The use of asset management companies in the resolution of banking crises - cross-country experience

Asset management companies have been used to address the overhang of bad debt in the financial system. There are two main types of asset management company: those set up to expedite corporate restructuring and those established for rapid disposal of assets. A review of seven asset management companies reveals a mixed record. In two of three cases, asset management companies for corporate restructuring did not achieve their narrow goal of expediting bank or corporate restructuring, suggesting that they are not good vehicles for expediting corporate restructuring. Only a Swedish asset management company successfully managed its portfolio, acting sometimes as lead agent in restructuring - and helped by the fact that the assets acquired had mostly to do with real estate, not manufacturing, which is harder to restructure, and represented a small fraction of the banking system's assets, which made it easier for the company to remain independent of political pressures and to sell assets back to the private sector. Asset management companies used to dispose of assets, rapidly fared somewhat better. Two of four agencies (in Spain and the United States) achieved their objectives, suggesting that asset management companies can be used effectively for narrowly defined purposes of resolving insolvent and inviable financial institutions, and selling off their assets. Achieving these objectives required an easily liquefiable asset - real estate - mostly professional management, political independence, adequate bankruptcy, and foreclosure laws, appropriate funding, skilled resources, good information and management systems, and transparent operations and processes. The other two agencies (in Mexico and the Philippines) were doomed from the start, as governments transferred to them politically motivated loans or fraudulent assets, which were difficult for a government agency susceptible to political pressure and lacking independence to resolve or sell off.Banks&Banking Reform,International Terrorism&Counterterrorism,Financial Crisis Management&Restructuring,Payment Systems&Infrastructure,Municipal Financial Management,Financial Crisis Management&Restructuring,International Terrorism&Counterterrorism,Municipal Financial Management,Financial Intermediation,Banks&Banking Reform

Coevolutionary Competence in the Realm of Corporate Longevity: How Long-lived Firms Strategically Renew Themselves

Understanding the phenomena of corporate longevity and self-renewing organizations has become an important topic in recent management literature. However, the majority of the research contributions focus on internal determinants of longevity and self-renewal. Using a co-evolutionary framework, the purpose of this paper is to address the dynamic interaction between organizations and environments in the realm of sustained strategic renewal, i.e. corporate longevity. To this end, we will focus on the competence of long-lived firms to coevolve due to the joint effect of managerial intentionality and environmental selection pressures. Building on coevolutionary framework, we develop a conceptual framework that highlights an organization’s coevolutionary competence. Two longitudinal case studies are presented illustrating the arguments.strategic renewal;corporate longevity;competence-based management;adaptive open systems;coevolutionary competence

Process monitoring IAN Agroparks in India : Transforum report 2009

This is the first report of the TransForum project Process monitoring agroparks international, which focuses on India and specific on the development of the IFFCO Kisan SEZ Nellore in the south of India. It contains an overview of process design and the content of the proposition of IAN agroparks in India for 2009

End user’s resistance to change from project team’s perspective

Nowadays organizations compete in dynamic and global business environment where competition is fierce and to survive the organizations need to change their operations and functions constantly (Agboola & Salawu 2011, 235, 241). Furthermore, the usage of information systems has become a necessity for the organizations (Chen, Liu & Chen) and thus, organizations use a lot of money and resources to develop their systems (Stoica & Brouse 2013, 728). However, the information system development projects often fail (Stoica & Brouse 2013, 728) and one of the reasons for the failure is the resistance to change (RTC). The RTC is a complex and multifaceted phenomenon (Hirschheim & Newman 1988, 400) and there is no simple solution how to mitigate its impact on the project outcome. The purpose of this study was to examine the relationship between the project team and the end users and further the end users resistance to change from project team’s perspective. The objective was to find out how project team can influence on end users resistant behavior and enhance readiness for change and further, what kind of tools and methods the project team can use. The systematic literature review was made on two concepts, namely the IS project failures and the resistance to change. The empirical data was gathered through interviews and the collected data was encoded and analyzed based on the Grounded Theory methodology. The project team’s influence on end users’ RTC is limited due to the complex and multifaceted nature of the RTC formation. However, some conclusions can still be made from the gathered data. The project team can mainly influence on the end users’ RTC through the interaction between the project team and end users for instance the quality and timing of the information, the listening of end users’ concerns, and finding a mutual language. Furthermore, the collaboration within the team, the visibility of the team and planning carefully the resources for the project are important factors in the formation of end users’ RTC

Uloga aktivnog sudjelovanja temeljenog na povjerenju kao medijatora učenja za upotrebu informacijske tehnologije za kreativne izvedbe

