Value In Management Research Articles

Key performance indicators of value management in the Sri Lankan construction industry

Value management (VM) enhances the value of construction projects. However, presently there is no tool available to measure the performance of VM. Hence, this research was aimed to investigate the key performance indicators (KPIs) of VM in the construction industry in Sri Lanka. The scope was limited to probing only the KPIs of VM in the pre-construction stage. The research used a mixed research approach consisting of 10 semi-structured interviews and a questionnaire survey conducted among 70 professionals. Findings were analyzed using content analysis and mean weighted rating. Elemental design stage was found to be the most appropriate stage for VM implementation. The most appropriate VM technique for each construction stage and the five best KPIs for that stage along with the 10 most significant KPIs for cost, time and quality were identified. The research recommends considering these KPIs when implementing VM techniques in different stages of construction.

Grounding managerial values towards social responsibility on an ideological framework

PurposeThe literature on corporate social responsibility (CSR) neglects the link between values and their ideological underpinnings. This paper aims to fill this void by grounding the managerial values towards CSR on an ideological ground by following the Schwartz’s (1994) value framework.Design/methodology/approachThis paper provides a theoretical construct that builds the ideological stances of different managerial values towards CSR.FindingsThe study proposes that ideologically liberal managers might be involved in CSR based on their openness to change values, whereas their conservative counterparts are likely motivated by the conservative values such as security, conformity and tradition. On the other hand, egalitarian managers can engage in CSR based on their self-transcendence values, while non-egalitarian managers might involve in CSR based on their self-enhancement values as achievement and power.Practical implicationsThe study can provide to all stakeholders a new perspective and a sound reference point to understand and monitor the socially responsible behaviours of managers.Originality/valueThe proposed bases of managerial values to CSR deepen the understanding on the antecedents of CSR. Based on the study, the future studies can configure out the role of diverse values on CSR in line with their ideological roots.

Barriers to the adoption of value management in developing countries

PurposeThe purpose of this paper is to determine the barriers to the adoption of value management (VM) in the construction industry of developing countries with a view to providing possible measures in avoiding these barriers and increasing the usage of the system within the construction industry.Design/methodology/approachThe level of knowledge and adoption of VM practices, as well as the barriers to its adoption in the construction industry were assessed through a survey design. Construction professionals were sampled from the six geo-political zones in Nigeria through the use of a structured questionnaire. Factor analysis was conducted on data gathered on the barriers of VM.FindingsThe study revealed a moderate level of knowledge of VM among construction professionals. This implies that the problem of VM is not that of awareness, but readiness to adopt the system. The study also reveals that the barriers to the adoption of VM can be categorised under the general stakeholder’s barriers, training and education barriers, client barriers and government/top management barriers.Practical implicationsThis study was conducted across the six geo-political zones of the country as against common practice of selecting a particular region or states to represent the entire country. The findings therefore show a true reflection of the barriers to VM adoption in the country and its recommendations can to a large extent promote the adoption of VM in the country and also other developing countries where construction projects are executed through similar method, style and approach.Originality/valueThis paper highlights the possible barriers to the adoption of VM in Nigeria construction industry and provides ways to avoiding these barriers in order to achieve better quality construction and value for money.

An implementation framework of value management in the Nigerian construction industry

Purpose The purpose of this paper is to develop a framework for value management (VM) implementation by establishing the effect of critical success factors on current construction practices. This will aid stakeholders to improve productivity of construction practices in the Nigerian construction industry. The study established the requirements that ought to be satisfied for VM to successfully enhance productivity of construction activities. Design/methodology/approach Data collection was based on self-administered questionnaires from 344 registered construction professionals in Nigeria. The Statistical Package for Social Sciences version 25 and structural equation modelling were used to analyse the data for both descriptive and inferential analyses. Kaiser-Meyer-Olkin measure of sampling adequacy revealed that the internal consistency of the developed research instrument was appropriate, while the confirmatory factor analysis indicated satisfactory goodness-of-fit indices among acknowledged determinants of the structural model. Findings A framework that established the requirements for the successful implementation of VM construction practices in the Nigerian construction industry. Originality/value A structural model validated the requirements of applying VM on current construction practices. The established requirements (environment, people, government and information/methodology) can be used by decision makers and stakeholders to improve productivity of the current construction practices in the Nigerian construction environment. A framework was developed and validated by construction experts to confirm its suitability, usefulness and acceptance.

