Contemporary Management Concepts, 2012, vol. 8, issue 2

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    Affective Management and its Effects on Management Performance
    (Nowy Sacz School of Business – National-Louis University, 2012) Authayarat, Waratta; Umemuro, Hiroyuki
    Affective management is a new concept which suggests that top managers should take stakeholders’ affective experiences into account when making their management decisions. To show that this concept could contribute to the improvement of management performance in organizations, this study investigated the correlations between the affectiveness of top management and management performance indices. Our questionnaire based on the Affective Management Scorecard was employed to assess top managers’ recognition of the importance, as well as the actual practices of affective management. Top managers from 43 Thai organizations participated in the study. A correlation analysis was conducted to observe whether affective management indices would correlate with management performance indices, such as return on equity, return on assets, price to earnings ratio, and price to book value ratio. The findings showed that the results for organizations practicing affective management were positively correlated with their management performance in both profitability and good perceptions by investors.
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    A Genetic Algorithm to Minimize the Total Tardiness for M-Machine Permutation Flowshop Problems
    (Nowy Sacz School of Business – National-Louis University, 2012) Chung, Chia-Shin; Flynn, James; Walter, Rom; Staliński, Piotr
    The m-machine, n-job, permutation flowshop problem with the total tardiness objective is a common scheduling problem, known to be NP-hard. Branch and bound, the usual approach to finding an optimal solution, experiences difficulty when n exceeds 20. Here, we develop a genetic algorithm, GA, which can handle problems with larger n. We also undertake a numerical study comparing GA with an optimal branch and bound algorithm, and various heuristic algorithms including the well known NEH algorithm and a local search heuristic LH. Extensive computational experiments indicate that LH is an effective heuristic and GA can produce noticeable improvements over LH.
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    The Optimal Timing of Strategic Action – A Real Options Approach
    (Nowy Sacz School of Business – National-Louis University, 2012) Sollars, Gordon G.; Tuluca, Sorin A.
    The possibility of a first-mover advantage arises in a variety of strategic choices, including product introductions, business start-ups, and mergers and acquisitions. The strategic management literature reflects ambiguity regarding the likelihood that a first mover can or will capture additional value. This paper uses a real options approach to address the optimal timing of strategic moves. Previous studies have modeled real options using either a perpetual or a European financial option. With these models, a strategic choice could only be made either without respect to a time frame (perpetual) or at a fixed point in time (European option.) Neither case is realistic. Companies typically have strategic options with only a limited time frame due to market factors, but companies may choose to act at any time within that constraint. To reflect this reality, we adapt a method for valuing an American financial option on a dividend paying stock to the real options context. The method presented in this paper proposes a solution for the optimum value for a project that should trigger a strategic choice, and highlights the value lost by not acting optimally. We use simulation results to show that the time frame available to make a strategic choice has an important effect on both the project value for when action should be taken, as well as on the value of waiting to invest at the optimal time. The results presented in this paper help to clarify the ambiguity that is found in the strategic management literature regarding the possibility of obtaining a first-mover advantage. Indeed, a first mover that acts sub-optimally could incur losses or at least not gain any advantage. A first mover that waits to invest at the right time based on the superior information supplied by models based on real options could be better positioned to obtain the benefits that might come from the first move.
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    The Role of the Internet in Overcoming Information Barriers: Implications for Exporting SMEs of the East African Community
    (Nowy Sacz School of Business – National-Louis University, 2012) Mori, Neema; Munisi, Gibson
    Small and medium-sized enterprises play a significant role in the East African Community, contributing highly to the national income and employing a significant number of people. Exportation provides a great opportunity for these enterprises to expand their businesses and improve their performance. However, they encounter a number of information- related barriers before and during exportation. Based on literature, this paper identifies these barriers and discusses how the internet could be used to reduce them. Based on the internet, international business and small business literature, the paper provides propositions and develops a model that will be useful for future studies in this area.
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    Transferability and Commercialization of Patent Rights: Economic and Practical Perspectives
    (Nowy Sacz School of Business – National-Louis University, 2012) Levy, Haim V.
    The transformation of innovation into commercial value depends primarily on appropriate protection of the intellectual property, usually by patents, and efficient pathway(s) of its transferability as well as the transfer of the protected knowledge. The key features of patents, from an economic perspective, are that they encompass new knowledge and confer monopoly rights to the owner. The exclusiveness of patent rights is generally conceived as a necessary mechanism to ensure further innovation, stimulate advanced research and facilitate efficient market transactions with patent rights. The patent holder can transfer the technology embodied by way of granting to others a license to use the patented invention in return for a share of the revenues, usually royalties. Patent rights transferability has been proven to be efficient and profitable to the industry as well as beneficial to the welfare of society. The economic and practical perspectives of the transferability and commercialization of patent rights are discussed.