The recent slowdown in global economic activity has shown that macroeconomic models without a well-structured representation of the financial sector will fail to provide understanding of the way that disruptions in credit markets, capital markets and banking can affect the rest of the economy. An investigation of foreign exchange speculation is used to get a better knowledge of the interaction between the financial sector and the economy as a step towards improving macroeconomic models and policy. The first part of this research looks at speculation at the macroeconomic level by using a structured vector auto regression (SVAR) to assess the relationship between capital flows and the US real exchange rate. The second assesses whether speculation can be used to identify price reversals in foreign exchange markets. The final section seeks to understand more about speculative risk with a detailed analysis of uncovered interest parity and the speculative attempt to take advantage of times when it does not hold. Speculative activity is a significant contributor to changes in the real exchange rate. No informational content is found in the extremes of speculative activity but it is shown that speculators are compensated for taking crash risk and that their activity may increase the amount of crash risk in the markets where they are operating. The main contributions of this work are applying a microstructure approach at the macro level; adding speculation to a model of international capital flows; the use of a unique series of options data to identify speculative sentiment; using a carry trade model to understand more about uncovered interest parity and the returns to speculation; using the event study method to investigate speculative extremes; and using all this to suggest ways to improve macroeconomic models and policy.

Despite their significance for many economies, there is a common view that micro-enterprises do not innovate, although there is little evidence to demonstrate this. This may be because the forms of innovation undertaken by micro-enterprises are “hidden” from official statistics and do not correspond to “conventional” expectations. If innovation is occurring in micro-enterprises it is likely to involve the personal change of owner-managers and the organisational change of their business and teams. This thesis examines to what extent personal and organisational change can enable innovation in micro-enterprises and the role of constructed learning networks in supporting this. The empirical research examined 4 learning networks in South-East England encompassing 14 case studies with 21 interviews at both the start and end of the programme, and 30 real-time observations of network meetings.

Family firms can be characterised by a unique business setting, where family and work conditions are closely intertwined. This particular business setting promotes distinctive strategic behaviour. Yet, scholarly understanding of strategic decision processes in family firms remains limited, particularly from a perspective that pays attention to the role of micro-processes in the overall decision-making process. This study addresses this gap from a strategy-as-practice perspective and by posing the research question: ‘how does the family context influence the strategic decision-making process in the family firm?’ The author uses a critical realist lens and case study method to examine multiple strategic decisions across 7 family firms.

The research in this thesis provides an understanding of the growth of the firm from the coevolution of its learning and technological trajectory by focusing on the micro components of learning and the process of capacity building. It aims to explain the degree of complementarity, interdependency and co-evolution within the process of knowledge integration and learning over the firm’s technological trajectory. In doing so, it searches for the process of capacity building, emphasizing the interaction between knowledge reconfiguration – i.e. whether the source of knowledge is passive, active or interactive – and its orientation – i.e. whether it is explorative or exploitative. In brief, the thesis analyses the link between knowledge integration, technological learning, capacity building and technological transformation.

<p> Outsourcing provides organizations the opportunity for cost-saving and increased opportunities to build a competitive advantage, while better utilizing limited resources and focusing efforts on their strategic goals. There was a risk associated with deciding to outsource human resources (HR) functions in the federal government, which can influence management&rsquo;s ability to make informed decisions and affect an organization&rsquo;s effectiveness. Social groups inside an organization can influence knowledge, innovation, and productivity. Research has shown nothing emerges from a social group except individual behavior, and individual behavior can influence the organization&rsquo;s growth in a marketplace. The purpose of this qualitative multiple case study was to explore the perceived risk to the federal government associated with deciding to outsource HR functions. This research was conducted using a qualitative method with a multiple case study design. Data collection and analysis focused on those federal agencies in the Washington, DC geographical area having at least 2,000 employees and outsourcing at least 40% of their HR functions (e.g., compensation and benefits, employee relations, and compliance) and support services (e.g., payroll, recruitment, and benefit administration). Once these organizations were identified, a review of historical documents related to outsourced functions covering a period of at least five-years will be performed using at a selected federal agency. Additionally, an observational research approach using naturalistic observation as teams of HR practitioners within the targeted agency was done as the practitioners performed duties within their everyday environment (e.g., approximately 3-5 teams with approximately 25 personnel as target sample size). Finally, one-on-one semi-structured interviews with purposefully selected HR staff and management (e.g., approximately 10-12 participants from the target agencies) was conducted. These interviews drew a deeper understanding of the shared experiences of the participants and the perceived influence outsourcing HR functions has on knowledge retention needed to be retained in the federal government. Knowledge gained from this study could add value to the body of knowledge for future HR professionals and management to make informed outsourcing decisions in the federal government. The findings of this research added value to the body of knowledge for future HR professionals to influence outsourcing decisions in the federal government. Additionally, this study may inspire future researchers&rsquo; study of the desired competencies of HR practitioners in the federal government.</p><p>

