Business and Management

Organizations performing non-routine, innovative, often knowledge-intensive tasks, for example, professional partnerships need a rather flat, collegial, and non-bureaucratic structure. This book examines cooperation among partners in a US corporate law firm and provides a grounded theory of collective action among rival peers, or collegiality. Members (partners and associates) are portrayed as independent entrepreneurs who build social niches in their organization and cultivate status competition among themselves. This behaviour allows them to fulfil their commitment to an extremely constraining partnership agreement and generates informal social mechanisms (bounded solidarity, lateral control, oligarchic regulation) that help a flat organization govern itself: maintain individual performance, even for tenured partners; capitalize knowledge and control quality; monitor and sanction opportunistic free-riding; solve the ‘too many chefs’ problem; balance the powers of rainmakers and schedulers; and integrate the firm in spite of many centrifugal forces. These mechanisms and the solutions they provide are examined using a broadly-conceived structural approach combining theory-driven network analysis, ethnography of task forces performing knowledge-intensive work, and analysis of management and internal politics in the firm. The author presents a theory of the collegial organization that generalizes its results to all kinds of partnerships.

After twenty-five years of preparation, the Large Hadron Collider at CERN, Geneva, is finally running its intensive scientific experiments into high-energy particle physics. These experiments, which have so captured the public's imagination, take the world of physics to a new energy level — the terascale — at which elementary particles are accelerated to one millionth of a percent of the speed of light and made to smash into each other with a combined energy of around fourteen trillion electron-volts. What new world opens up at the terascale? No one really knows, but the confident expectation is that radically new phenomena will come into view. The kind of Big Science being pursued at CERN, however, is becoming ever more uncertain and costly. Do the anticipated benefits justify the efforts and the costs? This book aims to give a broad organizational and strategic understanding of the nature of Big Science by analyzing one of the major experiments that uses the Large Hadron Collider, the ATLAS Collaboration. It examines such issues as: the flow of ‘interlaced’ knowledge between specialist teams; the intra- and inter-organizational dynamics of Big Science; the new knowledge capital being created for the workings of the experiment by individual researchers, suppliers, and e-science and ICTs; the leadership implications of a collaboration of nearly three thousand members; and the benefits for the wider societal setting. This book aims to examine how, in the face of high levels of uncertainty and risk, ambitious scientific aims can be achieved by complex organizational networks characterized by cultural diversity, informality, and trust — and where Big Science can head next.

It has long been an interest of researchers in economics, sociology, organization studies, and economic geography to understand how firms innovate. Most recently, this interest has begun to examine the micro-processes of work and organization that sustain social creativity, emphasizing the learning and knowing through action when social actors and technologies come together in ‘communities of practice’; everyday interactions of common purpose and mutual obligation. These communities are said to spark both incremental and radical innovation. This book examines the concept of communities of practice and its applications in different spatial, organizational, and creative settings. Chapters examine the development of the concept, the link between situated practice and different types of creative outcome, the interface between spatial and relational proximity, and the organizational demands of learning and knowing through communities of practice. More widely, the chapters examine the compatibility between markets, knowledge capitalism, and community; seemingly in conflict with each other, but discursively not.

This book compares processes of entrepreneurship, specifically of high-tech manufacturing, in the UK and Japan — countries associated with liberal market economies and coordinated market economies respectively. Similarities are found in approaches to opportunity and business creation which are strikingly different from recent policy emphases in the UK and Japan, inspired by Silicon Valley. Differences — in the backgrounds of entrepreneurs, founding teams, attitudes to growth and risk, innovation, competitive advantages, HRM, and collaborations — are summed up by the concepts of ‘project entrepreneurship’ and ‘lifework entrepreneurship.’ This study brings insights from entrepreneurship to comparative institutions and varieties of capitalism, and vice versa, and draws on two surveys and twenty-five case interviews in both the UK and Japan. It concludes with a discussion of dilemmas for entrepreneurship policy in the UK, Japan, and other countries.

If the defining goal of modern-day business can be isolated to just one item, it would be the search for competitive advantage. Competition is more intense than ever—technological innovation, consumer expectations, and government deregulation all combine to create more opportunities for new competitors to change the basic rules of the game. At the same time, most of the old reliable sources of competitive advantage are drying up: the strategies employed by GM, IBM, and AT&T to maintain their positions of dominance in the 1960s and 70s are now obsolete. The authors of this book argue that the last remaining source of truly sustainable competitive advantage lies in “organizational capabilities”: the unique ways each organization structures its work and motivates its people to achieve clearly articulated strategic objectives. The book argues that managers must understand the concepts and learn the skills involved in designing their organization to exploit their inherent strengths. All the reengineering, restructuring, and downsizing in the world will merely destabilize a company if the change doesn't address the fundamental patterns of performance—and if the change doesn't recognize the unique core competencies of that company. The authors draw upon specific cases to illustrate the design process in practice, and they provide a set of tools for using strategic organization design to gain competitive advantage. They present a design process, explore key decisions managers face, and list the guiding principles for incorporating the design function as a continuing and integral process.