Purpose – While information technology (IT) has an important role in organizational development nowadays, in many previous studies, it was not found to have a significant direct effect on performance, thus producing a gap. The novelty of this study lies in building a conceptual model aimed at explaining the inconclusive gap research. Information technology in its capacity as infrastructure has the role of providing knowledge induction support to organizations, thus providing another dynamic concept, one of which is learning. In many previous studies, researchers completed the inconclusiveness gap of this research by using an approach derived from the organizational learning (OL) theory. However, this leaves a new inconclusiveness because the gap cannot be resolved just by ordinary organizational learning but refers to a concept of tacit, cohesive trust-based learning. The cohesive concept is intended to dynamize the organizational learning process. Design/methodology/approach – The sample is a design-based fashion SME that has been established for a minimum of three years, the SME business line is relevant to the variables displayed because SMEs face strong demands to build their knowledge by getting brilliant ideas to continue to survive in a creative industry. The analytical tool used is Structural Equation Modeling (SEM). Findings and implication – The results of analysis build on the equation CP=0.599IT+1.524TBAP-0.288RTC. They provide empirical evidence that trust-based active participation (TBAP) has succeeded in becoming a full mediator that has a significant influence on the role of IT, β= 0.96, p<0.001 on creative performance (CP) β = 1.70, p<0.001. This paper fills the body of knowledge in the domain of organizational learning with trust-based active participation as a concept novelty. Limitation – While the value of AGFI 0.869 is smaller than cut off (0.90), that figure is still considered fit. Originality – This paper offers TBAP as a novelty in trying to fi ll the research gap. Value trust is inherent in teamwork within mutual learning induction organizations, where trust is presented to highlight cohesiveness in teamwork and the understanding that team members are not competitors. In the future, they will create a safe zone of sharing in learning, this condition will in turn encourage tacit knowledge, mastered by the members which can be shared in teams as repositories of organizational knowledge.Svrha – Informacijska tehnologija (IT) danas zauzima važnu ulogu u organizacijskom razvoju, ali u mnogim prethodnim istraživanjima nije pokazala značajniji izravan utjecaj na učinkovitost. Time je stvoren istraživački jaz. Novost ovog istraživanja jest izgradnja konceptualnog modela koji može objasniti prazninu u istraživanju. Informacijska tehnologija u svojstvu infrastrukture ima ulogu potpore poticanju znanja u organizacijama kroz dinamični koncept, od kojih je jedan učenje. U mnogim prijašnjim studijama istraživači su popunili prazninu koristeći pristup izveden iz teorije organizacijskog učenja (OL), no još uvijek postoje nedorečenosti jer se ovaj jaz ne može riješiti samo uobičajenim organizacijskim učenjem, već se odnosi na koncept kohezivnog nesvjesnog učenja. Kohezivni koncept namijenjen je dinamiziranju procesa organizacijskog učenja. Metodološki pristup – Uzorak čine zaposlenici malog-srednjeg poduzeća iz dizajnerske-modne industrije koje posluje najmanje tri godine. Izabrano je zbog toga što je relevantno za prikazane varijable te zbog velike potrebe za izgradnjom znanja za dobivanje izvrsnih ideja radi opstanka u kreativnoj industriji. Korišteni analitički alat jest modeliranje strukturnih jednadžbi (SEM). Rezultati i implikacije – Analiza rezultata predlaže jednadžbu CP=0.599IT+1.524TBAP-0.288RTC. Rezultati istraživanja pružaju empirijske dokaze da je TBAP uspio postati potpuni medijator sa značajnim utjecajem uloge informacijske tehnologije IT β = 0,96, p <0,001 na kreativnu izvedbu (CP) β = 1,70, p <0,001. Rad dopunjuje znanja iz područja organizacijskog učenja novim konceptom aktivnog sudjelovanja temeljenog na povjerenju. Ograničenja – Iako je vrijednost AGFI 0,869 manja od granične vrijednosti (0,90), još uvijek se smatra prikladnom. Doprinos – Rad nudi novi koncept, sudjelovanje temeljeno na povjerenju (TBAP) kao odgovor na jaz u prijašnjim istraživanjima. Vrijednosno povjerenje svojstveno je timskom radu unutar organizacija u kojima je prisutno uzajamno učenje, gdje se povjerenjem naglašava kohezija i razumijevanje timskog rada tako da članovi tima nisu međusobni konkurenti u budućnosti. To će stvoriti sigurnu zonu dijeljenja pri učenju; stanje će potaknuti nesvjesno znanje članova koji se mogu dijeliti u timove kao spremišta organizacijskog znanja

Reaction to planned organizational change: the review of resistance behaviour

This paper proposes a conceptual model of resistance to change (RTC) behaviour among civil servant officers in the Malaysia public sector (MPS). It is based on an extensive review of past research on RTC behaviour. From the literature reviewed, three groups of antecedents of RTC behaviour were identified, viz. individual factors, social factors and organizational factors. This paper offers a number of propositions which cumulatively propose leadership competency as a mediating variable in linking the three groups of antecedents with RTC behaviour. Upon model validation, the paper could offer practical intervention for managers and Organizational Development (OD) practitioners to review and manage “positive” RTC behaviour among civil servants in organizations. It is hoped that this paper yields a new approach in theorizing the behaviour of RTC by integrating the Theory of Planned Behaviour, Theory of Psychological Reactance, Social Identity Theory and Organizational Support Theory. This paper contributes to literature in RTC, OD and Human Resource Development

Land Use and Remedy Selection: Experience from the Field — The Industri-Plex Site

As the United States Congress debates revisions to the federal Superfund law, one of the most important topics of discussion is the degree to which cleanups at Superfund sites should be based on their expected future land use. This discussion has engaged the Superfund community for several years. Despite this apparent interest in linking cleanup with land use, however, surprisingly little analysis has been done on what role land use already plays in selecting remedies. RFF researchers have addressed the shortfall with case studies at three Superfund sites—Abex Corporation in Portsmouth, Virginia, Industri-Plex in Woburn, Massachusetts, and Fort Ord near Monterey, California—where land use has played a prominent role in the remedy selection process. Each of the case studies includes a description of: the contamination at the site; the different stakeholders involved in the remedy selection process; and the influence that land use considerations have had on this process. The three case studies are part of a larger RFF research project on land use and remedy selection that was funded in part under a grant from the U.S. Environmental Protection Agency.