Aspire
Issue 11, Spring/Summer 2012
News and views from the University of Glasgow
Adam Smith Business School
China’s remarkable
economic growth?
Adam Smith Business School hosts top theorists | The Big Society, values
and co-operatives | Diversification | Why did Greece go bankrupt?
Diffusion of advanced techniques in Management Accounting
Welcome to Aspire
Aspire
Issue 11. Spring/Summer 2012
Executive Editor:
Professor Robert MacIntosh
Editorial Board:
Peter Aitchison
Dr Mario Cerrato
Errolinda Ward
Editor:
Emily Stewart
Photography:
Photography Unit, University of
Glasgow; Canstock Photo;
Shutterstock
The University of Glasgow
Business School Executive
Board
Head of School:
Professor Farhad Noorbakhsh
Head of Accounting & Finance:
Professor Jo Danbolt
Head of Economics:
Dr Alexander Kovalenkov
Head of Management:
Professor Iain Docherty
Director of Graduate Studies:
Professor Robert Paton
Director of Postgraduate
Research:
Dr Joe Byrne
Director of Research:
Professor Denis FischbacherSmith
Director of Undergraduate
Studies:
Dr Moira Fischbacher-Smith
Head of School Administration:
Helen Young
Welcome to the 11th issue of Aspire,
the magazine of the University of
Glasgow Business School. I am
delighted to announce that this is the
first issue of the newly named University
of Glasgow Adam Smith Business
School. As of 1 June 2012, the School
has been formally renamed to honour
the legacy of the University’s most
celebrated alumnus and staff member.
2012 marks the end of one chapter
for the School, and the beginning of
another. The 2011/12 academic year
was one of unprecedented growth
and achievement for the school. We
have increased student numbers and
are now the largest business school
in Scotland and second largest in the
UK for full time postgraduate students.
We have also hired a number of new
Lecturers and Chairs, and will continue
to recruit in 2013.
2012/13 will see the School working
to enhance its reputation in the UK
and abroad, and developing further
links with partners overseas. We will
also further develop internationally
recognised research that will inform
policy and practice, and help us to
promote the tradition of Scottish
enlightenment and enterprise.
The School will be hosting top theorists
and influencers throughout the year,
with events like the High Potential
Concepts, Phenomena and Theories
in International Entrepreneurship
Research Conference (page 8) and
the Strategic Management Society
Conference as well as the gala launch
event for the Adam Smith Business
School in the autumn.
Colleagues will continue to strive
to make an impact on research
and practice, like Professor Ronald
MacDonald, who is now in the top 1%
of Economics researchers, Professor
Vivien Beattie who received the
Distinguished Academic award by
the British Accounting and Finance
Association (BAFA) (page 4), and
Professor Richard Harris who was
named Lead Expert on government
Future of Manufacturing Project (page
6).
I hope you will join us as we move
forward with the new School, and see
was developments and growth the
coming year has to offer.
Professor Farhad Noorbakhsh
Head of School
02
Contents
04
Business brief
A round-up of news and events in the
Adam Smith Business School
05
The Business School renamed to
honour Adam Smith’s legacy
From 1 June 2012, the Business School
has officially been renamed
07
Recent and upcoming publications
08
The Adam Smith Business School
hosts top theorists
Top theorists visited the Adam Smith
Business School for a conference on
High Potential Concepts, Phenomena
and Theories in International
Entrepreneurship Research
10
China’s remarkable economic
growth
Sai Ding, Lecturer in Economics at
the Business School, reflects on the
challenges faced by China’s developing
economy
12
The Big Society, values and
co-operatives
Fiona Wilson and Donald MacLean
have initiated a research programme
which revisits the co-operative format in
the current climate
14
Understanding diversification
Chris Veld looks current issues in
banking and politics to explain the
nuances of diversification.
Contributors
Sai Ding
Sai joined Economics at
Glasgow in January 2010.
She obtained her PhD in
Economics from the University
of Birmingham in 2006. Sai
previously held a postdoctoral
research fellowship at the
University of Oxford and was
also a visiting lecturer at Brunel
University, and a tutor at St.
Catherine's College at Oxford
University.
Donald MacLean
Donald received his PhD
in optoelectronics from the
University of Cambridge and
spent ten years working in the
optoelectronics industry, during
which time he gained an MBA
from Kingston University and
held management positions
in both the commercial and
technical dimensions of the
business. In 1991 he left industry
for academia, first at Leeds
Business School and then at
the University of Glasgow where
he is now a senior research
fellow. His time is split between
research at Glasgow and private
work with a variety of clients on
matters of strategy, leadership
and business development.
Evangelos Vagenas-Nanos
Evangelos joined the Business
School in 2010 as a lecturer
in Finance. Previously, he
was a teaching assistant in
Finance at Durham Business
School. Evangelos gained
a BA in Economics from
Aristotle University (Greece)
while at Durham University he
obtained an MSc in Finance
and Investment as well as a
PhD in Finance (2011). He
also holds the Postgraduate
Certificate (PGCert) in Teaching
and Learning in higher
Education qualification. His main
research areas of interest lie in
Corporate Finance, especially
within the sub-field of Mergers
and Acquisitions and Capital
Structure as well as Behavioural
Finance.
Chris Veld
Chris obtained his PhD from
Tilburg University (Netherlands).
03
16
Why did Greece go bankrupt?
Evangelos Vagenas-Nanos looks at the
reasons behind the Greek crises
18
Diffusion of advanced techniques
Hassan Yazdifar discusses a new
area for research on the diffusion of
management accounting innovations
20
My business: Quantitative Analysis
John Crosby, Managing Director at
Grizzly Bear Capital, on becoming a
Quant
22
New Head of Subject for
Management
Iain Docherty shares his plans for the
Management subject group
He worked at Tilburg in different
capacities until 2004. He
also held a part-time Chair in
Personal Financial Planning
sponsored by Rabobank. He
joined the University of Glasgow
in 2011.
Chris has published in journals
such as The Journal of
Finance, Journal of Financial
and Quantitative Analysis,
Financial Management, Journal
of Banking and Finance,
Journal of Corporate Finance,
and European Financial
Management.
Fiona Wilson
Fiona came into academic life
as a research assistant to the
Director of Manchester Business
School, Professor Tom Lupton
in the late 1970s. The research
was Action Research, designed
to help companies solve their
problems.
Her first permanent job as
a lecturer in Organizational
Behaviour was at the University
of St Andrews in 1988. She was
promoted to Senior Lecturer in
1998 and was offered the job
of Professor of Organizational
Behaviour at the University of
Glasgow in 1999.
Hassan Yazdifar
Prior to joining Glasgow
University in 2011, Hassan held
an academic position at Sheffield
24
Peak Time: an International
Business Student Competition
The Adam Smith Business School and
the College of Social Sciences sent
three students to Riga for the Peak Time
finals
26
Olympic bid
Adam Smith Business School alumni
win contract for producing Olympic
merchandise
27
Bright stars
Two Business and Management
students participated in the Marketing
Society’s Student Star Programme
28
Making connections
Adam Smith Business School staff
reaching out to their wider network
University and has taught at
several other universities in the
UK and overseas.
Hassan gained a BA in
accounting at the University of
Shahid Beheshti (Iran), an MA
in accounting at the university
of Tehran (Iran), an MA in
Social Research Methods at
the University of Manchester
(UK) and a PhD in Management
Accounting from the university of
Manchester (UK).
He acts as an academic referee
for a number of journals,
publishers, and professional
bodies.
04
Business brief
A round-up of news and events in the Adam Smith Business School
SAMS Doctoral and Early Career
Researchers Workshop
In association with the High Potential
Concepts, Phenomena and Theories
in International Entrepreneurship
Research conference, CIER with
support and sponsorship from the
Society for the Advancement of
Management Studies (SAMS) ran a
doctoral and early career researchers
event.
Adam Smith Business School
professor in the top 1% in the
world
Professor Ronald MacDonald, Adam
Smith Chair of Political Economy at
the University of Glasgow Adam Smith
Business School, has achieved an
average rank score in the top 1% of
researchers in Economics in the world
according to IDEAS.
The rankings on RePEc are compiled
by IDEAS, a service hosted by the
Economic Research Division of the
Federal Reserve Bank of St Louis.
RePEc (Research Papers in
Economics) is a collaborative effort of
hundreds of volunteers in 75 countries
to enhance the dissemination of
research in Economics and related
sciences. The information in the
database is used to rank over 30,000
registered economists.
Ronald MacDonald has a wide range
of interests in the general areas of
macroeconomics and international
finance, has published over 130 articles
in peer-reviewed journals and has
authored or edited 12 books. His work
on exchange rate modelling has been
influential in the academic literature
and also for practitioners and policy
makers. He has acted as a consultant
to many organisations including the
European Commission, the IMF, to
governments, a wide range of central
banks and a number of private sector
financial institutions.
Twenty doctoral and early stage
researchers attended the conference
sessions to witness how theoretical
and empirical advances are made in a
new, hybrid field of study and had the
opportunity to network with speakers
and discussants. To help participants
make the most of this opportunity,
Professor Richard Thorpe, Leeds
University Business School, chaired
a session at the end of the day to
enable participants to consolidate
what they had learned, reflect on the
various debates and discuss lessons
relevant to their own research and
publication.Dr Margaret Fletcher (CIER)
the workshop organiser said “Professor
Thorpe is well known for his interested
in doctoral education and research,
and we are delighted to welcome
him as an honoured guest to the
conference and workshop”.
