European Management Research Articles

A Preliminary Study for Structural Curriculum Development for Teaching Korean Culture Abroad - An Analysis of Current Korean Program Management in Europe -

본 연구는 유럽의 대학에 개설된 한국학 프로그램 중 한국문화 교육에 관한 과정 운영 현황을 분석하여 이를 해외한국학 과정의 한국문화 수업모형 구성을 위한 기초 연구로 활용하는 것을 목적으로 이루어졌다. 해외에서 한국학 과정을 운영 교육 및 연구 기관이 해마다 증가하고 있지만, 해외 한국학 과정의 체계적인 운영을 위한 교육과정 체계에 관한연구는 미흡하다. 이에 본 연구는 한국 정부 차원에서 해외 한국학 교육기관 운영을 위한 지원을 담당하고 있는 한국국제교류재단(Korea Foundation; 이후 KF)의 해외 한국학 운영현황 통계 자료를 대상으로 서유럽과 북유럽 총 36개국의 159개 대학에 개설된 한국학 교육과정 내 한국문화교육 운영현황을 조사하였다. 그 결과, 대부분의 유럽 대학에서는 학위 과정에서 한국에 관한 연구를 제공하지 않는 기관에서도 한국문화에 대한모듈을 제공하는 것으로 나타났다. 이는 유럽 대학에서 한국문화 강좌가 한국학을 위한 기초 단계 교과목으로 매우 중요하게 다뤄진다는 것을 시사한다.

Formuvannia mihratsiinoi polityky Yevropeiskoho Soiuzu ta yii zviazok z politykoiu bezpeky

The problem of international migration, especially illegal migration, is a much politicized problem in most EU member states. Countries such as Italy, France or Spain have a strong interest in reducing the influx of illegal workers into national labour markets. This anti-immigration pressure has a profound effect on the EU’s common migration policy. Immigration has become a real challenge for the countries of the European Union. Some member states, unable to cope with the problem of assimilation and integration of their immigrants, have become hostages of populist slogans in the fight against illegal migration and crime. Under the threat of an increase in the number of migrants in the EU, the question of the impossibility of gradual integration is becoming increasingly apparent. Ukraine has declared its membership in the European Union as its normative goal. In the course of strengthening Ukraine’s cooperation with the EU and Ukraine’s integration into the European community, the stability of migration legislation is necessary. Therefore, based on the experience of the European Union, Ukraine must create and implement its own legal norms and principles of the domestic legal system in accordance with the standards and principles of European law. The aim of the article is to present the evolution of European migration management policy. The article shows that migration has been inextricably linked to security issues since the beginning of European integration. However, such policies do not take into account important demographic challenges for the EU economy, especially the problem of population aging. The historical preconditions of the legal regulation of migration processes in the law of the European Union are considered, the analysis of normative documents of the EU law and in this sphere is carried out. It is concluded that the existence of a sufficiently extensive system of protection of migrants’ rights in the EU and determining their status does not guarantee a solution to the problems of such persons. Overcoming migration crises is a matter of joint efforts of the entire international community. Solving the problems of migrants must depend on the coordination of the political will of states.

Trends and Patterns in Turnaround Strategies

The paper aims to examine the publications on turnaround strategies and identify scientific gaps. Hence, bibliographic couplings of countries, institutions, journals, publications, authors, and co-occurrences of the author keywords were analyzed. Bibliographic methods were employed to examine and visualize the characteristics of the publications with the aid of VOSViewer software. Using 174 articles from the Scopus database, the results revealed that corporate distress, turnaround, organizational decline, turnaround strategies, corporate strategy, financial distress, retrenchment, turnaround strategy, and turnarounds were among the most studied key concepts in this area, The “Journal of Strategy and Management” and “European Management Journal” were the top journals. United States, United Kingdom, and India were the most influential countries. The Fort Hays University and McMurry University were top research institutions. Notably, Huang, Y., Reddy, K.S., and Xie, E. were the most influential authors in this research area. These results will help academicians and practitioners.