Harvard professor, Michael Porter has been one of the most influential figures in strategic management research over the last three decades. He infused a rigorous theoretical framework of industrial organization economics with the then still embryonic field of strategic management and elevated it to its current status as an academic discipline. Porter's outstanding career is also characterized by its cross-disciplinary nature. Following his most important work on strategic management, he then made a leap to the policy side and dealt with completely different set of analytical units from his earlier work. More recently he has made a foray into inner city development, environmental regulations, and health care services. Throughout these explorations Porter has maintained his integrative approach, seeking a road that links management case studies and the general model building of mainstream economics. Porter's cross-disciplinary exploration has created tensions within the various fields to which he has contributed, and his work on both strategic management and economic development has met with criticism. With expert contributors from a range of disciplines including strategic management, economic development, economic geography and planning, this book assesses the contribution Michael Porter has made to these respective disciplines. It clarifies the sources of tension and controversy relating to all the major strands of Porter's work, and provides – academics, students and practitioners – managers and policymakers – with a key and critical guide for the application of Porter's models. The book highlights that while many of the criticisms of Porter's are valid, they are almost an inevitable outcome for a scholar who has sought to build bridges across wide disciplinary valleys. His efforts have provided others with a toolbox of frameworks to explore in more depth the nature of competition, competitive advantage, and clusters from a range of vantage points, such as firm, nation, or regional levels.

This book integrates both the changing structure of the commercial banking industry in Europe and the strategic implications of these changes. It begins by concentrating on the economics of banking, presenting an analysis of the principal environment forces affecting the financial sector: deregulation, internationalization, economic instability, technical change, and financial innovation. The second part offers valuable information on current trends in the five main EC countries. The analysis of each country includes a study of the recent evolution of its financial sector, in turn; each sector's inherent economic outlook in terms of profitability, costs, productivity, and competition; as well as the changes in the regulatory environment. The third part of the book is dedicated to an analysis of some of the strategic choices of European banks, such as scale, diversification, and internationalization. Finally, the pace of change within the European banking industry is evaluated, as well as how some of the banks are adapting to the new environment.

The Global Financial Crisis (GFC) is the most serious economic crisis since the Great Depression. Many books have explored its causes, but this book systematically explores its consequences. The focus is primarily on the policy and political consequences of the GFC. This book asks how governments responded to the challenge and what the political consequences of the combination of the GFC itself and policy responses to it have been. Based on workshops held in the United States and the United Kingdom, it brings together leading academics to consider the divergent ways in which particular countries have responded in different ways to the crisis, including China, France, the United Kingdom, and the United States. Part of what is happening is a structural shift in economic power from east to west, but China has its fragilities while Germany offers an example of a largely successful Western model. The book also assesses attempts to develop global economic governance and to reform financial regulation and looks critically at the role of credit rating agencies. Unlike earlier crises, no new paradigm has emerged to challenge existing ways of thinking, meaning that neoliberalism has emerged relatively unscathed. The crisis has lacked a coherent and innovative intellectual response and has been characterized by remarkable policy stability.

Modern constitutions are relatively recent instruments of rule and are closely associated with the formation of national states from the eighteenth century onwards. So what is this term doing in respect to global business practices and corporate affairs? This question is the one the book sets out to explore. The argument is that with the advent of globalization — where corporate organizations and the commercial relations that accompany them are argued to have become increasingly transnational — the locus of powers, authorities, and responsibilities has shifted to the global level. The nation-state arena is losing its capacity to regulate and control commercial processes and practices as a transformational logic kicks-in, associated with new forms of global rule making and governance. And it is this new arena of global rule making can be considered as a surrogate form of global constitutionalization, or ‘quasi-constitutionalization’. But as might be expected, this surrogate process of constitutionalization is not a coherent program or a set of rounded outcomes but is full of contradictory half-finished currents and projects: an ‘assemblage’ of many disparate advances and often directionless moves — almost an accidental coming together of elements. Thus, the book is about governance, law, and constitutional matters. these are discussed in the context of international corporate constitutional governance. So, the emphasis is upon how and why the business world, commercial relations, and particularly company activities have increasingly become subject to legal and constitutional forms of regulation and governance at the international level. The questions asked is how to characterize the process that has seen the international corporate sphere increasingly subject to juridical and constitutional-like regulatory initiatives and interventions. Does this amount to a new attempt to subject international commercial relations to the ‘rule by law’ and, indeed, to rule the world through these very means?

This book examines the construction of capitalisms in Poland, the Czech Republic, Hungary, and Romania after 1989, within a national business systems framework. Four elements of capitalism are analysed—property ownership, capital accumulation, production relations (specifically, international), and relations between the state and the economy. This book shows how the capitalisms constructed did not match the expectations of the early 1990s. Economic assets were privatized, but the exercise of shareholders’ rights was more limited in practice than in shareholder value theory. Blockholders dominated boards of directors in all four countries, often aligned with corporate management. Capital markets were developed, but played a greater role symbolically than as sources of finance. Enterprises in all four countries were incorporated into international production chains, with expansion in export and import of intermediate products, especially in motor vehicles. Despite the transition’s aim to reduce the role of politics in the economy, constructing capitalisms was heavily dependent upon political initiatives, nationally and internationally. Labour played only a supporting role in constructing capitalisms, through participation in tripartite forums; union membership declined, and industrial conflict primarily involved state sector workers. The capitalisms that developed were segmented, analysis of Hungary indicating four segments—state, privatized, de novo, and international—with different patterns of ownership, finance, product market relations, and links with the state. Capitalisms in the four countries thus never corresponded to liberal market models. The incentive to follow liberal market models declined further with the financial crisis of Western capitalisms in 2008, and growing investment in the region by sovereign wealth funds, Russian and Chinese.