For further details contact
[email protected]
Association for Social
Economics World Congress
The University of Glasgow will host the
14th World Congress of the Association
for Social Economics (ASE) from 2022 June 2012, with the Adam Smith
Business School supporting one of
the plenary addresses. The theme of
the conference is: Towards an Ethical
Economy and Economics. The keynote
speakers are: Prof Tony Atkinson
(University of Oxford) who will lecture
on Inequality and Economic Crises, and
Prof Ben Fine (School of Oriental and
African Studies, SOAS, University of
London) who will deliver the Cairncross
Lecture (supported by the Business
School) on Economics: Unfit for
Purpose.For more information, contact
Robert McMaster on
[email protected].
Adam Smith Business School
Professor receives prestigious
Distinguished Academic award
Professor Vivien Beattie was awarded
the Distinguished Academic award by
the British Accounting and Finance
Association (BAFA).
At the national conference of the British
Accounting and Finance Association
(BAFA) in April, Professor Vivien Beattie,
Professor of Accounting within the
Adam Smith Business School, was
awarded the prestigious Distinguished
Academic Award (DAA) for 2012. The
award is made annually to an individual
who has made a substantial and
direct contribution to UK academic
accounting and finance life, through
research, teaching and public service.
Previous recipients include leading UK
academics such as Geoff Whittington
(Cambridge), Anthony Hopwood (Said
Business School, Oxford) and Michael
Bromwich (LSE).
The chief responsibility of the awardholder is to present a plenary paper
at the BAFA Annual Conference
subsequent to the Annual Conference
at which the award is given. Subject to
appropriate editing, it is expected that
the paper presented will appear, as an
invited paper, in the British Accounting
Review in the March issue of the
calendar year following presentation.
03
05
The Business School renamed to honour
Adam Smith’s legacy
From 1 June 2012, the Business School has officially been
renamed – the School will now be known as the University
of Glasgow Adam Smith Business School. The new name
reflects the University of Glasgow’s long association with the
moral philosopher and political economist, Adam Smith, and
the School’s aim to celebrate his legacy.
The name of Adam Smith is recognised worldwide as one
of the most influential figures to emerge from the Scottish
Enlightenment and the field of Economics. His name has
immense recognition worldwide. Naming the Business
School in his honour commemorates his close ties to the
University and will enhance the University’s international
reputation.
Adam Smith (1723?-1790) enrolled at the University of
Glasgow in 1737. He went to Balliol College, Oxford as a
Snell Exhibitioner in 1740, returning to Scotland in 1746. He
was appointed Professor of Logic at the University in 1751
and became Professor of Moral Philosophy the following
year and held the chair until 1764. Smith served as Dean of
Faculties and as the library’s Quaestor (an official in charge
of accounts), and he was elected to serve as Rector from
1787 to 1789.
He established his reputation as a teacher and writer at
the University of Glasgow; Theory of Moral Sentiments
was published in 1759, based on his lectures on Ethics.
He left Scotland in 1764 and returned three years later to
live in Kirkcaldy, where he worked on his classic study An
Inquiry into the Nature and Causes of the Wealth of Nations,
published in 1776. In 1787, he remembered his years as a
professor at the University as “by far the happiest and most
honourable” in his life.
The Adam Smith Business School is committed to
honouring and developing the academic tradition of Adam
Smith at Glasgow and to sustaining and enhancing the
School’s traditionally Scottish, broad, and multi-disciplinary
approach to education. The School’s ambition is to develop
enlightened, enterprising and engaged graduates and to
produce internationally recognised research that has an
impact on society.
By engaging in multi-disciplinary and research led teaching
we engender in our students an appetite for critical
enquiry and learning. We also encourage, informed by an
employability and engagement agenda, the development
of 21st century graduate attributes and skills. Internationally
recognised research that informs academia, policy and
practice will drive the Adam Smith Business School forward;
its dissemination will inform teaching, shape our culture and
deliver impact, whilst promoting the tradition of Scottish
enlightenment and enterprise.
Farhad Noorbakhsh, Head of School, commented:
“The University of Glasgow Business School is developing
rapidly in its mission to be internationally known and
highly regarded for both teaching excellence and high
quality research. Our link to such a distinguished scholar
differentiates the University and the Business School and
demonstrates our interdisciplinary approach to business
disciplines.”
The official launch of the Adam Smith Business School will
be celebrated with a gala event in September, followed by
a series of events in Scotland and abroad throughout the
2012/13 academic year. There will also be a special issue
of Aspire magazine. Further information about the schedule
of events will be made available on www.glasgow.ac.uk/
business.
06
Business brief
Richard Harris, commenting on his
appointment, stated “I am delighted
that the Government has decided to run
this project. I have been an advocate
of the importance of manufacturing
throughout my academic career, and
this has been a feature of many of my
journal publications”.
Richard Harris named Lead
Expert on government Future of
Manufacturing Project
The two-year project will call on industry
and academic expertise from the UK
and abroad to look at the long-term
picture for the manufacturing sector,
investigating global trends and drivers
of change. It will explore how the UK
can maximise these opportunities
and provide an evidence base to help
policy-makers navigate a challenging
and uncertain future.
It is being led by the Foresight team
in the Government Office for Science
under the direction of the Government’s
Chief Scientific Adviser, Professor Sir
John Beddington, and is sponsored
by the Department for Business,
Innovation and Skills. The findings will
inform Government policy throughout
the duration of the project and beyond.
Speaking at the Financial Times Future
of UK Manufacturing Conference,
Business Secretary Vince Cable said:
“Manufacturing has a key role to play
in economic growth, in particular
driving exports and productivity. But
as industries and technologies evolve,
we need to make sure we’re staying
ahead of the game. The Government
is working with business to support
and strengthen the UK’s manufacturing
capability. I look forward to this report
from the respected Foresight team. It
will make a powerful contribution to our
work supporting British industry and to
making sure that we retain our position
as a world-class manufacturing nation
at the cutting edge of new products
and processes.”
Engaging with the Business
Community
In April the Adam Smith Business
School took part in B2B Scotland 2012.
This event, now in its second year,
brought together key figures from the
public and private sector to build a
cross-industry community of forwardthinking organisations currently working
across Scotland’s core sectors.
In line with the Scottish Government’s
ongoing commitment to supporting
Scottish businesses and helping them
to flourish, B2B Scotland showcased
the crème de la crème of Scotland’s
vibrant businesses and was supported
by both Scottish Enterprise and
Business Gateway. Just under 800
delegates from both public and private
sectors came along for a series of
workshops and seminars. Professors
Robert MacIntosh and Donald
MacLean gave a keynote address
based on their research into strategy
development and leadership. One of
the school’s alumni, Bill McBride of
Westcrowns, also spoke at the event
alongside Crawford Gillies, Chairman of
Scottish Enterprise, Nick Price, Founder
& CEO of Bright Purple and Monica
Langa of the Institute of Directors.
Speaking after the event, Professor
MacLean said “it’s great to see the
school reaching out to the business
community and building mutually
productive relationships in key
development sectors.”
Glasgow to host International
Business Taxation Conference
The University of Glasgow will be
hosting the an International Business
Taxation Conference on the theme
of “Tax Competition, Common
Consolidation Tax Base and Fiscal
Autonomy”. The conference, which
is organised jointly between Celine
Azemar from the University of
Glasgow Adam Smith Business
School, Rodolphe Desbordes from
the University of Strathclyde and Ron
Davies from University College Dublin,
is a Scottish Institute for Research in
Economics (SIRE) event.
The programme will consist of the
presentation of academic papers
with half a day devoted to discussion
with policy makers and practitioners.
Confirmed participants include Eckhard
Janeba (Mannheim), Michael Devereux
(Oxford), Ben Ferret (Loughborough),
Nadine Riedel (Hohenheim), Simon
Loretz (Bayreuth), Ian Wooton
(Strathclyde), and Helen Miller (Institute
for Fiscal Studies). The conference will
take place 9-10 July 2012.
The Art and Craft of Discussion
Leadership
The University of Glasgow Adam
Smith Business School hosted a
Case Method Teaching Seminar with
Harvard Business Publishing. Dorothy
A Leonard, the William J Abernathy
Professor of Business Administration,
Emerita, at Harvard Business School,
facilited a discussion of fine-tune
participant-centred learning and the
case method.
The event was attended by academics
from Heriot Watt University, Lancaster
University, RSM BV Erasmus University,
University College Dublin, University of
Strathclyde, the University of Turku and
the University of Glasgow.
Recent and upcoming
publications
07
Celine Azemar’s paper, “Market Familiarity and the Location of South and North
MNEs” will be published in Economics and Politics.
Scottish Centre for Economic
Methodology
On 26th March the University of
Glasgow’s Business School hosted,
for the first time, a Scottish Centre
for Economic Methodology (SCEME)
seminar. The seminar was held to
commemorate and celebrate the works
and contribution of Mark Blaug, who
passed away last November. Speakers
included: Profs Vivienne Brown (Open
University); Sheila Dow (Stirling);
Richard Lipsey (Simon Fraser University,
Canada) and Brian Loasby (Stirling).
The Business School hosts the SCEME
website, where information on future
events will be available:
www.gla.ac.uk/schools/business/
research/researchcentresandgroups/
sceme/.
The seminar was supported by the
Scottish Institute for Research in
Economics (SIRE).
For more information about SCEME,
contact Robert McMaster on robert.
[email protected].
Vivien Beattie has two forthcoming articles in Accounting and Business
Research: “Evaluating disclosure theory using the views of UK finance directors in
the intellectual capital context” and “Publication Records of Faculty promoted to
Professor: Evidence from the UK Accounting and Finance Academic Accounting
Community”.