INFORMATION SUPPORT FOR MONITORING THE STATE OF THE GRAIN INDUSTRY OF UKRAINE IN THE CONDITIONS OF EURO INTEGRATION

The needs of information support for monitoring the state of the grain industry at different levels of management are investigated. For the purposes of European integration, economic and management processes must be brought to the EU requirements, in particular Directive 1306/2013 Financing, management and monitoring of agricultural policy. The analysis of the grain industry of Ukraine in terms of production indicators, international measurement production of grain crops is carried out. The dynamics of the balance of grain crops in Ukraine for 2015-2020 is studied. The methodological foundations of the formation of basic indicators for monitoring the grain industry are generalized, the components of the structure of its information support are highlighted. The definition of information support for monitoring the grain industry as a process of scientifically grounded collection of data on the selection of objects of observation, systematization and generalization in order to ensure the management process for the formation of an effective agricultural policy is given. Based on the analysis of the state, the features of information resources of the market of services for the production of domestic consumption and export are formed. The needs of managing the grain industry at the micro, meso and macro levels are highlighted. The main directions of monitoring at the macro level for state support for the development of the industry are formulated. Peculiarities of grain industry expenses are revealed on the example of normative materials accompanying the accounting on the chain of formation of value added of the grain industry of agro-industrial complex in the sphere of processing. The features and the need for monitoring the development of the grain industry are investigated and its main criteria for the formation of a national grain strategy, coordination of its development with the situation in the world and the EU are described. The review of measures, contributing to the further development of information support of the grain industry of Ukraine, is carried out.

A Cohort Analysis of Truly Incidental Low-Grade Gliomas

Management of low-grade gliomas (LGGs) is controversial. Incidental LGGs are thought to represent an earlier stage in the disease process compared with symptomatic LGGs. With advanced imaging techniques, the discovery of these lesions is expected to increase, resulting in clinical need for further understanding of these tumors. This study aimed to identify the incidence of incidental LGGs across 2 large European neurosurgical centers and review management and survival of tumors compared with symptomatic cranial LGGs over a 5-year period. LGGs managed during 2015-2019 at the Royal Victoria Infirmary and Münster University Hospital were retrospectively reviewed. An incidental finding was strictly defined as one discovered secondary to routine clinical or research imaging, not associated with investigation for a space-occupying lesion, with no associated symptoms. All histomolecular pathology reports were reviewed. Of 150 cases of World Health Organization grade II tumors identified at both centers, 82 were symptomatic, diffuse LGGs, with 20 discovered incidentally. There were 48 nondiffuse and/or pediatric tumors, which were excluded. Incidental LGGs were mostly IDH mutated and oligodendroglial with a trend toward improved overall survival and significantly increased progression-free survival compared with symptomatic LGGs (P= 0.024). In all cases, regardless of presentation, progression-free survival and overall survival were significantly improved following gross total resection versus biopsy (hazard ratio 0.45 [95% confidence interval 0.21-0.95], P= 0.037 vs. hazard ratio 0.10 [95% confidence interval 0.02-0.44], P= 0.003). In this study, differences in characteristics and survival between incidental and symptomatic LGGs were present, yet not significant owing to the rarity, and therefore small sample size, of incidental LGGs. Further global collaboration and development of an international glioma registry with a focus on symptoms, imaging indications (if incidental), histomolecular data, and management are needed.

Концептуальні засади воєнної політики в контексті реалізації стратегії національної безпеки України

Визначено завдання воєнної політики держави в контексті реалізації положень нової Стратегії національної безпеки України. Доведено, що агресія Російської Федерації (далі – РФ) проти України змінила європейську систему управління воєнною безпекою. Існуючі протиріччя між Європейським Союзом (далі – ЄС) та РФ як нащадка СРСР після закінчення холодної війни, незважаючи на голослівні обіцянки керівництва у відданості демократичному вектору суспільно-політичного розвитку Росії, з приходом до влади В. Путіна загострилися через його бажання відродити Російську імперію у колишніх кордонах. Ці бажання було втілено під час війни з Грузією та Україною. Підкреслено, що, незважаючи на загальний осуд політики РФ, яка кидає виклик європейській спільноті, завдячуючи історичним зв’язкам та економічним вигодам, не усі країни ЄС вважають РФ агресором. Загалом, підтримуючи членство України в ЄС та НАТО, європейці не вважають необхідним допомагати Україні сучасним озброєнням. Зазначено, що у цьому контексті Україна повинна у політиці воєнної безпеки орієнтуватися переважно на власні сили, що своєю чергою потребує формування та реалізації воєнної політики, заснованої на кращих світових зразках. На основі аналізу проектів стратегічних документів визначено пріоритети, завдання та основні шляхи розвитку Сектору безпеки та оборони в контексті нових викликів та загроз.

