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https://link.springer.com/content/pdf/10.1057%2Fjors.1974.92.pdf

The Nature of Managerial Work

The present article seeks to advance the theoretical knowledge of entrepreneurial learning by reviewing and synthesizing available research into a conceptual framework that explains the process of entrepreneurial learning as an experiential process. The framework identifies three main components in the process of entrepreneurial learning: entrepreneurs' career experience, the transformation process, and entrepreneurial knowledge in terms of effectiveness in recognizing and acting on entrepreneurial opportunities and coping with the liabilities of newness. Based on the arguments in the article, five major propositions were developed to refine our understanding of entrepreneurial learning. Finally, theoretical and practical implications were discussed.

The Process of Entrepreneurial Learning: A Conceptual Framework

Over the last 35 years, business failure prediction has become a major research domain within corporate finance. Numerous corporate failure prediction models have been developed, based on various modelling techniques. The most popular are the classic cross-sectional statistical methods, which have resulted in various ‘single-period’ or static models, especially multivariate discriminant models and logit models. To date, there has been no clear overview and discussion of the application of classic statistical methods to business failure prediction. Therefore, this paper extensively elaborates on the application of (1) univariate analysis, (2) risk index models, (3) multivariate discriminant analysis, and (4) conditional probability models in corporate failure prediction. In addition, because there is no clear and comprehensive analysis in the existing literature of the diverse problems related to the application of these methods to the topic of corporate failure prediction, this paper brings together all problem issues and enlarges upon each of them. It discusses all problems related to: (1) the classical paradigm (i.e. the arbitrary definition of failure, non-stationarity and data instability, sampling selectivity, and the choice of the optimisation criteria); (2) the neglect of the time dimension of failure; and (3) the application focus in failure prediction modelling. Further, the paper elaborates on a number of other problems related to the use of a linear classification rule, the use of annual account information, and neglect of the multidimensional nature of failure. This paper contributes towards a thorough understanding of the features of the classic statistical business failure prediction models and their related problems.

/pdf/35-years-of-studies-on-business-failure-an-overview-of-the-4ugpu79sd0.pdf

35 years of studies on business failure: an overview of the classic statistical methodologies and their related problems

In recent years, literature has identified the increasing complexity of small and medium-sized enterprises (SMEs) and highlighted their sensitivity to differences in managerial culture and management systems. Research has shown that performance measurement systems (PMSs) could play an important role in supporting managerial development in these companies. In this paper, the literature on performance measurement in manufacturing SMEs is reviewed and the diffusion, characteristics and determinants of performance measurement in SMEs are analysed. Shortcomings in the performance measurement systems are highlighted and the many factors that seem to constrain PMSs in manufacturing SMEs are defined, e.g. lack of financial and human resources, wrong perception of the benefits of PMS implementation, short-term strategic planning. Moreover, using dimensions defined according to the information found in the literature, two PMS models specifically developed for SMEs are compared with generic PMS models. The comparison points out an evolution in PMS models over time; in particular, the models developed in the last 20 years are more horizontal, process-oriented and focus on stakeholder needs. However, it is not clear whether these changes are due to the evolution of the generic models or an attempt to introduce models suited to the needs of SMEs. To clarify this matter and better to understand PMSs in SMEs, further theoretical and empirical studies are necessary. The main issues still requiring investigation are listed in a research agenda at the end of the paper.

https://onlinelibrary.wiley.com/doi/pdf/10.1111/j.1468-2370.2005.00105.x

Performance measurement systems in SMEs: A review for a research agenda

Partnerships between companies receive a great deal of attention from top managers and researchers at the time of their formation. This attention results largely from the common perception that the initial structuring of partnerships and establishment of common goals determines partnership outcomes and success. In Alliance Advantage, Doz and Hamel shift the focus away from deal making to the internal processes within the partnership and the unfolding interactions among partners that play an important and relatively unexplored role in shaping outcomes. Focusing on the underlying reasons why companies enter alliances and the processes by which they continually learn from their interactions and re-evaluate common--and individual--goals, the authors paint a sophisticated picture of alliance dynamics over time. The authors challenge organizations to define their objectives for alliance formulation and consider whether their own corporate culture provides an "alliance ready" atmosphere.

Alliance advantage : the art of creating value through partnering

The purpose of this study is to investigate possibilities to uniform financial rating of technology companies in Europe from the perspective of a potential investor. The data consist of financial statements of 6,370 companies from seventeen European countries and the US in 1993-1996. The data from 1994-1996 are used to measure three-year success and the data from 1993 to predict this success. Success is measured by the principal factor of six performance measures. Country risk, percentage change in GDB, size, and eight financial ratios calculated for 1993 are used as predictors of success in the binary logistic analysis.