A paper by Jo Danbolt and Gillian Maciver on “Cross-Border versus Domestic
Acquisitions and the Impact on Shareholder Wealth” has been accepted for
publication by the Journal of Business Finance & Accounting.
Sai Ding’s “Investment and Financing Constraints in China: Does Working Capital
Management Make a Difference?” will be published in the Journal of Banking and
Finance.
Iain Docherty has three recent publications: “Scotland’s fiscal options – a
response to Midwinter“ in Public Money and Management, “Transport in a
Sustainable Urban Future”, in the The Future of Sustainable Cities: Critical
Reflections (J Flint and M Raco) and “The Governance of Transport Policy” in
Automobility in transition? A socio-technical analysis of sustainable transport (F
Geels, R Kemp, G Dudley and G Lyons).
Margret Fletcher recently had her article, “Knowledge Acquisition for the
Internationalization of the Smaller Firm: Content and Sources”, published
in International Business Review. A paper that she wrote with Shameen
Prashantham has recently been chosen as a Highly Commended Award
Winner at the Emerald Literati Network Awards for Excellence 2012. The
paper “Knowledge Assimilation Processes of Rapidly Internationalising Firms:
Longitudinal case studies of Scottish SMEs”, was published in the Journal of
Small Business and Enterprise Development in 2011.
Richard Harris has a forthcoming article in the Journal of Regional Science - “Is
productivity higher in British cities?”
Alexandros Kontonikas has a paper, “The EMU sovereign-debt crisis:
Fundamentals, expectations and contagion”, which has been accepted for
publication and is forthcoming at the Journal of International Financial Markets,
Institutions and Money.
Robert MacIntosh has a new book on change coming out in June 2012:
Managing Change: Enquiry and Action.
Alumni reception in Shanghai
Chris Coles hosted an alumni reception
in Shanghai. The dinner was attended
by over 70 former and prospective
students, and was arranged by
Sarah Armour from Alumni Services.
Other speakers were Jane Ducketts
(Confucius Institute) and Annie
McLoughlin (RIO). Coles met many
former students in Shanghai, which is
rapidly becoming one of the world’s
foremost financial services centres.
Graeme Martin is writing an invited piece for the CIPD expert series on Talent
management and innovation.
Based in part on work with a colleague from the Southern Federal University of
Russia Greg Stoner has co-written “Introductory Accounting with Matrices at the
Southern Federal University, Russia” which will be pulished in Issues in Accounting
Education, an official journal of the American Accounting Association.
Chris Veld has articles forthcoming in Applied Economics Letters - “The optimal
call policy for convertible bonds: Is there a market memory effect?”, Financial
Management - “What drives security issuance decisions? Market timing, pecking
order, or both”, and Journal of Banking and Finance - “Why are convertible bond
announcements associated with increasingly negative abnormal stock returns? An
arbitrage-based explanation”.
08
The Adam Smith Business School
hosts top theorists
Top theorists in international entrepreneurship research visited
the University of Glasgow Adam Smith Business School for
a conference on High Potential Concepts, Phenomena and
Theories in International Entrepreneurship Research.
The Centre for Business Education and Research (CIBER)
- University of Colorado and the journal Entrepreneurship
Theory and Practice have collaborated with the University
of Glasgow Adam Smith Business School to host and
sponsor this invitation-only conference. Professor Ray
Bagby, editor of the journal Entrepreneurship Theory and
Practice sponsored a celebratory dinner after the event in the
prestigious Turnbull Room in the university.
The aim of the conference was to advance research
and theory in international entrepreneurship through the
cross fertilisation of ideas and conceptual mapping of
methods and theories from major established domains in
management research, emphasising always the international
context.
The conference, which attracted theorists from around the
world, took place on 14th and 15th June in the Adam Smith
Business School. The generous sponsorship allowed the
organisers to bring to the University some of the world’s
top scholars in international business entrepreneurship and
management.
The invited authors are known for their advances in theory
development in the strategic management area and have
outstanding publication records in world class journals.
Most also hold positions of influence in leading scholarly
organisations, at top-ranked business schools and are on
the editorial boards of leading journals.
The conference was co-hosted by Professors Marian V
Jones, University of Glasgow, Patricia McDougall-Covin,
Indiana University; Manuel Serapio, Center for International
Business Education and Research (CIBER), University of
Colorado Denver; and Professor Ray Bagby, Hankamer
School of Business, Baylor University and Editor of
Entrepreneurship Theory and Practice.
Those giving invited papers or acting as invited discussants
included from North America: Professors Sharon Alvarez
and J.B. Barney, Ohio State University; Jeffrey Covin, Indiana
University; Stephanie Fernhaber, Butler University; Rebecca
Reuber, University of Toronto; Rod McNaughton, University
of Waterloo; Saras D Sarasvathy, University of Virginia and
Shaker Zahra, University of Minnesota. From Europe and
beyond presenters and discussants included Dr Lucrezia
Casulli, University of Newcastle; and Professors JeanFrançois
Hennart, Tilburg University; Galina Shirokova, University of St
Petersburg; Roger Strange, University of Sussex; Ivo Zander,
University of Uppsala; and Antonella Zucchella, University
of Pavia as well as Professors Pavlos Dimitratos and Marian
Jones from the Adam Smith Business School.
International entrepreneurship studies are concerned with
how individuals and firms identify and exploit opportunities
from the international environment and create new value.
09
International Entrepreneurship deals with complex
phenomena. It involves understanding the antecedents
and processes of opportunity discovery and creation and
exploitation across national borders and their outcomes,
involving a complex interplay of economic, institutional
and behavioural factors. Thus various theoretical domains
have informed international entrepreneurship research,
ranging from resource based perspectives, social capital
and network perspectives and a dynamic capabilities focus
to learning, cognition and effectuation logic and economic
geography.
The area brings together researchers from a wide range of
social science backgrounds and approaches and, while this
interdisciplinary focus and interest is stimulating, forging
the links to move theory and research practice forward in
a coherent way is challenging. The invited papers have
addressed the concepts, phenomena and theories from
each theoretical domain to provide direction, insight and
facilitate mapping with existing concepts in international
entrepreneurship. We look forward to a significant step
forward in international entrepreneurship research as a result.
Professor Marian V Jones, Director of the Community for
Internationalisation and Enterprise Research (CIER) in the
Adam Smith Business School said:
“We are delighted to have been co organisers of this
conference. The invitation and sponsorship from the
Universities of Colorado and Indiana and the top-rated
journal Entrepreneurship Theory and Practice to host this
elite conference is recognition of the growing international
status of this group of researchers within the Adam Smith
Business School. CIER staff now have over thirty years of
pioneering experience in the research and the development
of this interdisciplinary field and our work is part of the
interdisciplinary research emphasis of the University of
Glasgow Business School as a whole.”
CIER is one of the world’s largest and best recognised
groups of researchers on internationalisation and CIER now
comprises 12 members of academic research staff, 4 visiting
professors, 9 honorary research fellows and 11 doctoral
students. Over 100 students have graduated during the past
4 years of our masters’ programmes and 8 PhDs have been
completed. Research has been widely published in leading
academic journals with over 120 outputs since 2008. This
conference will further enhance CIER’s position.
“CIER has hosted numerous previous international
conferences and workshops, but this June event is the most
exciting so far. Subject, of course, to review, conference
papers will be published in Entrepreneurship Theory
and Practice (a 4* leading scholarly journal in the field
of entrepreneurship studies) and we look forward to the
outcomes of the excellent networking and idea dissemination
opportunity that the conference has offered.”
10
China’s remarkable economic growth?
Sai Ding, Lecturer in Economics at the Adam Smith Business
School, reflects on the challenges faced by China’s developing
economy.
How has the Chinese economy managed to grow at such a remarkable rate - no less than ten per cent per annumfor over three decades? This is one of the most important questions facing contemporary economists.
The policies pursued by the Chinese Communist Party since the late 1970s qualify China as a ‘developmental state’,
in which the overriding policy priority is economic growth. China became a developmental state when the leadership
under Deng Xiaoping introduced economic reform in order to restore and maintain political legitimacy. The drive to
create a market economy succeeded because one reform led to another in a cumulative process. New institutions
provided the right incentive structures, a prime example being that appointments at many levels rewarded success
in promoting economic growth. A policy of fiscal decentralisation gave growth incentives to all tiers of government.
Entrepreneurs gained confidence from these policies, leading to a ‘remarkably high’ level of both investment and
saving by international standards. This combination of factors produced a ‘virtuous circle’ of high confidence, high
investment, high growth, and so on.
11
In our research, we examined the causal processes at
work in the evolution of China’s institutions and policies.
We estimated cross-country and cross-province growth
regressions to shed light on the proximate, and some of the
underlying, determinants of the growth rate. For instance,
China’s outstanding performance relative to other countries
is mainly due to the accumulation of physical capital,
‘conditional convergence’, and improvements in factor
productivity through labour transfer out of agriculture. The
level of human capital and slower population growth also
contribute to the growth difference between China and other
developing countries.
Investment that matters
The use of provincial level data permits investigating this
issue further. For instance, finding capital accumulation to be
important, we looked at what types of investment matter for
China’s growth. The impact of fixed investment is found to
be especially powerful in the case of expenditure classified
as ‘investment in innovation’, suggesting that physical
investment is more productive when it is bound up with
technological progress. For similar reasons, foreign direct
investment makes a greater unit contribution than domestic
investment.