Tradition as asset or burden for transitions from forests as cropping systems to multifunctional forest landscapes: Sweden as a case study

Expectations of what forests and woodlands should provide vary among locations, stakeholder groups, and over time. Developing multifunctional forests requires understanding of the dynamic roles of traditions and cultural legacies in social-ecological systems at multiple levels and scales. Implementing policies about multifunctional forests requires a landscape and social-ecological perspective, and recognition of both spatial and temporal features at multiple scales. This study explores the dissemination of even-aged silviculture in central, eastern and northern Europe, and the consequences of choosing different vantage points in social-ecological systems for mapping of barriers, and to identify levers, towards multifunctional forest landscapes. Using a narrative approach, we first summarise the development of even-aged silviculture in four European regions. Next, we focus on Sweden as a keen adopter of even-aged silviculture, and identify levers at three groups of vantage points. They were (1) biosphere with biodiversity as short-hand for composition, structure and function of ecosystems, which support human well-being at multiple scales; (2) society in terms of different levels of stakeholder interactions from local to global, and (3) economy represented by value chain hierarchies and currencies. The emergence of even-aged silviculture >200 years ago formed an expanding frontier from central to northern Europe. Sustained yield wood production and biodiversity conservation encompass different portfolios of ecosystem aspects and spatio-temporal scales. Ignorance and lack of knowledge about these differences enforce their mutual rivalry. An exploratory review of six groups of stakeholders at multiple levels in the traditional industrial forest value chain highlights inequalities in terms of distribution of income and power across different levels of governance. This effectively marginalises other than powerful industrial actors. The distribution of financial results along the value chain is dynamic in space and time, and not all benefits of forest ecosystems can be measured using monetary valuation. There are also other currencies and incentives. A discussion of cultural trajectories in central and eastern European, Russian and Swedish forest management illustrates that forest history patterns repeat themselves. Longitudinal case studies of countries and regions can help foster holistic multi-dimensional and multi-level systems thinking. Application of deep levers of change is likely to require external drivers. A key challenge is to handle the manufacturing of doubt and decay of truth, i.e., the appearance of alternative facts, and the diminishing role of evidence and systems analyses in political and civic discourses. This transition is fuelled by new and rapidly evolving digital arenas.

Konik, Tarpan, European wild horse: An origin story with conservation implications

Horses are gaining importance in European nature conservation management, for which usually so-called primitive breeds are favored due to their claimed robustness. An increasingly popular breed, the Konik horse, is often said to be the direct descendent of the alleged European wild horse, the Tarpan. However, both the direct descent of the Konik from European wild horses and the existence of the Tarpan as a wild species are highly debated. In this review, we scrutinized both contemporary research and historical sources and suggest that the Tarpan and the Konik as its direct descendent are manmade myths that hinder effective conservation management. We did not find evidence that the Tarpan was a wild horse rather than a feral horse. We did not find any evidence either for a closer connection between the Konik and any extinct wild horse than between other domestic breeds and wild horses. We discuss three perspectives on why the myth has become widely accepted and survived to this day: a historical-political, a biological-ecological, and an emotional perspective. It seems that the origin story of the Konik and its connection to the Tarpan was shaped by personal and political interests, including nationalistic ideas. These as well as general human emotions towards horses have influenced researchers and laypeople to keep the myth alive, which has been possibly negatively impacting contemporary nature conservation. Indeed, today’s Koniks originated from a small founder population of only six male lines that were selected according to their phenotypic traits, with the aim to rebreed the ‘wild Tarpan’. Strict breeding practices have led to high inbreeding levels in recent Konik populations, which may undermine nature conservation purposes. Therefore, we suggest that mythologized origin stories should not be an argument for selecting breeds of grazers for nature conservation.

