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2004 Faculty Senate Meeting Minutes, Morehead State University. Faculty Senate.

Faculty Senate Records

Faculty Senate meeting minutes for the entire year of 2004.

Is Organizational Democracy Worth The Effort?, Jeffrey S. Harrison, R. Edward Freeman

Management Faculty Publications

Organizational democracy is frequently associated with increased employee involvement and satisfaction, higher levels of innovation, increased stakeholder commitment, and, ultimately, enhanced organizational performance. However, democratic processes can also absorb significant time and other organizational resources and bog down decisions, which may lead to reduced efficiency. This article summarizes the pros and cons of organizational democracy. It also introduces and integrates ideas from the three other articles in this special forum. In the end, we conclude that although the economic arguments for organizational democracy may be mixed, increased stakeholder participation in value creation and organizational governance can benefit both society and …

Does Baldrige Make A Business Case For Quality?, Mark L. Dean, Cynthia L. Tomovic

STEMPS Faculty Publications

The Malcolm Baldrige National Quality Award (MBNQA) is a widely accepted model promoting quality management as a means to business success. However, because business results are themselves part of the model, the contribution of the approach-deployment elements to results cannot be determined. The National Institute of Standards and Technology (NIST) maintains a history of Baldrige applications and the results of their evaluations. Statistical analysis of these data could yield insight into whether the approach-deployment advocated by the Baldrige model actually produces excellent results. Although NIST does not currently allow access to the data, future empirical evaluation of the data could …

Campbell Soup Company In 2004 (A), Roger R. Schnorbus

Robins School of Business White Paper Series, 1980-2022

As fiscal 2004[1] began, Doug Conant, the President and CEO of the Campbell Soup Company could take pride in the results of his 3-year transformation plan instituted in fiscal 2001 to revitalize the company. The key initiatives of the plan were to restore revenue and profitability growth and stimulate shareholder wealth.

Conant, who became President and CEO in January of 2001, called the plan, “the single most comprehensive commitment to revitalization ever undertaken in the 132-year history of Campbell Soup Company.”

The financial results achieved in fiscal 2002, the first year of the plan, were a mixed bag. Although net …

Drivers Of The Value Of The Firm: Profitability, Growth, And Capital Intensity, Tom W. Miller, Richard E. Mathisen

Faculty Articles

Value-based management systems focus on wealth and the wealth creation process and promote the generation of value for the shareholders. A valuation model for the firm is extended analytically to focus explicitly on profitability, growth, and capital intensity as drivers of the value of the firm. The extended model provides information about the sensitivities of the value of the firm to changes in the firm's profitability, growth, and capital intensity. These sensitivities are presented in terms of changes per dollar of sales and actual dollar changes. The changes per dollar of sales show the relative sensitivities of the changes in …

Best Practice Hrd: Exploring The Feasibility Of Conventional Models In The Small Firm: The Case Of The Irish Hotel Sector, Ciara Nolan

Masters

The growth and popularisation of best practice HRD literature has been a key feature of recent international management research. This study explores this concept within the context of the small firm. In particular, the work sought to analyse the feasibility of conventional best practice HRD, theoretically and empirically, within a small hotel environment. Conventional best practice theory advocates that HRD takes place within a structured framework of formal plans and procedures. It explicitly overlooks and ignores informal and tacit means of training, which have proven to be particularly crucial within small hospitality firms. Yet, many small firms are successful and …

Pan-European Logistics And Scm Challenges: Towards An Integrated Approach To Supply Chain Re-Engineering, Edward Sweeney

Other Resources

No abstract provided.

Barriers To The Acceptance And Utilisation Of Knowledge Management Systems: An Exploratory Study, Patricia Kennett

Theses : Honours

Organisations entering the 21st Century arc exposed to an environment of continuous change, a challenge that requires a movement away from more predictable structures of the past, with hierarchies and formal chains of command. The emerging fluid and network like structures present new challenges for ensuring the development and dissemination of organisational knowledge. An area of considerable current debate involves the issue of harmony and balance between and organisation's culture and its Knowledge Management (KM) systems. The focus of this study is on organisations that are recognising the implications of these changes and are responding by installing knowledge systems in …

Journal Of Actuarial Practice - Volume 11 (2004) - Contents And Masthead

Journal of Actuarial Practice (1993–2006)