China’s transition also involves rapid structural
transformation: from domestic to export production, from
the state to the non-state sector, and from agriculture to
industry. In each case resources are reallocated from a
less to a more productive activity. We measured the growth
effect of these structural changes. The increase in the GDP
share of both exports and imports raises the growth rate,
consistent with the gains from trade derived from China’s
comparative advantage. Privatization of the economy also
has a positive impact, consistent with improved incentives.
The relative growth of non-agricultural employment has a
similar effect, consistent with the higher product of labour in
industry and possible externalities. In these three ways, by
bringing it closer to the production frontier, the efficiency of
the economy, and its growth rate, are improved substantially.
The consequences of rapid growth
Our research explored important consequences of China’s
rapid growth, posing a series of key questions, such as:
is the economy running out of unskilled labour; why and
how has inequality risen; has economic growth raised
happiness; what are the social costs of the overriding priority
accorded to growth objectives? Looking forward: can China
continue to grow rapidly, or will the maturing economy, or
the macroeconomic imbalances, or financial crisis, or social
instability, bring it to an end?
The growth success has brought with it new and different
problems, which may threaten the current virtuous circle.
Income inequality – initially too low to provide the incentives
needed in a market economy – has risen to become the
highest in Asia. China’s environmental problems have
escalated, and corruption is a source of concern for the
leadership. China’s system of governance provides little
voice for its people and little political accountability. There is
also the risk of an adverse shock, such as a financial crash
associated with China’s macroeconomic imbalances or
social unrest. Because of these rising tensions the Chinese
government has recently introduced policies to promote a
‘Harmonious Society’.
Wealth vs. happiness
The recent wealth of Chinese people does not equate with
personal happiness. The unhappiest group in Chinese
society are the rural-born workers who have migrated to
the cities and towns. People still living in rural areas are
found to have the highest happiness scores. Despite their
much higher incomes, urban-born people are less happy
than rural people. This is due to the loss of their “iron rice
bowls” – the security that the state-owned enterprises had
provided before they were reformed or privatised - and their
aspirations to “keep up with the Zhous” in the new market
economy. The rural-urban migrants - there are now 150
million of them - have commonly raised their incomes by
migrating but their aspirations have risen even faster as they
become part of urban society.
Future growth
The Chinese economy is unlikely to continue to grow at
its current rate. There is less scope for the rapid structural
change that has fuelled growth up to now. The one-child
family policy of the reform period means that the labour force
is beginning to decline, and the hitherto abundant supply of
migrants from the countryside is drying up. This will require
a change in development strategy away from the currently
successful one of producing labour intensive exports. As
a matter of fact, according to the recent World Bank data,
China’s growth rate turns out to be 8.1% per annum for the
first quarter of 2012, which is the lowest pace in the past
three years and lower than most analysts had predicted.
What can other developing economies learn from China? The
Chinese economy is too different to permit simple copying.
The most important lesson that it offers other countries lies
in the answer they can find to the question: Can they create
a developmental state while avoiding the disadvantages that
have accompanied it in the Chinese case?
China’s Remarkable Economic Growth by John Knight
(Emeritus Professor of Economics at Oxford University)
and Sai Ding (Lecturer in Economics at the University of
Glasgow) is published on Oxford University Press.
12
The Big Society, values and co-operatives
In a context of government promotion of co-operatives, a growth
in the co-operative economy, and in times when use of the term
“co-operative” appears to have broadened to include any form of
employee ownership, Fiona Wilson and Donald MacLean have
initiated a research programme which revisits the co-operative format
in the current climate.
There appears to be a renewed interest and enthusiasm
for co-operatives, The United Nations proclaimed 2012 the
International Year of Co-operatives declaring, “Co-operatives
build a better world”. The UK’s coalition government has
pledged to support the creation and expansion of cooperatives as part of “The Big Society”1. The Big Society has
been defined as “A society in which power and responsibility
have shifted: one in which, at every level in our national
life, individuals and communities have more aspiration,
power and capacity to take decisions and solve problems
themselves, and where all of us take greater responsibility for
ourselves, our communities and one another”2.
In the initial stages of our work we explore issues such as
“What does co-operative working mean to those who work
in co-ops”, and, “Is there clear evidence of co-operative
values to be found in co-operatives? These questions are
posed at a time The Big Society is not without its critics. For
example critics have accused the government of “hijacking”
the co-operative movement pointing out that its definition of
the Big Society is remarkably similar to the definition of the
cooperative movement whose espoused values include self
help and self responsibility.
Growth in the co-operative economy
There has been a period of growth in co-operative economy.
In 2010, while the UK economy as a whole contracted
by 4.9%, the co-operative economy grew by 15.8% to
£33.5billion. There has also been growth in turnover, profit,
net assets, members and numbers of registered cooperatives. In the UK there are now 4,820 jointly owned
and democratically controlled businesses owned by 11.3
million people (1 in 5 of the population) sustaining more than
205,800 jobs.
In addition, recent research reveals that employee-owned
businesses, employing 75 staff or less, generate
1 See http://www.cabinetoffice.gov.uk/media/407789/building-big-society.
pdf
2 http://www.thenews.coop/blog/when-big-society-not-big-society-whenit%E2%80%99s-co-op-movement
substantially better profits before tax than non employee
owned businesses of a similar size. They have created jobs
more quickly during the recession and are more resilient
than conventionally structured companies, outperforming the
market during the downturn and demonstrating a lower risk
of business failure.
More than two thirds of quantitative academic studies
have found a favourable relationship between employee
ownership and employee attitudes and behaviour.
Motivation and commitment can be enhanced. Cooperatives are four times more likely to be described as
“fair” and “honest” compared to Public Limited Companies
(PLCs); PLCs are seven times more likely to be described
as “greedy” by consumers. It is not surprising then that the
economy would be seen to benefit with the generation of
more co-operatives.
Defining the co-operative
For most of us the, idea of a co-op conjures a picture
very similar to the official definitions such as that of the
International Co-operative Alliance (ICA): “A co-operative is
an autonomous association of persons united voluntarily to
meet their common economic, social, and cultural needs
and aspirations through a jointly-owned and democraticallycontrolled enterprise”3. Underpinning this definition is
an assumed subscription to values such as self-help,
democracy and equality and an ethical stance aligned with
principles and practices of openness, participation and
social responsibility. We wanted to gauge the extent to which
these values and principles evidenced in practice of cooperatives.
It was within this context of a renewed interest in, and
controversy about, employee owned business and cooperatives we began researching co-operatives in Scotland.
In Scotland, economic development policy “recognises
significant scope to generate sustainable economic growth
thorough promoting business models based on
3 See http://www.ica.coop/coop/principles.html
13
collaboration”. Co-operating with others is seen to reduce
risk and enable economic, environmental and community
benefits to be realised. These benefits are of particular
relevance in rural and island Scotland where socio-economic
fragility and risk of decline are seen to be high, and
sustainability of communities is a key ongoing concern. Cooperatives in Scotland make a significant contribution to the
economy employing 28,600 and produce just over £4billion
in turnover.
Safeguarding independence
Perhaps surprisingly, initial findings led us to question
whether the participants in these producer co-operatives see
themselves as working in a co-operative at all. Those who
participate in the co-operatives are typically independent
farmers, fishers and artisans keen to promote their individual
businesses and protect their independent livelihoods.
They are motivated primarily by individualism and survival
rather than shared or co-operative values. Paradoxically,
this indicates co-operation as a specific means to an end –
continued independence. The relationship between cooperation and autonomy is thus more intertwined than one
might glean from many contemporary accounts; they do not
exist as separate and distinct set of interests or behaviours.
Members are independent and individual first and then
secondly are prepared to co-operate to safeguard that
independence. Somewhat ironically, most co-op members
the researchers encountered might be said to have a strong
collective or shared belief in the primacy of independence.
Far from being managerially distinctive, our questioning
found a number of further interesting issues. First, while the
co-operatives had been set up to help the members buy
at lower costs and sell with reduced risk at higher returns,
and give them access to markets otherwise beyond their
reach, the members were not necessarily co-operating in
the sense of active participation with one another on a daily
basis, but were having the co-operative managers do it for
them. It could be argued that the act of co-operating had
been delegated to professional managers. They would use a
shop or a manager to manage the work of the co-operative.
This is the opposite of what the Big Society is about and
how member control and participation might be expected
to work in a co-operative. While government policy and
cooperative principles are formulated to encourage people
to run organisations such as co-operatives themselves, they
actually may not have the expertise, experience or motivation
to run the co-op themselves, but are content to have
managers do it for them.
Secondly, one might expect that the co-operatives would
have been set up by people who believed in the principles
of co-operation and that the members would share that
enthusiasm and belief in co-operation. However, in each
case, the initiative for setting up the co-operative had come
from out-with the co-op and those it would benefit. In one
case, the Chair of the co-op’s brother persuaded them to
form a co-operative. It was thought that a co-operative would
make the participants “more equal” than an association.
Another – a fishing co-op – was begun by two teachers and
the majority of founding members were not fishermen but
included coal merchants, tailors and a baker. This was a
group whose main aim was to help the fishing industry which
they saw as key to the island’s traditions and future, and,
so in turn, to the sustainability of their own businesses and
community. While the co-operative was set up under cooperative rules, the model rules might be said to be firmly in
the background, where the emphasis is on the practices of a
typical, professionally run business.
Co-operative principles
The research also discovered that the founding principles
and values of co-operatives were not very visible or easy
for current members to articulate. It would have been
difficult, if not impossible, for any co-op member to discuss
the principles or values of co-operatives. While a minority
of co-op members may have been active participants in
setting policies and making decisions in the co-operative,
one suspected that the majority were not. Also the word
co-operative did not appear in their name, so the projected
identity of the organisation was not clearly co-operative. One
of our interviewees said that he thought “a lot of co-ops have
tried not to look like co-ops” as the co-operative identity is
seen as “old fashioned”.