River and lake nutrient targets that support ecological status: European scale gap analysis and strategies for the implementation of the Water Framework Directive

Eutrophication caused by an excessive presence of nutrients is affecting large portions of European waters with more than 60% of the surface water bodies failing to achieve the primary ambition of water management in Europe, that of good ecological status (GES) with diffuse emission from agriculture being the second most important pressure affecting surface waters. We developed EU wide and regional nutrient targets that define the boundary concentrations between good and moderate status for river and lake total P (TP) and total N (TN) and assessed the gap between actual nutrient concentrations and these targets and considered strategies of nutrient reductions necessary to achieve GES and deliver ecosystem services. The nutrient targets established for rivers ranged from 0.5–3.5 mg/L TN and 11–105 μg/L TP and for lakes 0.5–1.8 mg/L TN and 10–60 μg/L TP. Based on the EU wide targets, 59% of the TN and 57% of the TP river monitoring sites and 64% of the TN and 61% of the TP lake monitoring sites exceed these value and are thus at less than GES. The PCA and step-wise regression for EU basins clearly showed that the basin nutrient export is predominantly related to agricultural inputs. In addition, the step-wise regression models for TN and TP provided the ability to extrapolate the results and quantify the input reductions necessary for reaching the nutrient targets at the EU level. The results suggest that a dual water management strategy would be beneficial and should focus a) on those less polluted rivers and lakes that can easily attain the GES goal and b) on the more highly polluted systems that will improve the delivery of ecosystem services.

An Indirect Approach Based on Long Short-Term Memory Networks to Estimate Groundwater Table Depth Anomalies Across Europe With an Application for Drought Analysis

The lack of high-quality continental-scale groundwater table depth observations necessitates developing an indirect method to produce reliable estimation for water table depth anomalies (wtda) over Europe to facilitate European groundwater management under drought conditions. Long Short-Term Memory (LSTM) networks are a deep learning technology to exploit long-short-term dependencies in the input-output relationship, which have been observed in the response of groundwater dynamics to atmospheric and land surface processes. Here, we introduced different input variables including precipitation anomalies (pra), which is the most common proxy of wtda, for the networks to arrive at improved wtda estimates at individual pixels over Europe in various experiments. All input and target data involved in this study were obtained from the simulated TSMP-G2A data set. We performed wavelet coherence analysis to gain a comprehensive understanding of the contributions of different input variable combinations to wtda estimates. Based on the different experiments, we derived an indirect method utilizing LSTM networks with pra and soil moisture anomaly (θa) as input, which achieved the optimal network performance. The regional medians of test R2 scores and RMSEs obtained by the method in the areas with wtd ≤ 3.0 m were 76–95% and 0.17–0.30, respectively, constituting a 20–66% increase in median R2 and a 0.19–0.30 decrease in median RMSEs compared to the LSTM networks only with pra as input. Our results show that introducing θa significantly improved the performance of the trained networks to predict wtda, indicating the substantial contribution of θa to explain groundwater anomalies. Also, the European wtda map reproduced by the method had good agreement with that derived from the TSMP-G2A data set with respect to drought severity, successfully detecting ~41% of strong drought events (wtda ≥ 1.5) and ~29% of extreme drought events (wtda ≥ 2) in August 2015. The study emphasizes the importance to combine soil moisture information with precipitation information in quantifying or predicting groundwater anomalies. In the future, the indirect method derived in this study can be transferred to real-time monitoring of groundwater drought at the continental scale using remotely sensed soil moisture and precipitation observations or respective information from weather prediction models.

