POL: Economic Resource Planning Models (Topic)最新文献

{"title":"An Empirical Investigation of Beyond Budgeting Practices","authors":"M. Matějka, K. Merchant, Winnie O'Grady","doi":"10.2308/jmar-19-010","DOIUrl":"https://doi.org/10.2308/jmar-19-010","url":null,"abstract":"\u0000 Our study compares management control practices in 80 organizations that have implemented Beyond Budgeting to a group of 121 organizations that have not. First, we find that BB organizations tend to use (1) high levels of decentralization, (2) flexible resource allocations without fixed timelines, (3) relative target setting, and (4) weak individual incentives. Second, we find evidence suggesting that many BB implementers find it difficult to reduce the reliance on a fixed annual budget for decision making and on financial performance measures for performance evaluation. Third, we find that the likelihood and scope of BB implementation is negatively associated with the importance of long-term investment coordination. Finally, we examine whether combinations of various management control practices affect the likelihood of BB implementation, management control effectiveness, or control system gaming but find only weak interaction effects and associations among practices.","PeriodicalId":229479,"journal":{"name":"POL: Economic Resource Planning Models (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128751225","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Non-monotonic NPV Function Leads to Spurious NPVs and Multiple IRR Problems: A Critical Analysis to Resolve These Problems","authors":"C. Kannapiran","doi":"10.2139/ssrn.3225559","DOIUrl":"https://doi.org/10.2139/ssrn.3225559","url":null,"abstract":"This analysis is conducted using some popular non-normal net cash flow (NNCF) investment data available in public domain and other hypothetical NNCF data. The methodology is mainly based on capital amortization schedule (CAS) and modified CAS (MCAS) methods along with a comparison of the results with the common DCF method. The findings are summarised here: a. The problem of multiple IRR is caused by reinvestment income and the resultant non-monotonic NPV function. The CAS methods clearly indicate whether there is any reinvestment. Non-monotonic NPV function of NNCF investment leads to multiple IRRs or spurious IRRs, NPVs and MIRRs. With non-monotonic NPV functions the DCF estimated criteria are all spurious. b. The MCAS method eliminates the reinvestment thereby leads to monotonic NPV function and resolves the problem of reinvestment, spurious NPVs, MIRRs, IRRs and or multiple IRR. c. Neither the NPV nor the MIRR could resolve the problem of multiple IRR. With normal NCFs and some of the NNCFs also, there are no reinvestment at IRR or at hurdle rate as wrongly asserted in many published works. d. It is normal for the estimated IRR to be either ‘nil or zero or negative’ when the sum of net benefits or NCF is zero or negative. Such IRRs are consistent with NCF or net benefit. IRR of ‘zero or negative or no’ is not a weakness or problem but it reveals the real or consistent return. e. MCAS is an appropriate method to estimate the rate of return (IRR and NPV) for both normal NCF and NNCF and resolves the multiple IRR problem and eliminates spurious NPVs and MIRRS. The estimated IRR and NPV by MCAS method are consistent with NCF. f. Ultimately, IRR and NPV, estimated by MCAS, are the best criteria available to investment, project and cost-benefit analysis. In summary, NPV and IRR estimated by MCAS method are equally appropriate and therefore one cannot be the best substitute for the other. The multilateral and bilateral organizations and corporate managements may wish to revisit their recommendation to use the NPV only and not the IRR while dealing with multiple IRRs associated with NNCF investments.","PeriodicalId":229479,"journal":{"name":"POL: Economic Resource Planning Models (Topic)","volume":"42 5-6","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-08-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120919859","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Production Frontier Methodologies and Efficiency as a Performance Measure in Strategic Management Research","authors":"Chien-Ming Chen, M. Delmas, M. Lieberman","doi":"10.1002/SMJ.2199","DOIUrl":"https://doi.org/10.1002/SMJ.2199","url":null,"abstract":"The measurement of corporate performance is central to strategic management research. A common objective of this research is to identify top performers in an industry and their sources of competitive advantage. Despite this focus on best firms and practices, most researchers utilize statistical methods that identify average effects in a sample, and they assess a single performance dimension while ignoring other relevant dimensions. Emphasis on purely financial measures can overlook the fact that a firm’s efficiency in transforming resources has been shown as a major source of competitive advantage. In this article we demonstrate how frontier methodologies, such as Data Envelopment Analysis and the Stochastic Frontier approach, can address these challenges. We provide an illustration based on longitudinal data from U.S. and Japanese automobile producers.","PeriodicalId":229479,"journal":{"name":"POL: Economic Resource Planning Models (Topic)","volume":"305 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-10-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131987933","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}