So the preliminary evidence raises questions about the
evolution and current status of the values, principles and
practices of co-ops – and indeed the variety of expressions
of co-operative formats. This may be good news for those
involved in promoting the Big Society where there is a need
for self-help and self-responsibility as well as for people to
work co-operatively. Or it may be that we need to rethink
the reality of co-operative as a panacea remedy to issues of
sustainability and self-help.
In the view of our research, some important work is still
to be done starting with a more systematic appraisal of
what is meant by different stakeholders and groupings
when they use terms such as co-operation, collaboration
and participation, what forms these ideas take in terms of
structure and practice in co-operatives, and how this varies,
for example, on a geographical basis. When this work has
been done, we might be better placed to say whether the
coalition government can expect to see greater cooperation
in the Big Society.
14
Understanding diversification
Diversification is a far-reaching concept that translates into some
of the hotly debated topics in the press. Chris Veld looks at the
payment of bank managers in shares of their own bank and the
discussion on the Scottish independence, to explain the nuances
of diversification.
“Do not put all your eggs in one basket”
An important concept in investments is diversification. The basic idea is very simple: if you invest all your money
in shares of common stock of the same company, e.g. Microsoft, you run a larger risk than if you spread your
investment over different shares. The reason is that by investing in only one company, you run company-specific risk,
also referred to as non-systematic risk.
15
Microsoft could end up in an expensive lawsuit, the CEO of
Microsoft could suddenly decide to step down, or Microsoft
Outlook could be hit by a malicious virus. By spreading
your investment you decrease the importance of this firmspecific risk. Moreover, since it is easy and virtually costless
to bring down the firm-specific risk component, investors
are not compensated for carrying this type of risk. Based on
this reasoning, many investors choose to invest in different
shares of common stock or, if they don’t have enough money
to diversify themselves, they choose to invest in investment
funds, where managers do the diversification for them.
Even though the concept of diversification is wellunderstood, there are still some hotly debated topics in the
popular press where the concept is relevant, but where it is
not always picked-up.
Bank managers’ bonuses
A topic that frequently makes headlines (and fairly so) is
bank managers’ bonuses. Each announcement or even
speculation about upcoming bonuses is greeted with an
amount of criticism about the size of the bonuses that the
banks are planning to hand out. The size of the bonus that
is reported is invariably the sum of the cash amount (if any)
and the value of shares and stock options that are awarded.
However, the shares that are awarded typically have to be
held for three years. The fact that managers are forced
to heavily invest in shares of the company for which they
already work, strongly limits their potential to diversify their
wealth.
For that reason the value of the stocks for the managers is
less than the value of the stocks on the market. Using the
methodology of Meulbroek (2001), we have done some
research on what would be a reasonable discount for
managers that would have to hold stocks of a large Dutch
company (CMG), where managers are forced to hold half of
a large Dutch company (CMG), where managers are forced
to hold half of their annual salary in shares of CMG (see Veld
and Veld-Merkoulova, 2002). The discount depends on the
percentage of CMG shares in the portfolio of the manager.
We find that if the percentage of shares of CMG in the total
portfolio is 25% that the applicable discount is 3% if the
holding period is 1 year. This percentage runs up to 41% if
the holding period is 20 years. Similarly, if the percentage of
the total portfolio is 75%, the applicable discount is 6% for
one year and even 74% for 20 years. Of course, the bonuses
of the bank managers can be substantial (sometimes
several millions), but it is fair to acknowledge that the lack of
diversification possibilities limits the true value of the bonus.
An independent Scotland
Another contemporary topic, and one making even more
headlines is that of the question whether Scotland should
become independent. Of course, independence is about
much more than financial matters, but one aspect that has
not received a lot of attention is that of the relatively poor
diversification of the Scottish economy.
In 2010-2011 oil revenues accounted for 18% of the GDP of
Scotland. That is a very large amount. A problem with oil,
and with virtually every other commodity, is that its price is
influenced by non-systematic risk components. If a revolution
breaks out, or to the contrary gets resolved, in one of the
countries in the middle-east, the oil prices will be affected. It
is an important question whether the residents of a country
would so strongly want to rely on the price of one commodity.
If Scotland would, on the other hand, remain part of the UK,
its reliance on oil revenues would be much smaller. In 20102011 oil revenues only accounted for 1.8% of the British GDP.
As The Economist (2012) puts it succinctly: “Scotland would
be far more vulnerable to shocks as a nation of 5m people
than as part of a diversified economy of 62m”.
Are there solutions?
The development of markets for derivative securities can
offer potential solutions for problems of poor diversification.
In theory, a manager who holds a large amount of restricted
stock could take a position in derivative securities and solve
the diversification problem. She could e.g. buy put options
on the company’s stock. These put options would entitle her
to sell the stock for a fixed price. However, it is not likely that
regulators and shareholders would approve of managers
betting against their own stock.
The case for hedging oil risk for the Scottish government is
easier. Nowadays an entire array of different oil derivatives
is available to hedge oil risk. The government of an
independent Scotland could use e.g. oil futures or oil
forwards to hedge the risk. In that case the government
would receive money from the counterparty in the derivatives
transaction if the oil price would go down and they would pay
them if oil prices went up. The only problem they would have
is explaining to the voters why they have made losses on
derivative securities in times of rising oil prices.
References:
Meulbroek, Lisa: “The efficiency of equity-linked
compensation: understanding the full cost of awarding
executive stock options”, Financial Management, Summer
2001, page 5-44.
The Economist: “The Scottish play”, April 14, 2012, page
31-32.
Veld, Chris and Veld-Merkoulova, Yulia: “Zichzelf verarmende
topmanagers (transl. Top managers who make themselves
poorer)”, Economisch Statistische Berichten, 2002, page
764-765.
16
Why did Greece go bankrupt?
It is not a question anymore whether Greece has defaulted or is
about to default or ‘escape’ by enforcing austerity measure. Greece
has gone bankrupt. Evangelos Vagenas-Nanos looks at the
reasons behind the crises.
Why did Greece go bankrupt?
Households are in financial distress, pensions and salaries,
both in public and private sector, have declined by more
than 30% so far – further reduction are about to come,
suicide rates have gone up dramatically, and the credit rating
agencies cut Greek economy’s rating to ‘C’, the lowest in
the scale, or in some cases ‘SD’-Selective Default and the
country is financially isolated from the markets. It is therefore
of little importance whether the Greek economy will be
officially declared as defaulted-‘D’
Misconceptions
The question is why Greece has gone bankrupt. One could
say because Greek people do not pay taxes and because
they are lazy. This is a quick, easy and naïve answer one
can get. These are some of the misconceptions created by
Greek politicians reporting to foreign media.
According to the OECD statistics, worldwide, Greece is
ranked in the second place (after Korea) in the list of average
annual hours worked per worker.
It is at least naïve for the ‘management’ of a country to argue
that it got into financial distress simply because its citizens
avoid paying taxes. Governments set the rules and the
system has to follow them. Tax avoidance is a world –wide
phenomenon and governments need and do take action to
confront it.
The average small-medium Greek business and tax-payer
does indeed pay taxes. Legislation is strict and high fines
apply. Nevertheless, there are specific, wealthy professions
who should pay large amounts of tax but they do not. The
respective government ‘knows’ them but avoids to touch
them. They are politically-connected and are aware that
they are not going to be punished. That is indeed part of the
problem, but not the main one.
The Problem
The major problem of the Greek society and economy is
corruption, both ‘domestic’ and ‘foreign’. Vast amounts of
funds have been misused or end up in the ‘wrong’ pockets.
The cost for infrastructural development has been reported
to be three, four or even six times more expensive than the
average European one. Is Greece an expensive country?
No. To be assigned large projects, you need to make a
‘special’ payment. It is the same, specific businessmen (and
coincidentally media-owners as well) who are assigned these
projects.
Additionally, the two big co-called ‘enemies’, Turkey
and Greece spend vast amounts of tax-payers money
to purchase defense systems (mainly from France and
Germany) to afford national security. Recent evidence on the
newspapers proves that ministers of defense and their teams
have been vastly bribed to buy specific defense systems,
contributing in increasing the country’s debt.
Over the last 30 years, a number of economic scandals
involving MPs have come to light. Nonetheless, nobody has
ever been punished. NONE.
Greek political system
Are Greeks aware of this situation and if yes why do they
keep voting for the same corrupted politicians again and
again over the last 30 years? The political system has
managed to create an army of ‘political customers’. There
is a dependant relationship between voters and MPs. MPs
promise to employ voters in the public sector in exchange
of voting them. A large, unbalanced public sector has been
created in the expense of the private sector. This is the
other major problem that led the country to bankruptcy. In
essence, the Greek issue is not a problem of economics or
finance but a deep political matter.
You may be wondering whether I am describing the political
system of a) a country member of the European Union and
the Euro-zone or b) a third-world underdeveloped corrupted
country. I would go for (b).
17
18
Diffusion of advanced techniques
Hassan Yazdifar discusses a new area for research on the
diffusion of management accounting innovations.
Change is a never ending scenario: changes in
Business Environment and Management Accounting
Responses
Management Accounting (MA) forms an important part of
organisations’ information and control systems. However,
there have been many claims that MA practices, broadly
comprising management accounting techniques, information
and/or systems, have remained relatively unchanged for
more than half a century (Johnson and Kaplan, 1987; 1991).