Use of meat resources in the Early Pleistocene assemblages from Fuente Nueva 3 (Orce, Granada, Spain)

Over the last few decades, several types of evidence such as presence of hominin remains, lithic assemblages, and bones with anthropogenic surface modifications have demonstrated that early human communities inhabited the European subcontinent prior to the Jaramillo Subchron (1.07–0.98 Ma). While most studies have focused primarily on early European lithic technologies and raw material management, relatively little is known about food procurement strategies. While there is some evidence showing access to meat and other animal-based food resources, their mode of acquisition and associated butchery processes are still poorly understood. This paper presents a taphonomic and zooarchaeological analysis of the Fuente Nueva-3 (FN3) (Guadix-Baza, Spain) faunal assemblage, providing a more in-depth understanding of early hominin subsistence strategies in Europe. The present results show that hominins had access to the meat and marrow of a wide range of animal taxa, including elephants, hippopotami, and small- and medium-sized animals. At the same time, evidence of carnivore activity at the site suggests that these communities likely faced some degree of competition from large predators when acquiring and processing carcasses.

Train driver experience: A big data analysis of learning and retaining the new ERTMS system

Now and in the coming years a new European Rail Traffic Management System (ERTMS) is being deployed on a larger scale. In the system level chosen in the Netherlands (Level 2) lineside signals will disappear and the train driver will receive all information needed for safe and efficient train operation through an interface inside the train cab. Furthermore, procedures, driving skills and communication will alter. Many train drivers will thus need to be trained in driving with ERTMS. Train operating companies (TOC) have to decide on efficient and effective strategies to organise this extensive training volume and to reassure that drivers become and remain proficient after training when roll-out of ERTMS may not have been fully completed.In this paper the central questions to be answered are: How many hours/duties does a driver have to do during a certain period of time on an ERTMS track section to become proficient with ERTMS (learning period), and to stay proficient (retaining period)?The approach taken is unique for rail industry (to the authors' knowledge) and is based on big data analyses. In this study, we were able to study the collective performance of train drivers, by big data analysis while at the same time maintaining privacy through pseudonymisation of the train driver database and their individual performances, characteristics and other potential privacy sensitive data. Databases containing detailed information on all planned and accomplished train service times/positions of the last three years (2015–2017) of a large TOC were combined with personal data from HR databases (age, experience, ERTMS training history, job assessment results, etcetera). From the data, delays caused by rolling stock and train operating related issues were identified. The amount and duration of these delays were correlated with the personal data to test research hypotheses. Again, at the same time we maintained privacy of the individuals’ personal data.Although the research has some limitations due to the small amount of existing ERTMS lines, and associated rolling stock, the results show some clear correlations. Thus, quantifiable directions to the minimum amount of ERTMS driving per 3 months during the first year and in the years after are presented. The results are now being translated into models for training and rostering related to the phase of ERTMS roll-out.

Issue Information: European Financial Management 5/2021

Issue Information: European Financial Management 5/2021

TRANSFORMATION OF PUBLIC ADMINISTRATION IN SEAPORTS OF UKRAINE

The article covers changes of direction in development of the maritime management complex of Ukraine. The need for a comprehensive study of specific stages of seaports development is due to the fact that maritime ports are an integral part of the transport and industrial infrastructure of the state since they are located on the routes of international transport corridors. The European integration of Ukraine and activation of its transit influence enhancing the quality of services of the maritime management complex. By the adoption of the Law of Ukraine “On the Seaports of Ukraine”, there were significant changes in the public administration of the maritime industry, which remain in force to this day. The methodological basis of the research is formed by a system of general scientific and special legal methods of scientific knowledge (historical, dialectical, analysis and synthesis, scientific abstraction, forecasting). Based on the study of scientific works on the public management theory and the public administration, the author’s definition of the category “public administration” in the maritime industry at the stage of transformation has been formulated. Aspects of management have been analyzed, tasks and functions have been revised in accordance with European standards and best management practices; critical factors for the successful administration of the port sector of Ukraine have been identified. It was pointed out, that nowadays the Ukrainian maritime industry has a unique opportunity to create its own port management model based on the European “port-landlord” management pattern. It was emphasized, that there is a need for a seminal work in the direction of changing national legislation, a significant change in the approach, not only in planning the development of ports, but also a binding development implementation through the application of a direct rule on prosecution for failure to comply with strategic documents on the development of the industry. Fostering the emergence of an approach for determining the direction of public administration development of the maritime industry at the stage of changes involves solving the following issues: withdrawal of land administration from the public sector; optimization of managerial decision making; adoption of the institution for the implementation of plans for the development of ports and the responsibility for the execution of those tasks.