<p> Small businesses represent 99.7% of all employers in the United States and account for 63% of new jobs; however, 50% of small businesses fail within 5 years of operation. The purpose of this multiple case study was to explore strategies that some small restaurant owners used to succeed in business for longer than 5 years. The sample population for the study was the owners of 3 small restaurants in the northeastern region of the United States who have a minimum of 5 years&rsquo; experience in operating a successful business. Chaos theory provided the conceptual framework for the study. Data collection methods were semistructured interviews and review of company documents and archival records. Member checking of interview transcripts was used to strengthen the credibility, reliability, and trustworthiness of the findings. Based on the methodological triangulation of the data sources and using the van Kaam process, themes emerged. The principal themes that emerged were networking, customer satisfaction, and leadership. The findings from this study may contribute to positive social change by providing strategies that small business owners need to be successful and possibly improve the prosperity of the community and local economy.</p><p>

<p> This research study examined the general business problem that ineffective communications caused project management outcomes that lead to increased business costs. The specific business problem was complexity experienced by virtual teams, due to the lack of physicality, contributed to environmental barriers and ineffective communications. The purpose of this exploratory qualitative study was to capture the lived experiences of project leaders who managed the complexity associated with virtual communication environmental barriers. The research question was: What are the lived experiences and informed perceptions of project leaders who managed the complexity associated with virtual communication environmental barriers? The conceptual framework guiding this inquiry was comprised of complexity theory&rsquo;s complex adaptive systems framework to include project leadership, team dynamics, virtual communication environments, communication method selection, and the management organization as the integrating components that influenced complexity. Data was gathered through telephone interviews conducted with 14 certified project management professionals sourced from LinkedIn, all of whom experienced project complexity and communication challenges within the virtual environment. The resulting data transcripts were analyzed using NVivo 11. The research question was answered through the findings that revealed a central theme and sub-themes of managing complexity due to virtual environments and communication barriers. The research findings indicated sub-themes of five virtual environments experienced by the research participants, created by the type of communication tools&rsquo; attributes that were experienced. The virtual environments were established from the types of communication links by using specific tools, and not defined as the physical environments based on locations of the senders and receivers. Secondly, the research findings indicated sub-themes of internal environmental barriers that were created inside of the project teams by people, language, culture, training, and leadership. Thirdly, the research findings indicated sub-themes of external environmental barriers that were created outside of the project teams by executive leadership, organizational structure, and customer relationship. Fourth, the research findings indicated sub-themes of task and project outcomes included project failure, project success, and project recovery. The results of this study contributed to the business practice through the findings that indicated how the participants managed communication environments through implementing processes, leadership escalations, communication tool selection, reduced feedback delays of communication, and built relationships among the team members that were central to managing the complexity in virtual teams. In addition, this study contributed to research by providing a holistic description of the virtual environments, identification of communication environmental barriers, and consolidated understandings from other studies. </p><p>