It has been argued that conventional MA practices fail to
provide relevant information for management decision
making in new (contextual) settings. This new setting is one
of changing competitive environments in times of significant
globalisation, volatile markets, new organisational structures,
mergers and acquisitions, new management practices,
faster reaction times, significant advances in information
technology (IT), and a need for “more flexible” organisations
to cope with customer demand.
Management Accounting is said to be “too late, too
aggregated and too distorted to be relevant for managers
planning and control decisions” (Johnson and Kaplan,
1987; Johnson and Kaplan, 1991,p.1) in the new business
environment. As a result, some commentators have claimed
that the discipline is in crisis and clamour for changes in MA
practices (Bromwich and Bhimani, 1989).
Since the publication of Relevance Lost (Johnson and
Kaplan, 1987), in which the authors suggest that all
organizations need to re-examine their existing practices and
must attempt to design entirely new MA systems, the last
two decades have witnessed a re-evaluation of MA in terms
of developing new techniques and systems. In particular,
the 1990s witnessed a flurry of books and articles aimed
at developing new (so-called “advanced”) MA techniques,
including activity-based costing, target costing, Kaizen
costing, the balanced-scorecard, strategic management
accounting, life-cycle costing and throughput costing.
Despite the commercial promotion given to new techniques,
and the enthusiasm of their key advocates, such new MA
techniques appear not to have been adopted as much
might have been expected (for evidence of this, see for
example studies on ABC by Innes et al., 2000). It appears
from recent evidence that organisations prefer to continue to
use traditional MA systems, and make different uses of the
information thus generated, rather than adopt ‘revolutionary’
MA approaches (Bromwich and Bhimani, 1989; see also
Burns and Yazdifar, 2001, 2002 for the application of the new
MA techniques in the UK).
There are also studies of some organisations that have
adopted new MA techniques, although the literature abounds
with illustrations of change projects which have been
terminated (Innes and Mitchell, 1995a,b). So, there seems
to be a problem with the diffusion of the new techniques. On
the one hand a substantial body of literature suggests that
traditional MA techniques cannot cope with the requirement
of today’s managerial needs, but on the other hand new MA
techniques, a potential solution to this problem, have not
been highly diffused and adopted by potential users.
Possible reasons: Studies on the factors influencing
the diffusion of MA innovations and problem statement
There has been a flurry of studies in the field of MA,
investigating the reasons for the delay in the adoption
of innovations. For example, Kaplan (1986) claimed
that four factors including: lack of top management
willingness, lack of adequate role models, the emphasis
on financial accounting and the dominance of computerbased accounting systems have reasoned for the delay
in the adoption of MA innovations. Libby and Waterhouse
(1996) and Gosselin (1997) expanded these factors
by including organisational strategy and structure and
examining the effect of these factors on one of the MA
innovations. Bjornenak (1997) also identified the influence of
communication channels and information sources as other
influencing factors on diffusion of one of the MA innovations.
19
The above studies, and many others in the field of MA,
have been focused on the identification of the impact of
some influential factors related to the characteristics of
adopters (organizations and managers) on the diffusion
of MA innovations. Surprisingly, no study of the impact
of “characteristics” of innovations (relative advantage,
compatibility, complexity, trialability, and observability), which
are claimed to have the highest influence on the diffusion of
innovations (Rogers, 1995), has been reported.
to provide important information to facilitate the diffusion
of recently developed MA techniques in practice. Such
diffusions are expected to increase the satisfaction of users
of current MA information. Furthermore, it is expected that
the findings also will guide managers and practitioners to get
more understanding of the nature and characteristics of new
MA techniques that they are going to adopt. This will also
be helpful in successful implementation of any MA change
program.
Rogers (1995), reviewing the diffusion research literature,
concludes that the majority of variance in adoption rate
of innovations can be explained by characteristics of
innovations. In other words he suggests that characteristics
of innovations have the most significant influence on their
diffusion. More surprisingly, no research on the influence
of characteristics of MA innovations on their diffusion has
been reported. As Rogers (1995) suggests, research on the
impact of characteristics of innovation on their diffusion has
received scant attention in the literature.
References:
Björnenak, T. 1997. Diffusion and Accounting: the case of
ABC in Norway, Management Accounting Research, 8: 3-17.
This represents a serious gap in the knowledge required
for understanding the influence of contextual factors on the
diffusion of cost and MA techniques/procedures to facilitate
the diffusion of these new techniques by recognition of
obstacles to their diffusion in practice, and provides a focus
for this research.
Innes, J. and F. Mitchell (1995a): “Activity-Based Costing”
in D. Ashton, T. Hopper and R. W. Scapens (eds): Issues in
Management Accounting, Prentice Hall Europe, pp. 115-136.
A case for research
Given the importance of understanding the impact of the
characteristics of innovation on its adoptions, a new area for
research is open to researchers including PhD applicants:
What are the impacts of contextual factors
(characteristics of innovations) on the diffusion of MA
innovations?
Expected contribution to the current literature/
knowledge
Inconsistent results of diffusion studies in the literature
in general, and the scant number of research projects
undertaken on the impact of characteristics of innovations
on their diffusion in particular, demonstrates the need for
further investigation into the impact of characteristics of
innovations on diffusion of innovations. Undertaking such
research in the field of MA is expected to have an important
contribution to the current literature, as limited research has
been undertaken in this field. The results are also expected
Bromwich, M. and A. Bhimani (1989): Management
Accounting: Evolution not Revolution, London, London:
CIMA.
Burns, J. and H. Yazdifar (2001): “Trick or Treat”, Financial
Management, (March), pp. 33-35. Also appeared in Insider,
(2001), (March), pp.30-32.
Innes, J. and F. Mitchell (1995b): “A Survey of Activity-Based
Costing in the UK’s Largest Companies”, Management
Accounting Research, 6, pp. 137-153.
Innes, J., F. Mitchell and D. Sinclair (2000): “Activity-Based
Costing in the UK’s Largest Companies: A Comparison of
1994 and 1999 Survey Results”, Management Accounting
Research, 11, pp. 349-362.
Johnson, H. T. and R. Kaplan (1987): Relevance Lost: The
Rise and Fall of Management Accounting, Boston Mass:
Harvard University Press.
Johnson, H. T. and R. S. Kaplan (1991): Relevance Lost: The
Rise and Fall of Management Accounting, 2nd ed, Boston:
Harvard Business School Press.
Rogers, E. M. (1983): Diffusion of Innovations, 3rd ed., New
York: Free Press.
Rogers, E. M. (1995): Diffusion of Innovations, 4th ed., New
York: Free Press.
My business: Quantitative Analysis
John Crosby, Managing Director at Grizzly Bear Capital, on
becoming a Quant.
John is an Honorary Professor of Finance in the Centre for
Economic and Financial Studies at the University of Glasgow
Business School. He is also an invited lecturer on the MSc course
in Mathematical Finance at Oxford University.
21
John gained a first class honours degree in Applied Mathematics and Theoretical Physics at Girton
College, Cambridge University before going on to study Electrical Engineering at University College,
Oxford University.
He began his career by trading fx options. He then moved to Monis (formerly London Business School
Financial Software) where he researched and wrote their pricing libraries for a very wide range of exotic
options as well as co-writing their three-factor Convertible bond model, which captured stochastic equity
prices, interest-rates and default risk. He has worked at First Chicago, Barclays Capital, Lloyds TSB
Financial Markets and UBS where he has been responsible for developing advanced models for pricing
and risk-managing a wide-range of complex derivatives. John is best known for publishing a number of
papers on the subject of pricing commodity derivatives using a multi-factor jump-diffusion model and for
being a co-author of the Carr-Crosby fx options model.
How did you end up in your line of work?
I became a quant by accident (like most people, it seems).
I was offered a job as an fx options trader at a major
investment bank when I left University.
At the time I joined the bank, I scarcely knew what an
investment bank did - I knew even less about fx options. I
did my first trade on my first day on the fx options desk, but
I still didn’t even know what the Black-Scholes formula was
all about. It was only a few months later when I was browsing
in a bookshop that I came across a copy of a book called
“Options, futures and other derivative securities” (it was a
very early edition) written by a man called John Hull.
At the time, the name meant nothing to me, but browsing
through the book, I noticed there was a proof of the BlackScholes formula and that options could be priced by solving
a partial differential equation or by Monte Carlo simulation
(which I knew about from my time as a graduate student in
engineering at Oxford).
I bought a copy of the book and learnt about option pricing
by reading “Options, futures and other derivative securities”
in my spare time at home. When I was made redundant as
a trader two years later, I was able to get a job as a quant
because I knew how to derive the Black-Scholes formula
from first principles. That was right at the beginning of the
time when there were such people as quants. My career as
a quant went from there. But it definitely started by accident.
I have to say that I have found it fascinating to be a quant –
there are many interesting problems to solve.
What are the main skills you use in your current role?
Financial Economics
Where do you think the market is moving in the future?
Will it be harder or easier to get into this type of work?
Harder.
What do you think the finance industry will look like in
3 to 5 years?
I think most people in the industry want it to look exactly
like it is now – which means every institution in the finance
industry carries on as if the global financial crisis never
happened and, to cut to the chase, involves everyone getting
bigger and bigger bonuses regardless of the financial health
of their firm.
On the other hand, shareholders in banks have suffered
catastrophic losses and that looks like it will continue for the
foreseeable future. Why should bank CEOs get paid large
bonuses when the owners (ie shareholders) of the company
get nothing? Why should tax-payers bail out banks when
they make losses but when they make profits, all the profits
go to senior executives?