Web analytics: more than website performance evaluation?

PurposeThe purpose of this study is to understand the status quo of the use of Web analytics tools by European destination management organizations (DMOs) and to provide guidelines in using these metrics for business intelligence and tourism design. In addition, the goal is to improve destination management at the city level using Web analytics data.Design/methodology/approachIn this exploratory study, the authors analyze how European DMOs view Web analytics data through the lens of the “data to knowledge to results” framework. The authors analyze the use of Web analytics tools by DMOs through the theory of affordances and “data-to-knowledge framework” developed by Davenport et al., which incorporates several factors that contribute to a successful transformation of data available to an organization to knowledge, desirable results and ultimately to building an analytical capability.FindingsThe results show that European DMOs mainly use Web analytics data for website quality assurance, but that some are also using them to drive marketing programs. The study concludes by providing several suggestions for ways in which DMOs might optimize the use of Web analytics data, which will also improve the management of destinations.Originality/valueWeb analytics tools are used by many organizations such as DMOs to collect traffic data, to evaluate and optimize websites. However, these metrics can also be combined with other data such as bednights numbers and used for forecasting or other managerial decisions for destination management at the city level. There is a research gap in this area that focuses on using Web analytics data for business intelligence in the tourism industry and this research aims to fill this gap.

Water Pricing in Agriculture following the Water Framework Directive: A Systematic Review of the Literature

In October 2000, the Water Framework Directive (WFD) established a common framework for water management in Europe, thereby substantially reforming European water legislation. The Directive encourages the use of economic instruments, including water pricing, to ensure water resource management and conservation. The aim of this systematic review was to establish the state of academic research on water pricing in connection with the WFD within the agriculture sector. It emerges that the issue of water pricing is very broad, site-specific and mostly, it faces multidisciplinary issues. Researchers should cross their conventional boundaries of investigation, trying to cut edges. While the Directive advocate for a larger implementation of economic instruments such as pricing, it seems that the large contribution from the economists is yet to come.

Cultural values and forest dynamics: The Italian forests in the last 150 years

In the context of the worldwide increasing interest on the role of forests for global warming and biodiversity targets, there is a growing tendency to consider the need to increase not only the extension of forests, but also their degree of naturalness. These indications have been recently included also in important political documents such as the European Green Deal enacted by the European Union, affecting 28 member states of the European continent, also with the aim of fighting deforestation and desertification. In Italy national and regional forest inventories, as well as planning documents, classify more and more forests as natural or seminatural. These indications often result in the limitation of traditional silvicultural methods, by environmental and landscape restrictions, orienting forest management towards favoring more natural forests structures. These policies are often threatening the conservation of the cultural features of the Italian forests. The paper provides an analysis of the evolution of forests in Italy during the last 150 years through official forest inventories and various investigations. This study shows that from 4.215.000 ha of forest in 1888 we have today about 11.778.000 ha, with an increase of 7.563.000 ha and an annual growth rate of 59.551 ha. The present Italian forests can be described partly as derived from those already mapped in 1936 and entirely managed, although not regularly, and secondary forests developed on abandoned land, extending for 5.279.895 ha.The results show that human influence has affected extension, density, structure and species composition of Italian forests in all the geographical areas of the country, independently from altitude, latitude or climate conditions. There are no dangers of deforestation, but rather an uncontrolled increase of forests and there is no need of further afforestation but rather to better manage the existing ones. Moreover, “cultural forests”, meaning forest shaped and managed by human activities through times, are more and more reducing their extensions together with the material and immaterial heritage associated to them. Considering the third pillar of Sustainable Forest Management in Europe, the one on “social and cultural values”, defined by MCPFE in 2003, the paper proposes the definition of “cultural forests” as a new category in forest conservation and an important part of the biocultural heritage associated to the rural territory. Furthermore, the paper stresses the need of historical investigations, for the better understanding of the features of the forest ecosystems and for the identification of the values to be considered in forest restoration.