Database design is a difficult problem for non-expert designers. It is desirable to assist such designers during the problem solving process by means of a knowledge based (KB) system. Although a number of prototype KB systems have been proposed, there are many shortcomings. Firstly, few have incorporated sufficient expertise in modeling relationships, particularly higher order relationships. Secondly, there does not seem to be any published empirical study that experimentally tested the effectiveness of any of these KB tools. Thirdly, problem solving behavior of non-experts, whom the systems were intended to assist, has not been one of the bases for system design. In this project, a consulting system, called CODA, for conceptual database design that addresses the above short comings was developed and empirically validated. More specifically, the CODA system incorporates (a) findings on why non-experts commit errors and (b) heuristics for modeling relationships. Two approaches to knowledge base implementation were used and compared in this project, namely system restrictiveness and decisional guidance (Silver 1990). The Restrictive system uses a proscriptive approach and limits the designer's choices at various design phases by forcing him/her to follow a specific design path. The Guidance system approach, which is less restrictive, involves providing context specific, informative and suggestive guidance throughout the design process. Both the approaches would prevent erroneous design decisions. The main objectives of the study are to evaluate (1) whether the knowledge-based system is more effective than the system without a knowledge-base and (2) which approach to knowledge implementation - whether Restrictive or Guidance - is more effective. To evaluate the effectiveness of the knowledge base itself, the systems were compared with a system that does not incorporate the expertise (Control). An experimental procedure using student subjects was used to test the effectiveness of the systems. The subjects solved a task without using the system (pre-treatment task) and another task using one of the three systems, viz. Control, Guidance or Restrictive (experimental task). Analysis of experimental task scores of those subjects who performed satisfactorily in the pre-treatment task revealed that the knowledge based approach to database design support lead to more accurate solutions than the control system. Among the two KB approaches, Guidance approach was found to lead to better performance when compared to the Control system. It was found that the subjects perceived the Restrictive system easier to use than the Guidance system.

The purpose of this study was to investigate the relationship between organizational learning and expatriation in overseas subsidiaries as well as in organizations as a whole. In doing so, two issues were addressed - () the use of expatriation as firms internationalize, and (ii) the significance of various factors to expatriate success as firms gain international experience. The sample of companies for this study was drawn from U.S. Fortune 500 multinational corporations (MN1Cs) in two sets of related industries -- computers/ electronics and petroleum/chemicals. Based on the learning that takes place within organizations as they increase their involvement overseas, a positive relationship was expected between international experience and expatriation when internationalization was low, and a negative relationship was expected when internationalization was high. Results indicate a significant positive relationship between country experience and the proportion of expatriates in that subsidiary when subsidiaries were relatively young, and a negative relationship, however not significant, for more mature subsidiaries. The relationship between overall firm degree of internationalization (DOI) and the proportion of expatriates in the firm as a whole was negative regardless of stage of internationalization, but this relationship was significant only for highly internationalized firms. It was further suspected that individual, environmental, and family-related characteristics would have a significant effect on the success of expatriates whose firms were low on internationalization, and that organizational characteristics would play a significant role in highly internationalized firms. Support for these hypotheses was received with respect to certain outcomes and some determinants of success. The preponderance of support was found for those addressing the effects of both environmental and family-related characteristics on the cross-cultural adjustment of expatriates in firms with little international experience. Considerable support was also found for those hypotheses addressing the impact of organizational characteristics on the job satisfaction levels of expatriates assigned to mature subsidiaries. The relevant literatures on organizational learning and expatriation are reviewed, and a model is developed underlying the logic of the hypotheses. Research methods are then described in full detail, results are reported, and implications for theory and for management are discussed.

The theories of orthogonal cultural identification and self-categorization are offered as links in examining the possible racioethnic differences in job satisfaction. It is posited that racioethnicity (Cox & Blake, 1991) is multidimensional with at least three conceptually distinct dimensions. Since there is a need for consistent terminology with respect to these distinct dimensions, the following new terms are offered to differentiate among them: " physioethnicity" refers to the physiological dimension of racioethnicity; "socioethnicity" refers to the sociocultural dimension; and "psychoethnicity" refers to the psychological dimension.