I think the industry needs to undergo substantial changes –
although I cannot be 100% sure it will happen since many
within the industry are incentivised to not change. We shall
see. From the point of view of working as a quant, the most
important skills will be to understand the markets from an
economic viewpoint. I think, if anything, over the last ten
years, models have become more mathematically complex
without being more realistic from an economic viewpoint. I
think the global financial crisis has shown that models need
to be rooted more in economic fundamentals.
What is the best advice you can give new graduates
wanting to go into this field?
Get a good education. Work smart (which is not
necessarily the same as spending all your time in the
office). Don’t think the same as everyone else. Good IT and
programming skills help.
New Head of Subject for Management
A new head of subject has been named to take on the leadership
of Management, one of the three subjects that make up the
Adam Smith Business School.
Professor Docherty is a professor of Public Policy and
Governance, and his research and teaching addresses the
interconnecting issues of public management, institutional
change and regional competitiveness. In addition to his role as
Non-Executive Director of Transport Scotland, Iain is a member
of the Commission for Integrated Transport’s Expert Academic
Panel, and advises a range of private sector, governmental and
other organisations in the UK, Europe and North America.
Iain shares his plans for Management with Aspire.
23
Aspire: What was the first order of business when you
took over the post?
A: What do you see as the biggest challenge in the
coming year?
Iain Docherty: To effectively manage the recruitment process
to expand the staff in response to our growth and success.
I’m looking forward to several new colleagues joining in the
second half of 2012.
ID: Our problems are those of success. We have very
strong demand for our courses, and numbers at both
undergraduate and postgraduate levels are rising. Our
biggest challenge is to manage this so that we maintain our
very high student satisfaction results. We also need to be
alert to potentially important external factors, such as the UK
Border Agency’s revised systems with respect to overseas
students studying at UK HEIs.
A: What, if any, changes have you already made?
ID: On the research side, we’ve already made sure to consult
with our partners in business and government to see how
we can exploit our links with them more fully. We’ve already
agreed some joint bids for research money, and placed more
students with companies to undertake their dissertations
and other project work. Students quite rightly demand more
genuine engagement with potential employers than ever
before, and it’s right that our support for them extends well
beyond the classroom walls.
A: What would you like to achieve with Management in
the next year?
ID: The growth in our staff complement opens up
opportunities for colleagues to spend more time undertaking
high quality research work. We’re also working hard to reequip our in-house teaching spaces in time for the start of
the 2012/13 academic year with state-of-the art IT and AV
to take full advantage of the latest innovations in course
delivery and classroom interaction.
A: What would you like to achieve in the next three
years?
ID: Management – as the Business School more generally
– has a number of strategic ambitions to further improve
our teaching and research performance so that we make
an impact at the global scale. I want to see our activities
evolving further so that the work of our staff and graduates
makes even more of a positive impact on economic
performance and quality of life. This means staying true
to our core values of Critical Enquiry and supporting the
‘Enlightened Manager’, but further extending the scale and
scope of our activities and partnerships. We also need to
spread the word about our values and mission, which means
being more proactive and forging new links with practice and
collaborating schools around the world.
A: What do you see as the biggest long-term
challenge?
ID: The view of business schools and their contribution
to society has changed irrevocably since the onset of the
financial crash in 2008. The University of Glasgow has
always been an important ‘civic’ university, closely attuned
to its role as a place of learning and innovation, but also
active in contributing to increased prosperity for its local
community. We need to extend this ethos and apply the
values, insight and skills of our staff, students and graduates
to make the best possible contribution to the development of
the economy and society across the world.
Many business schools are playing catch up with this
agenda, in part it must be said to atone for the sins of the
past that contributed to the financial turmoil that we are all
living through. But at Glasgow, our civic mission has always
been at the forefront of our activities and we need to remind
the outside world of this by making it ever more real and
tangible.
A: What are you most looking forward to?
ID: These are incredibly exciting times to be working in
Glasgow and Scotland more generally. All eyes are on us as
we both host the world at the 2014 Commonwealth Games,
and debate our place in that world in the run up to the
independence referendum. There are endless possibilities
for us to get involved in shaping the future, and I’m looking
forward to colleagues and graduates playing a full and
important part in this at home and abroad.
24
Peak Time: an International Business
Student Competition
The Adam Smith Business School and the College of Social Sciences
sent three students to Riga for the Peak Time finals.
Peak Time is the largest international business student competition in Eastern Europe involving participants from all over the
world, organised by the Stockholm School of Economics in Riga.
The international community of the competition promotes cultural integration and gives the participants an opportunity to
expand their networks and exchange ideas with the most talented students. Peak Time 2011 gathered more than 1500
creative and entrepreneurial students from 202 universities, 70 countries, 6 continents.
The aim of Peak Time 2012 was to challenge talented and energetic young people with complex corporation problems by
testing them with a set of various tools – business simulation (Cesim), case studies and guest lectures. The competition
offered the opportunity for businesses and students meet face to face, providing an adequate assessment for everyone –
students, universities and companies.
The first part of Peak Time 2012 preliminary rounds finished in March. 197 top performers (100 teams and 97 individuals)
were selected to continue competing in the next round, which consisted of a case study and application package.
The case study for preliminary rounds was prepared by boutique management consulting company Civitta. Participants had
to solve the case, prepare their solution in a PDF Presentation, and film the presentation.
The Adam Smith Business School and the College of Social Sciences recently supported three 2nd year undergraduate
students, Lukas Deksnys, Mante Zelvyte, and Laurynas Spangevicius, to attend the Peak Time International Business Student
Competition finals in Riga. Mante - a finance and maths student - shares her experience with Aspire.
http://peaktime.org/
21
“The Peak Time –International Business Student Competition
- traditionally holds its finals in Riga. It is a four-day event that
gathers the most active people interested in business from
all over the world who passed preliminary rounds - involving
the CESIM business management simulation game, and the
presentation of a business case study.
This year there were 80 finalists, with only 16 teams and 16
individuals out of the original 1481 who applied. The teams
came from 48 different countries. The finals consisted of two
rounds. Firstly, students competed in an additional CESIM
business management simulation (CESIM Global Challenge
as opposed to CESIM firm in preliminary round). On the third
day students then presented a solution to the business case
study, which they had prepared the week before finals.
The five best performing teams are then selected to compete
in the final case study presentation which takes place on the
last day.
We found both the business simulation and the case studies
very useful and were able to use most of our knowledge from
our different accountancy courses. Preparing for the case
study also improved our team working skills, as well as our
time management skills (we had only 1 week to prepare and
that was during exam period!)
Finally, it was really interesting to watch the finalists
presentations as we could see different approaches to
solving case studies and could compare them to our own,
as well as seeing how they were evaluated by the selection
panel. It was also quite interesting to see the cultural
differences in the presentations of the five finalist teams, all
from different countries.
The finals in Riga were not only about the competition. We
also had an opportunity to attend seminars run by guest
lecturers such as Glen Grant, CEO at GG Consulting;
Maris Martinsons, Director of the Pacific Rim Institute for
the Studies of Managemet; Finn Majlergaard, Managing
Partner at Gugin; and Marcus Orlovsky, Director at Bryanston
Square. The speakers discussed diversity and differences in
East and West business cultures and leadership.
Finally, we participated in a workshop organised by Latvian
entrepreneurs, which involved trying to think creatively about
introducing new business ideas to the use of an old tobacco
factory.
Despite all of these activities, there was also time for
socialising and exploring other cultures with national
evenings, a formal party, and a cultural evening.
We found the experience of the competition - especially
attendance at the finals - extremely motivating, and we will
now actively seek out other opportunities to increase our
employability in the future. Seeing so many active people
from all over the world who are looking for opportunities to
employ their business knowledge, encourages to be the best
you can be!”
Getting involved in student enterprise and business
competitions whilst at university can be a great way to
develop key business skills and significantly enhance your
CV for employers. The Adam Smith Business School and
the College of Social Sciences will support students to get
involved in competitions, so if you are a current student and
are interested in getting involved, contact Dickon Copsey,
College Employability Officer on
[email protected].
22
Olympic bid
The London 2012 Olympics kicks off on 27 July 2012 and will
be the focus of the nation. Ramin and Kian Golzari, both former
students will be watching with a keen vested interest as the
family business, Highlander Scotland Ltd, has produced high
quality Olympic merchandise specifically for the Games.
Ramin (Class of 2008) and Kian (Class of 2010) both had a
keen interest in business management whilst at school, and
went on to study Business and Management at the University
of Glasgow. After completing their degrees, both brothers
joined their family’s business, Highlander Scotland. Having
worked extremely hard for the business in the past several
years, both Ramin and Kian have created their own footprints
at Highlander: Ramin as Sales Director and Kian as Product
Development Manager, primarily based in the Far East.
Ramin has even more to look forward to this year as he was
nominated by the Bank of Scotland to be one of the Official
Torch Bearers as the Olympic Flame tours round the country.
Highlander traditionally designs and manufactures camping
and outdoor equipment such as backpacks, sleeping bags
and tents, however, with this year’s London 2012 Olympic
Games, the focus has changed. In July 2010, Ramin won the
contract to exclusively design, manufacture and distribute
official London 2012 merchandise throughout the UK and
European retail.
“It was a great opportunity having come straight out of
university. I’ve been working very hard on the product range
for the last 18 months which is over 100 different product
lines with several trips back and forth to China. It has been
a lot of fun to work with the suppliers and see the process of
an idea turn into a design, manufacture a sample, select the
best supplier then see the goods being mass produced on
the production line. However, the best feeling without doubt
is seeing the products in retailers such as Next, Argos, John
Lewis and see people in the High Street using the products.”