Financial Rating of European Technology Companies: An International Comparison

\nPurpose\nThe purpose of this study is to analyze the business-failure-process risk from two perspectives. First, a simplified model of the loss-generation process in a failing firm is developed to show that the linear system embedded in accounting makes financial ratios to depend linearly on each other. Second, a simplified model of the development of the risk during the failure process is developed to introduce a new concept of failure-process-risk line (FPRL) to assess the systematic failure risk of a firm. Empirical evidence from Finnish firms is used to test two hypotheses.\n\n\nDesign/methodology/approach\nThis study makes use of simple mathematical modeling to depict the loss-generation process and the development of failure risk during the failure process. Hypotheses are extracted from the mathematical results for empirical testing. Time-series data originally from 13,082 non-failing and 515 failing Finnish are used to test the hypotheses. Analysis of variance F statistics and Mann–Whitney U test are used in testing of the hypotheses.\n\n\nFindings\nThe findings show that the linear time-series correlations are generally higher in failing than in non-failing firms because of the loss-generation process. The FPRL depicted efficiently the systematic failure-process risk through the beta coefficient. Beta coefficient efficiently discriminated between failing and non-failing firms. The difference between the last-period risk estimate and FPRL was largely determined by the approximated growth rate of the periodic failure risk.\n\n\nResearch limitations/implications\nThe loss-generation process is based on a simple cash-based approach ignoring the growth of the firm. In future research, the model could be generalized to a growing firm in an accrual-based framework. The failure-process risk is assumed to grow at a constant rate. In further studies, more general models could be applied. Empirical analyses are based on simple statistical methods and tests. More advanced methods could be used to analyze the data.\n\n\nPractical implications\nThis study shows that failure process makes the time-series correlation between financial ratios to increase making their signals of failure consistent and allowing the use of static classification models to assess failure risk. The beta coefficient is a useful tool to reflect systematic failure-process risk. In addition, it can be used in practice to warn a firm about ongoing failure process.\n\n\nOriginality/value\nTo the best of the author’s knowledge, this is the first study analyzing systematically business-failure-process risk. It is first in introducing a mathematical loss-generation process and the FPRL based on the beta coefficient assessing the systematic failure risk.\n

Analyzing business-failure-process risk: evidence from Finland

This study investigates the effects of client’s
financial risk, time to bankruptcy, and auditor’s cognitive style on issuing a
Going Concern Opinion (GCO) for failing companies. Empirical tests are based on
financial data from 328 bankrupt firms and peer review data from 172 auditors.
Cognitive style on an intuitive-analytic
dimension is approximated by the degree of auditor’s compliance with the ISA
standards for analytic procedures in peer review. Empirical findings support
research hypotheses and show that seriousness of the financial risk and time
distance to bankruptcy are important determinants of GC judgment accuracy. They
also show that the performance of the cognitive style of the auditor is related
to the fit between the cognitive style and the characteristics of the GC
situation. The results indicate that an auditor’s individual characteristics, i.e. cognitive style, affect his/her
decision making when issuing GCO. This study is the first approach that
systematically investigates the relationship between financial risk, distance
to bankruptcy, and cognitive style on GC judgment in an archival research.

/pdf/why-does-an-auditor-not-issue-a-going-concern-opinion-for-a-4wvjdxa1ry.pdf

Why Does an Auditor Not Issue a Going Concern Opinion for a Failing Company? Impact of Financial Risk, Time to Bankruptcy, and Cognitive Style

This study analyses managers' (Chief Executive Officer (CEO)) satisfaction with strategic performance measurement systems (SPMS). The study investigates the effects of multidimensionality, causality and utilisation of performance measurement systems on managers' satisfaction. Therefore, we combine two research areas concerning information systems and management accounting. A survey sent to 350 CEOs collected empirical data from companies with 100-500 employees. The final response rate was 22.8%. The study uses partial least squares modelling for statistical analysis to test the hypotheses, and the empirical evidence supports three of the study's five hypotheses. Multidimensionality has more effect on satisfaction than causality. Causality has an effect on the utilisation of SPMS. The direct effects of multidimensionality on utilisation and of utilisation on managers' satisfaction are not statistically significant. Therefore, SPMS should have different features (multidimensionality and/or causality) depending on the target (e.g. improving utilisation of SPMS or user satisfaction).

Causality and multidimensionality of strategic performance management systems: the impact on managers' satisfaction

The purpose of this article is to explore the impact of seller’s reputation and promotional methods on auction outcomes in the Finnish online auction website, Huuto.net. Multiple linear and logistic regression analyses are used to test a set of hypotheses. The dataset consists of 227 auctions of iPhone 4S 16 GB mobile phones posted for auction by 138 individual sellers. The main finding is that sellers who have acquired a free identification from Huuto.net achieve a hefty increase in the final sales price. Sellers who have not established an online reputation achieve considerably lower closing prices at auction. An increase in negative feedback points reduces the final sales price. Purchasing display-enhancing promotional options does not increase the price but may improve probability of sale. Establishing reputation, avoiding negative feedback, and acquiring identification pay off. The promotional options associated with fonts and colors are not worth the cost.

Impact of Reputation and Promotion on Internet Auction Outcomes: Finnish Evidence

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