A Behavioural Finance Explanation of a Gearing-ß Inverse Association Referencing Weill’s Liquidity Result (in English)

The authors investigated Arnold’s conjecture that Leverage (Financial Gearing) and Operating Gearing should be positively related to the equity ß of the Sharpe/Lintner CAPM. They find for a sample of the S&P 500 firms that have been on that index continuously for more than 15 years, that ß is negatively associated with Leverage and Operating Gearing. Using Weill’s results for transitional economies, the authors suggest that liquidity may provide an explanation for this anomalous ß-Gearing inversion. The implications are: that (1) one should revaluate the positive associations posited for Financial and Operating gearing with ß and (2) consider the possibility of managing liquidity as a way to affect ß.financial gearing; leverage; liquidity; beta

Employee Perceptions of HRM and TQM and the Effects on Satisfaction and INtention to Leave

There is a growing interest in theory and in practice with regard to the relationship between human resource management [HRM] and total quality management [TQM] as well as the relationship between these two perspectives and business performances. Empirical research suggests significant effects of HRM/TQM on the performances of an organisation. The majority of research in this area is focused on the effects of HRM/TQM at the organisational level. Research on the perceptions of individual employees might obtain new insights for further discussion on the effectiveness of HRM/TQM in an organisation. The authors have the opportunity to analyse a relatively large database with recent data of individual employee perceptions from a knowledge-intensive organisation in The Netherlands. This analysis gives new insight in relation to concepts like 'co-operation', 'information', 'leadership', 'salary', 'work conditions', and 'goal setting' in relation to employee satisfaction and the intention to leave the organisation.employee morale;human resources management (HRM);total quality management (TQM)

Total Quality Management Benefits and Barriers in Construction Industry

The building sector is playing an important part Major factor in any country's development. The Construct industry growth depends on Building project efficiency. Quality is one thing Important factor in construction industry success in this paper the problems of quality definition in the construction industry are discussed, analysis potential advantages of quality implementation and considers quality barriers to Building implementation. Many implementing obstacles. We identify recent patterns that could lead to the Invade barriers. However, the various building actors must Know that improvement is necessary for the construction industry to improve quality TQM is specifically designed to deliver excellence in customer satisfaction by continual improvement full participation of product and processes every person who is a part of dedication that product/process. It's an orchestrated approach enhancement. If implemented correctly, it will support the Company of construction to boost its efficiency

An Empirical Analysis of Inventory Turnover Performance Within a Local Chinese Supermarket

Retail inventory is an important indicator for retailers as well as their shareholders and suppliers. Inventory enables retailer to sell products to customer but excessive or slow moving inventory also add extra cost. For shareholders and suppliers this is an indication of retailer’s bright or grim future. The aim of this research is to analyze the inventory turnover’s impact on the performance variables of profit margin percentage and sale surprise in one of the retailing firm of Hubei province China. We will study if inventory turnover is affected by profit margin percentage and sale surprise similarly across all categories and modes of operation in retail firm or there is some variation in the known behavior. We will be testing our hypothesis on data of a large local supermarket chain that operates in the Hubei province of China. They have multiple supermarkets in the tier 1 and tier 2 cities of the province. We investigate correlation of inventory turnover with profit margin percentage and sale surprise across different categories and modes of operation. The analysis reveals that there is a negative correlation between Inventory Turnover and profit margin percentage, while positive correlation exists between Inventory Turnover and Sale surprise across all categories and modes. But its rate of correlation varies between categories and channel structure

Analyzing Inventory Turnover Performance in Different Retailing Mode of Operations

Inventory turnover differs across different retailers and operation modes employed by the retailers. Such a variation while undermining the usefulness of inventory turnover for performance analysis; requires particular attention. We perform an empirical analysis using sales data from a large retail firm for the year 2013-2016 for investigating the relationship of inventory turnover with mode of operations. The analysis reveals that the variation of inventory turnover among different mode of operations is much larger than variation of inventory turnover within each mode. So there is significant relationship between mode of operations and inventory turnover. This study inspects the influence of different channel structures on inventory turnover in a large supermarket, which has employed multiple modes of operations in different categories