“When I joined the business after university, I was aware that
I was joining what was already a successful business, so I
was eager to make my own mark and diversify our business
opportunities. I had put a lot of work into the application
process and didn’t know what to expect. When the company
was invited to discuss our business plan further, I realised
that we were in with a great shout. It’s a once in a life-time
opportunity for me and for the business and I plan to enjoy
it”.
Kian joined the business just after Highlander had won the
contract and was tasked with the momentous job of heading
up the team that chose the product range, designed the
products and organised the manufacturing and delivery into
the UK.
Both Ramin and Kian look forward to going down to London
to watch the games and working on similar projects in
the future. The Olympic contract has created a lot of new
opportunities for the business and created new jobs for
Highlander which will see it grow into new markets with the
continued efforts from Ramin and Kian.
27
Bright stars
Two Business and Management students participated in the new
Student Star Award and Apprenticeship Programme offered by the
Marketing Society as part of their University Partnership Programme,
which was launched last year.
The programme is open to all business and marketing
students, and involves students participating in a two-day
workshop with guest speakers from business as well as
marketing tasks, which include projects on market
segmentation, new product development, creative task, and
marketing planning. The focus of the workshop is to develop
a marketing campaign for a drinks company. Students
compete for the Marketing Society Student Star of the Year
Award and a three-month Apprentice placement gaining paid
work experience at a variety of brand companies and top
agencies.
Mariya Lyanguzova and Janine Moehring, third year Business
and Management students from the University of Glasgow,
attended the programme in March. They were both shortlisted for the Star Award. For further details contact Dr Margaret Fletcher e-mail: [email protected].
www.marketing-society.org.uk
Mariya Lyanguzova shares her experience with Aspire:
The two-day workshop The Marketing Society organised in
Edinburgh was a great opportunity to meet and work with
like-mined people of the same age, socialise with some of
the marketing ‘gurus’ in Scotland and test my abilities and
academic knowledge in a practical environment.
bags we received!). So…we went to a bar that served that
very same rum and had some fun to Latino rhythms and
Cuba Libres. We came to understand that when you work
hard, you play hard, but should still leave some energy for
the next day.
On the first day, my colleague Janine and I arrived at an
amazing 4-star hotel in Edinburgh which was going to host
the event. We were divided into teams of four or five and
the work for the day commenced. I am still startled at how
easy it was for us to quickly turn into ‘teams’ as opposed to
just groups of people working together. The work itself, I am
not going to lie, was exhausting but so fulfilling – by the end
of the day I was feeling like I was actually working for the
marketing team of a big corporation.
The next day – what a day it was! It was even more fun
(and more work) than the first one. Highlight of the day: we
recorded a radio commercial, which ended up sounding so
good, you might just as well be hearing it on the radio!
However, it wasn’t all work and no play. In the evening we
had a wonderful drink reception with cocktails made with
the very same rum we were working on promoting all day.
This was followed by a delicious dinner, where we had the
opportunity to converse with representatives from various
marketing firms and gain insight into the ‘real world’ of
marketing (and to find out that apparently a night away from
your three over-energised kids is bliss!). After the dinner, we
went…(wait, wait, I almost forgot to tell you about the goodie
So, the two amazing days were over, but between all the
tasks we needed to complete while having a cocktail or
something to eat, we managed to bond with other attendees
who are now my friends. At the end, this experience not
only provided me with a real-life understanding of how the
marketing business works and an opportunity to utilise all
my skills and knowledge, but also presented a chance for
creating relationships with some remarkable individuals.
And the best part – I actually got shortlisted to be among the
finalists for the Marketing Student Star Award and I attended
the ceremony on the 17th May (which was of similar scale to
the Oscars…alright, maybe the Golden Globes). And I had
the opportunity to be one of “the brightest stars”!
Making connections
Adam Smith Business School staff reaching out to their wider network
Greg Stoner presented at, and helped to
organise, the British Accounting & Finance
Association (BAFA) Accounting Education
SIG Annual Conference in Sheffield. Stoner
is the Treasurer for BAFA and raised finance
from the major professional accounting
associations in the UK including CIMA,
ICAEW, ICAS, and CIPFA.
Chris Veld presented a paper at the
Western Economic International Association
in San Francisco in June.
Celine Azemar presented a paper entitled “Tax
Competition and Hidden Tax Discrimination: Firmlevel Evidence in Europe” at the Outsourcing and FDI
conference in Dundee in April. She will be presenting
the same paper at the International Business Taxation
Conference in Glasgow in July.
She also participated in a panel discussion in Glasgow
as an economist expert in taxes. The discussion followed
a screening of a documentary on `Fair Trade and Tax
Justice’ by Christian Aid and the Guardian Media Group.
Celine Azemar presented a paper entitled
“Country Characteristics and The Incidence
of Capital Income Taxation on Wages:
An Empirical Assessment” at the Royal
Economic Society conference in Cambridge
in March.
Celine Azemar presented a paper at the
seminar of the department of Economics of
the University College Dublin in March.
Pavlos Dimitratos presented a paper
entitled ‘Micromultinational or not?
International entrepreneurship, networking
and learning’ in the 39th Academy of
International Business - UK & Ireland
conference, University of Liverpool in March.
Chris Veld will be presenting a paper at the
Northern Finance Association in Niagara
Falls in September.
Iain Docherty gave the opening keynote
address, “The Economic Geography of
High Speed Rail in Great Britain”, to the
Academy of Social Sciences/Regional
Studies Association/Royal Geographical
Society Parliamentary Seminar “The case
for High Speed Rail: a regional, social
and economic perspective” in London in
February.
Graeme Martin gave two webinars for New
York-based Reputation Institute in May.
Richard Harris had a series of meetings at
the Bank of England to discuss their interest
in firm-level productivity. Ben Broadbent,
member of the Monetary Policy Committee,
was involved.
He will be giving the keynote presentation
at the Secure Data Service: One year
celebration, Department of Business,
Innovation and Skills (BIS), Central London
in June.
Pavlos Dimitratos as the Representative
of Greece to the European International
Business Academy (EIBA) participated
in the EIBA Board Meeting in Brighton,
University of Sussex in May.
Luis Angeles was the invited speaker for
the research seminar at the department
of Economics of the University Pablo de
Olavide, in Sevilla, Spain in June.
Jo Danbolt presented a paper, “CrossBorder versus Domestic Acquisitions
and the Impact on Shareholder Wealth”
(co-written by Gillian Maciver), at
the European Financial Management
Association Annual Conference in
Barcelona in June, where the paper has
been nominated for a best paper award.
Graeme Martin was a keynote speaker
at a conference for HR directors in Paris in
May. Other conference speakers came from
organisations like Disneyland Paris, Hilton
Worldwide, Staples Europe, GE, Kimberly
Clark, Volvo and L’Oreal.
Iain Docherty presented his paper,
“The Impact of Changing Conditions
for Transportation and Trade on the
Competitiveness of Cities”, as the
keynote address to the German
National Academy for Spatial Research
and Planning workshop “Locational
Competition and the Competitiveness of
Cities and Regions workshop” in April.
Greg Stoner presented at the European
Accounting Association (EEA) 35th Annual
Congress in Ljubjana, Slovenia in May.
EEA is the main European association of
academic accountings.
Alexandros Kontonikas presented
a paper entitled “The determinants
of sovereign bond yield spreads
in the EMU” at the 2012 Financial
Management Association European
Conference in Istanbul in June.
Jo Danbolt visited the International Hellenic
University in Thessaloniki, Greece, to
give a number of talks and to undertake
collaborative research in June.
Chris Coles gave a guest lecture to
students at Tianjin University of Finance
and Economics (TUFE) and South West
University of Finance and Economics
(SWUFE) in China. A dinner was also
held in Chengdu, attended by alumni and
prospective students, hosted by the Vice
Principal.
Luiz Moutinho gave a research seminar on
Neuroscience in Marketing at the Singapore
Institute of Management University in May.
Luiz Moutinho was a keynote speaker at
a conference on Social Business/Social
Marketing along side speakers such as Kofi
Annan and Mohammad Yunus in Dhaka,
Bangladesh. He will also be giving research
seminars at Universities in Bangladesh.
Alexandros Kontonikas attended the 2012
European Monetary Forum hosted by the
Bank of Greece in March.
Cleopatra Veloutsou is a member of the
organising committee of the 9th Annual
International Conference on Small and
Medium Sized Enterprises: Management–
Marketing–Economic Aspects in Greece
in July and August. She is the Chair of the
10th International Conference on Marketing,
organised by the Athens Institute for
Education and Research in July. She was
a member of the organising committee
of the 9th International Conference on
Tourism, Athens, Greece, organised by the
Athens Institute for Education and Research
in Greece in June and a member of the
Scientific Committee, for the 2nd Advances
in Hospitality and Tourism Marketing &
Management in Corfu in May.
Luiz Moutinho gave research seminars
at five universities in Indonesia in May, as
well as delivering the graduation speech for
Tarumanagara University in Jakarta. He will
be giving opening speech at the Enterprise
Marketing and Globalisation conference in
Jakarta in October.
Cleopatra Veloutsou is a Member of the
Scientific Committee.
Graeme Martin was invited to give a
presentation in Brisbane at the University of
Queensland in March.
The University of Glasgow Adam Smith Business School
Gilbert Scott Building, West Quadrangle, Glasgow G12 8QQ
www.glasgow.ac.uk/business
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© University of Glasgow, 2012