From Value Protection to Value Creation: Rethinking Corporate Governance Standards for Firm Innovation

A company’s pro-innovation needs are often met by the exploitation of its resources, widely defined. The resource-based theory of the firm provides immense empirical insights into how a firm’s corporate governance factors can contribute to promoting innovation. However, these implications may conflict with the prevailing standards of corporate governance imposed on many securities markets for listed companies, which have developed based on theoretical models supporting a shareholder-centered and agency-based theory of the firm. Although prevailing corporate governance standards can to an extent support firm innovation, tensions are created in some circumstances where companies pit their corporate governance compliance against resource-based needs that promote innovation. In the present context of steady internationalization and convergence in corporate governance standards in global securities markets towards a shareholder-centered agency-based model, we argue that there is a need to provide some room for accommodating the resource-based needs for companies in relation to promoting innovation. We explore a number of options and suggest that the most practicable option would be the development of recognized exceptions that deviate from prevailing corporate governance standards. We further suggest as to how an exceptions-based regime can be implemented in the U.K. and U.S., comparing the rules-based regime in the U.S. with the principles-based regime in the U.K

From governance to meta-governance in tourism?: Re-incorporating politics,interests and values in the analysis of tourism governance

Despite its theorization in the political and policy sciences in the early 1990s, the concept of metagovernance has gained relatively little recognition in tourism studies. Nevertheless, its significance in the political sciences and policy literature, especially as a result of the perceived failure of governance systems following the recent global financial crisis, has only served to reinforce its relevance. Metagovernance addresses some of the perceived failures of traditional governance approaches and associated interventions, and has enabled the understanding of central-state led regimes of shadowed hierarchical authorities and local-level micro-practices of social innovation and self-government. In contrast, tourism studies have tended to restrict study of the political dimension of tourism governance and the role of the state under the traditional parallelism between government and governance. Examination of how governance is itself governed enables a better understanding of the practices of planning and policy making affecting tourism and destinations. In particular, the applications of concepts of governance are inextricably linked to a given set of value assumptions which predetermine the range of its application. A short example of the application of the metagovernance paradigm is provided from the New Zealand context. It is concluded that governance mechanisms are not value-neutral and instead serve to highlight the allocation of power in a destination and the dominance of particular values and interests

Electronic market as a strategic lever of an innovation virtual system - an integrative approach to territorial innovations management

During the last years, electronic market has become established very quickly in all areas of the business world. Moreover, according to the most recent forecasts, it will grow exponentially during the years. ?Electronic market? phenomenon highlights the most significant effect of the Information and Communication Technologies development: space and time independence of the economic and social processes; every people, every social group, every Organization can communicate or can share information, knowledge, objectives, anywhere and anytime. In this new socioeconomic context, a re-thinking of local system economic growth models becomes necessary. In this paper we present Innovation Virtual System, as a new model for local systems development. Innovation System is conceived as a set of interacting Organizations, embedded in a dense web of social and economic relationships, skilled at creating, acquiring and transferring knowledge and at adapting their behavior according to knowledge about their external and internal settings. More specifically, we try to identify the effects of electronic market on these ?knowledge creating? Organizations, that is on their internal learning circuits and on their external relationships. Particularly we focus in the Internet based electronic market, highlighting the differences between Internet and the previous computing and communication environment, in order to give a clearer understanding of Internet as the strategic infrastructure of electronic market. After describing the impact of the Internet based electronic market on a single Organization, we present a framework of a local system collective learning process, and we describe some of the opportunities offered by the Internet based electronic market to this process.

Performance measurement : challenges for tomorrow

This paper demonstrates that the context within which performance measurement is used is changing. The key questions posed are: Is performance measurement ready for the emerging context? What are the gaps in our knowledge? and Which lines of enquiry do we need to pursue? A literature synthesis conducted by a team of multidisciplinary researchers charts the evolution of the performance-measurement literature and identifies that the literature largely follows the emerging business and global trends. The ensuing discussion introduces the currently emerging and predicted future trends and explores how current knowledge on performance measurement may deal with the emerging context. This results in identification of specific challenges for performance measurement within a holistic systems-based framework. The principle limitation of the paper is that it covers a broad literature base without in-depth analysis of a particular aspect of performance measurement. However, this weakness is also the strength of the paper. What is perhaps most significant is that there is a need for rethinking how we research the field of performance measurement by taking a holistic systems-based approach, recognizing the integrated and concurrent nature of challenges that the practitioners, and consequently the field, face

Procurement push and marketing pull in supply chain management: the conceptual contribution of relationship marketing as a driver in project financial performance

? The agenda for supply management practices on construction projects originated from clients. It is largely procurement driven, the dominant strategy of contractors being to emulate the client approach, and hence push the procurement model along the chain.? This procurement push along the supply chain translates the intrinsic client interest in value into a contractor interest in repeat business from the same client or through referral markets, the consequence being: (i) loss of interest in adding further value along the chain, (ii) continuous improvement prematurely reaches the law of diminishing returns through a primary cost reduction focus, (iii) supply chains may be rationalised in terms of the number of suppliers for each link in the chain, yet the procurement push increases chain length in order to squeeze the lowest costs possible, hence those doing the work at the bottom of the chain will not have the resources to add value nor necessarily be aware of the strategic principles at the top of the chain. ? Marketing is the other side of the same ?procurement coin?; relationship marketing (RM) soliciting a pull in the supply chain, potentially adding value for continuous improvement. ? Finally, the RM approach will be related to the theoretical and actual decoupling point for construction, with the potential to move the point towards the start of the chain, hence increasing the potential for agile manufacturing

Informatics Research Institute (IRIS) September 2008 newsletter

2007-8 was a very busy year for IRIS. It was a bumper year for visiting Profs with Prof Michael Myers visiting from New Zealand, Prof Brian Fitzgerald visiting from University of Limerick, Ireland, Prof. Uzay Kaymak visiting from Erasmus University Netherlands and Prof Steve Sawyer visiting from Pennsylvania State University, USA. Their visits enriched our doctoral school, seminar programme workshops and our research. We were very lucky to have such a distinguished line up of visiting professors and we offer them hearty thanks and hope to keep ongoing research links with them

A Provisional Framework for Studying Information Connectivity in Food Networks

Through a discussion of peculiarities of food supply, involving focus on information connectivity, a preliminary framework is sought that underlines joint responsibility in a complete supply chain of actors working in network context to achieve safe, quality and economic provision of products to end-use.Food chains and networks, Complete chain and network approach, Information connectivity, Enterprise modelling, Product traceability, Agribusiness, Agricultural and Food Policy, Farm Management, Food Consumption/Nutrition/Food Safety, Industrial Organization,