionality of the hidden risk factors jointly with the model parameters, we rely on a modified version of the iterated least squares method proposed by Bai, Kao, and Ng (2009). Our result confirms the presence of four common risk components affecting the U.S. corporate bonds during the period between September 2006 and March 2008. However, one single risk factor is sufficient to describe the data for all time periods prior to mid July 2007 when the subprime crisis was detected in the financial market. The dimensionality of the unobserved risk components therefore seems to reflect the degree of difficulty to diversify the individual bond risks.Corporate Bond; Credit Spread; Systematic Risk Premium; Panel; Data Model with Interactive Fixed Effects; Factor Analysis; Dimensionality Criteria; Panel Cointegration

Panel Data Models with Unobserved Multiple Time- Varying Effects to Estimate Risk Premium of Corporate Bonds

We use a panel cointegration model with multiple time- varying individual effects to control for the missing factors in the credit spread puzzle. Our model specification enables as to capture the unobserved dynamics of the systematic risk premia in the bond market. In order to estimate the dimensionality of the hidden risk factors jointly with the model parameters, we rely on a modified version of the iterated least squares method proposed by Bai, Kao, and Ng (2009). Our result confirms the presence of four common risk components affecting the U.S. corporate bonds during the period between September 2006 and March 2008. However, one single risk factor is sufficient to describe the data for all time periods prior to mid July 2007 when the subprime crisis was detected in the financial market. The dimensionality of the unobserved risk components therefore seems to reflect the degree of difficulty to diversify the individual bond risks.Panel Data Model; Factor Analysis; Credit Spread; Systematic Risk Premium;