Tool for Quantitative Risk Analysis of Urban Flooding

One of the effects of climate change is an increasing frequency of heavy rainfall events, which in turn leads to increased flooding damage in urban areas. The purpose of this study was to develop a tool for dynamic risk evaluation that can be used to fulfil several of the goals in the European Flood Risk Management Directive. Flood risk analysis was performed as a spatial GIS analysis with the FME software. The primary data source for the analysis was a 1D/2D model calculation, wherein 1D models described the pipeline network and the watercourses and a 2D model described surface runoff. An ArcGIS online platform was developed to visualize the results in a format understandable for decision makers. The method and tool were tested for the Norwegian capital of Oslo. The tool developed in the study enabled the efficient analysis of consequences for various precipitation scenarios. Results could be used to identify the areas most vulnerable to flooding and prioritize areas in which measures need to be implemented. The study showed that for urban areas in steep terrain, it is essential to include water velocity and depth-integrated velocity in risk analysis in addition to water depths and pipe network capacity.

Is there a boutique asset management premium? Evidence from the European fund management industry

There exists evidence in the performance evaluation literature that mutual funds that are manufactured by large asset management groups with large “fund families” benefit from economies of scale in terms of marketing, distribution and resourcing that accrue from the larger organisation. In this paper, we examine the performance of funds that are managed by “boutique” asset managers that tend to be small and which tend to offer a more focussed fund range. Using European mutual fund data, we find evidence to suggest the existence of a boutique asset management premium. This premium is particularly pronounced in the European Mid/Small Cap and the Global Emerging market fund sectors, where we find it to be both economically and statistically significant, a finding that is robust to the factor model used to calculate alphas. These results suggest, in particular, that if an investor is looking to invest in a European Mid/Small Cap or in an Emerging Market equity fund, then they should give serious consideration to investing with a Boutique fund manager.

Measuring social capital of hospital management boards in European hospitals: A validation study on psychometric properties of a questionnaire for Chief Executive Officers

BackgroundThe commitment of hospital managers plays a key role in decisions regarding investments in quality improvement (QI) and the implementation of quality improvement systems (QIS). With regard to the concept of social capital, successful cooperation and coordination among hospital management board members is strongly influenced by commonly shared values and mutual trust. The purpose of this study is to investigate the reliability and validity of a survey scale designed to assess Social Capital within hospital management boards (SOCAPO-B) in European hospitals.MethodsData were collected as part of the EU funded mixed-method project “Deepening our understanding of quality improvement in Europe (DUQuE)” from 210 hospitals in 7 European countries (France, Poland, Czech Republic, Germany, Portugal, Spain, and Turkey). The Chief Executive Officers (CEOs) completed the SOCAPO-B scale (six-item survey, numeric scale, 1=‘strongly disagree’ to 4=‘strongly agree’) regarding their perceptions of social capital within the hospital management board. We investigated the factor structure of the social capital scale using exploratory and confirmatory factor analyses. Internal consistency was assessed using Cronbach’s alpha, while construct validity was assessed through Pearson’s correlation coefficients between the scale items.ResultsA total of 188 hospitals participated in the DUQuE-study. Of these, 177 CEOs completed the questionnaire(172 observations for social capital) Hospital CEOs perceive relatively high social capital among hospital management boards (average SOCAPO-B mean of 3.2, SD = 0.61). The exploratory factor analysis resulted in a 1-factor-model with Cronbach’s alpha of 0.91. Pearson’s correlation coefficients between the single scale items ranged from 0.48 to 0.68.ConclusionsThe SOCAPO-B−scale can be used to obtain reliable and valid measurements of social capital in European hospital management boards, at least from the CEO’s point of view. The brevity of the scale enables it to be a cost-effective and tool for measuring social capital in hospital management boards.Trial registrationThis validation study was not registered.