Contents

Editorial Policy: Topics suitable for this journal include AIDS, annuity products, asset-liability matching, cash-flow testing, casualty rate making, credibility theory, credit insurance, disability insurance, expense analysis, experience studies, FASB issues, financial reporting, group insurance, health insurance, individual risk taking, insurance regulations, international issues, investments, liability insurance, loss reserves, marketing, pensions, pricing issues, product development, reinsurance, reserving issues, risk-based capital, risk theory, social insurance, solvency issues, taxation, valuation issues, and workers' compensation

Review Process

Editor - Colin Ramsay, University of Nebraska

Associate Editors: Robert Brown, University of Waterloo ○ Cecil Bykerk, Mutual of Omaha ○ Ruy Cardoso, …

The Actuarial Value Of Life Insurance Backdating, James M. Carson, Krzysztof Ostaszewski

Journal of Actuarial Practice (1993–2006)

Backdating is a common (and legal) practice in the U.S. whereby a life insurance contract bears a policy date that is prior to the actual application date. This practice often results in the opportunity for some insureds to reduce the annual premium paid. Using cash flow projections and U.S. mortality, lapse, and interest rate data, we provide a model of the actuarial value of term life insurance backdating. Results indicate that the benefits to the applicant of backdating a term life insurance policy increase as the applicant age (and hence premium) increases. Increasing mortality, lapse, and interest rates, as well …

Decision Tree Analysis Of Terminated Life Insurance Policies, Robert Keng Heong Lian, Yuan Wu, Hian Chye Koh

Journal of Actuarial Practice (1993–2006)

Statistical methods such as regression and survival analysis have traditionally been used to investigate the factors affecting the duration of terminated life insurance policies. This study explores a different approach: it uses a more recently developed data mining technique called decision trees. By sequentially partitioning the data to maximize differences in the dependent variable (duration in this study), the decision trees technique is good at identifying data segments with significant differences in the dependent variable. This identification can be useful when a company is trying to understand the factors driving or associated with the termination of life insurance policies. Decision …

Rapid Calculation Of The Price Of Guaranteed Minimum Death Benefit Ratchet Options Embedded In Annuities, Eric R. Ulm

Journal of Actuarial Practice (1993–2006)

This paper presents a new method of obtaining quick and accurate values and deltas for discrete look back options using Taylor series expansions. This method is applied to the case of ratchet guaranteed minimum death benefits attached to annuity contracts, and the method is extended to include annuities where a fixed fund is attached to the variable account. Finally, both the speed and the accuracy of the method are compared to Monte Carlo simulation and the exact analytic solution. The Taylor expansion method is shown to be faster and, in most cases, more accurate than the alternative methods.

Approximating The Bias And Variance Of Chain Ladder Estimates Under A Compound Poisson Model, Janagan Yogaranpan, Sue Clarke, Shauna Ferris, John Pollard

Journal of Actuarial Practice (1993–2006)

We consider the problem of estimating the outstanding claims produced by a homogeneous general insurance portfolio. The specific model considered in this paper is one where the number of claims in any loss period follows a Poisson distribution, settlement delays follow the same multinomial distribution, and settlements are single lump sums that are independent identically distributed random variables. Simulations using this model reveal that the development ratios and the outstanding claims estimates produced using the chain ladder method are positively biased. We obtain approximate formulas for the biases using Taylor series expansions of the random variables about their means. The …

Product Innovation In Financial Services: A Survey, Christopher O'Brien

Journal of Actuarial Practice (1993–2006)

This paper considers product innovation in insurance and other financial services, an area where actuaries have an important role. It considers the proposition that there is no unique formula for success and that what works well in one situation may not work well in another. It first examines the sources of ideas for new products and, in particular, the role played by consumers, which is generally regarded as weak. It then looks at how ideas are implemented, with particular importance attributed to cross-functional teams and the formality of the product development process. Then it considers how success is measured (with …

Positive Psychological Capital: Beyond Human And Social Capital, Fred Luthans, Kyle W. Luthans, Brett C. Luthans

Department of Management: Faculty Publications

With the rising recognition of human resources as a competitive advantage in today’s global economy, human capital and, more recently, social capital are being touted in both theory, research, and practice. To date, however, positive psychological capital has been virtually ignored by both business academics and practitioners. “Who I am” is every bit as important as “what I know” and “who I know.” By eschewing a preoccupation with personal shortcomings and dysfunctions and focusing instead on personal strengths and good qualities, today’s leaders and their associates can develop confidence, hope, optimism, and resilience, thereby improving both individual and organizational performance.