A Comparative Analysis of the Performance of the Czech Excellence Award Winners

The purpose of this paper is to assess whether the implementation of excellence approach in area of a total quality management (TQM) positively affects the financial performance of the Czech companies. This paper test whether the adoption of excellence model approach from European Foundation of Quality Management (EFQM) has the impact on companies in the monitored indicators of the level of excellence in the Czech Republic represented by the group of emerging countries. This study is based on information gathered through an extensive literature review using print media, research databases, and we employed the available reporting for awarded companies. We systemized the variables of business excellence with the higher impact on organizational performance. As an example was involved the Czech companies awarded in National Quality Award (NQA) in the area of excellence. The main findings of this study shows the positive relation in selected financial indicators after receiving NQA and implementation excellence approach. In terms of the Czech Republic, although the NQA system is in place, Czech companies are not so interested, even though they can get feedback and work on their approach within the set criteria of the EFQM model in NQA. Based on selected performance indicators, the positive development of the companies was demonstrated on performance achieved by the TQM-oriented award winning companies. This work is licensed under a&nbsp;Creative Commons Attribution-NonCommercial 4.0 International License.</p

Employee Perceptions of HRM and TQM and the Effects on Satisfaction and INtention to Leave

There is a growing interest in theory and in practice with regard to the relationship between human resource management [HRM] and total quality management [TQM] as well as the relationship between these two perspectives and business performances. Empirical research suggests significant effects of HRM/TQM on the performances of an organisation. The majority of research in this area is focused on the effects of HRM/TQM at the organisational level. Research on the perceptions of individual employees might obtain new insights for further discussion on the effectiveness of HRM/TQM in an organisation. The authors have the opportunity to analyse a relatively large database with recent data of individual employee perceptions from a knowledge-intensive organisation in The Netherlands. This analysis gives new insight in relation to concepts like 'co-operation', 'information', 'leadership', 'salary', 'work conditions', and 'goal setting' in relation to employee satisfaction and the intention to leave the organisation

Determinants in the adoption of total quality management (tqm) in the construction sector: a management perspective

Although the empirical evidence shows the existence of a positive relationship between the adoption of TQM and an improvement in corporate performance, its dissemination is heterogeneous among companies in the construction sector. The main objective of this paper focuses on identifying the relevant factors that drive executives of construction companies to adopt TQM. Specifically, it analyzes the extent to which company managers’ expectations of the impact of TQM on their business performance determine whether they will adopt TQM or not. The results show that expectations concerning financial improvement, environmental issues, and the satisfaction of customers and employees drive company managers in the construction sector to adopt TQM

Total Quality Management Practices in the Nigerian Construction Industry

Total quality management (TQM) is one of the many quality-oriented techniques that has been identified as a successful management philosophy that can be effectively implemented in the construction industry. The purpose of this paper is to assess the influence of Total Quality management (TQM) practices on organisational performance in medium and large sized construction companies in the Nigerian construction industry. A comprehensive review of relevant literature was carried out to identify the variables to be included in the questionnaire survey which was later self-administered to 155 managers of medium and large sized construction companies in Abuja, Nigeria. The data obtained from the survey were analysed using descriptive and inferential statistical tools. The findings from the survey revealed that there are six areas of quality practices within the organisations studied: Top Management Commitment, Customer Focus, Supplier Relationship, Employee Involvement and Empowerment, Work Environment and Benchmarking which were found to be statistically significant to TQM practices in their various organisational performance levels. The findings further indicate that construction companies implement TQM to a high extent in their various organisational levels which implies that TQM practices have high influence on organisational performance in construction companies. The findings from Africa on practices of TQM in the construction industry especially from the Nigerian construction industry perspective should arose the interest of researchers globally who are keen in using comparable paradigm for continuous business improvement. Limited research on this subject in the study area attests to its originality. However, the findings presented here are of invaluable benefits to the management of construction companies as well as major stakeholders in construction in Nigeria and other developing countries to achieve excellence in organisational performance