Human, Social, And Now Positive Psychological Capital Management: Investing In People For Competitive Advantage, Fred Luthans, Carolyn M. Youssef

Department of Management: Faculty Publications

There is growing evidence that human resources are crucial to organizational success, and may offer the best return on investment for sustainable competitive advantage. Jeffery Pfeffer’s extensive work, summarized in his book The Human Equation, discusses substantially supported but unfortunate findings that only about half of today’s organizations and their managers believe that human resources really do matter. Moreover, only half of those organizations act upon their beliefs beyond paying lip service to this vital resource. Few organizations have adopted high performance work practices, such as 360-degree feedback, pay-for-performance, self-managed teams, employee empowerment, and other human-oriented initiatives. Furthermore, Pfeffer shows …

Recognition And Development Of Hope For South African Organizational Leaders, Fred Luthans, René Van Wyk, Fred Walumbwa

Department of Management: Faculty Publications

The significant challenges faced by South Africa at present are well known. How to deal with the problems from a political and economic perspective abound, but taking a psychological approach has been neglected. This paper proposes a positive approach to South African organizational leadership based on the psychological capacity of hope. After giving a brief background on the context surrounding South African organizations, the theory, research, and application of hope relevant to organizational leadership in the “Rainbow Nation” are presented and analyzed. Such an overlooked positive approach represented by hopeful organizational leaders seems needed at this juncture of South Africa’s …

Unlocking The Mask: A Look At The Process By Which Authentic Leaders Impact Follower Attitudes And Behaviors, Bruce Avolio, William L. Gardner, Fred Walumbwa, Fred Luthans, Douglas R. May

Department of Management: Faculty Publications

The conceptual and empirical links between authentic leadership and follower attitudes, behaviors, and performance outcomes have not been fully developed. Although we have a number of articles developing the theory of authentic leadership and testing propositions that will appear in a forthcoming special issue of The Leadership Quarterly (Vol. 16, Issue 3, 2005), the focus of this article is to provide some of the initial foundation work for the broader theoretical framework of how authentic leaders influence follower attitudes, behaviors, and performance. Here, we draw from positive organizational behavior, trust, hope, emotion, identification, and identity theories to describe the processes …

The Cognitive And Affective Antecedents Of General Trust Within Cooperative Organizations, J.L. Morrow Jr., Mark H. Hansen, Allison W. Pearson

Faculty Publications

Recently, much attention has been devoted to the important role that trust may play in the management of organizations. From a theoretical perspective, scholars have considered a wide range of topics such as the distinction between trust and distrust (Lewicki et al, 1998), the initial development and evolution of trust within organizations (Jones and George, 1998; Mayer et aL, 1995) and the betrayal of trust (Elangovan and Shapiro, 1998). EmpiricaJJy, researchers have examined how trust impacts organizations at the individual (McAllister, 1995), group (Korsgaard et al, 1995) and organizational levels (Davis fl al., 2000). Despite increasing interest in the effects …

A Bayesian Operationalization Of The Resource-Based View, Mark H. Hansen, Lee T. Perry, C. Shane Reese

Faculty Publications

This paper argues that the gap between the theoretical utility and the practical utility of the resource-based view (RBV) may be narrowed by operationalizing the theory more consistently with Penrose's original framework. The operationalization proposed here is a twofold approach. First, the RBV may be enhanced by the explicit recognition of Penrose's two classes of resources, namely, administrative resources and productive resources. This distinction suggests a focus on the administrative decisions of managers that lead to economic performance. Second, we argue that the RBV is a theory about extraordinary performers or outliers—not averages. Therefore, the statistical methods used in applying …

Overcoming Stickiness: An Empirical Investigation Of The Role Of The Template In The Replication Of Organizational Routines, Gabriel Szulanski, Robert J. Jensen

Faculty Publications

Knowledge assets are fundamental sources of competitive advantage. Accordingly, the prosperity of firms is increasingly predicated on their ability to mobilize those assets so that they can be properly exploited. Yet, valuable knowledge assets are often complex, intangible, and tacit organizational attributes embedded in organizational routines and are hard to mobilize. Thus, the reality of knowledge transfer rarely lives up to expectations. A central tenet in viewing transfers of knowledge as the replication of organizational routines is the importance of the template. We hypothesize that a template, i.e. a working example, is essential in replicating knowledge assets effectively. In this …