Current State of Value Management Implementations in Malaysian Public Projects

In Malaysia, Jaapar (2006) stated that Value Management (VM) is still at the early stage of its evolution. Despite its infancy stage, the authorisation of VM Circular 3/2009 by Economic Planning Unit (EPU) has made all public projects exceeding RM50 million to implement the VM studies. There are three objectives to be achieved in this research. The objectives are to identify the VM participants' receptiveness towards the VM implementation in a workshop environment setting, to observe the VM manual application in the VM workshop and to discover the challenges faced by the VM participants and facilitators.

An empirical test of the trichotomy of values crossvergence theory

In this study, we investigate the nature of values change of business professionals in four powerbroker countries (China, Japan, Russia, United States) over a two-decade period (1992–2011; Young, Ahlstrom, Bruton, & Rubanik, 2011). We revisit the crossvergence argument for values evolution as initially proposed by Ralston, Gustafson, Cheung, and Terpstra (1993) and Ralston, Holt, Terpstra, and Yu (1997) in their cross-sectional studies. However, in this study we use a multi-period perspective that allows us to investigate Ralston’s (2008) further sophistication of crossvergence theory, which includes static-, conforming-, and deviating-crossvergence as the various forms that crossvergence might take over time. Our findings indicate that values orientations across the Chinese, Japanese and American business professionals have been fairly consistent (static) or have become more similar (conforming). Conversely, Russian managerial values have often become significantly more different (deviating) from those in the other three countries. We conclude with a discussion of the implications that this study has for the crossvergence theory of values evolution and the future research opportunities that it identifies.

Drivers of value management in the Nigerian construction industry

PurposeThe paper aims to determine the possible drivers of value management (VM) in the construction industry with a view of providing better-quality construction and achieving value for money through its usage.Design/methodology/approachThe study adopts a survey design, and construction professionals from various strata in the six geopolitical zones in Nigeria are assessed using a convenience sample through the use of a structured questionnaire. Frequency, percentage, mean score and one-sample t-test are used for analysing the data gathered.FindingsResult revealed that although knowledge regarding VM practices is high, its adoption in the industry is average and the involvement of construction professionals in VM workshops is low. Government involvement through the introduction of VM policy, client commitment and proper understanding of VM methodology aid the adoption of VM practices.Practical implicationsThis research was conducted across six geopolitical zones of the country as against common practice of selecting a particular region or state to represent the entire country. The findings therefore show a true reflection of the VM drivers in the country. Its recommendations can, to a large extent, increase the use of VM in the country and also other developing countries where construction projects are executed through a similar method, style and approach.Originality/valueThis paper highlights the possible ways of increasing the use of VM in the construction industry with a view to achieve better-quality construction and value for money.

THE IMPACT OF THE VALUE ENGINEERING ON THE DECISION MAKING AND THE DEVELOPMENT OF THE CONSTRUCTION INDUSTRY IN EGYPT

The construction industry is concerned with satisfying its customers’ needs through delivering projects that achieve their objectives and meet their expectations on time, within budget and as specified. Despite the several housing programmes constructed by government authorities, there is a real housing problem for the poor. This problem is attributed to a number of reasons. Amongst them, the T inability of the low-incomers to cover the cost of supplied houses and the lack of the constructed projects to achieve users’ satisfaction. This highlighted the need to develop innovative and creative solutions that can deliver housing projects that achieve the satisfaction of their users and at the most-cost effective manner simultaneously. This aim will be achieved through incorporating the concepts of Value Management (VM) and Risk Management (RM) in developing housing projects for the poor. Towards studies of low-income housing projects constructed by the government of the United Arab Emirates (UAE) in Musaffah commercial city. Finally, outlining the research recommendations for government authorities, design firms and construction professionals concerned with housing projects for the poor.

The potential inclusion of value management subject for postgraduate programmes in Malaysia

The development of construction industry is increasing tremendously. To complement with this scenario, Value Management (VM) is needed to achieve the optimum function by reducing or eliminating the unnecessary cost that does not contribute to the product, system or service. As VM has been increasingly applied to enhance and improve value in construction projects, the purpose of this study is to implement VM as a subject for master’s students at selected public universities in Malaysia. The research is conducted to investigate the potential inclusion of VM as a subject at master degree programmes in Malaysia. Questionnaire survey was designed and delivered to existing master students to explore the current understanding of VM as well as the possibility of introducing VM as a subject. The results showed that the level of awareness on VM is high, yet the understanding of VM is low. This research presents the result of implementing VM as a subject learning for master’s level programme at selected public universities in Malaysia.

Valores e responsabilidade social em instituições de ensino superior

The management of higher education institutions (HEIs) takes on new challenges according to the hegemony crisis, legitimacy and institutions experienced by these institutions. Considering sensitive function in this context, managerial values cause receivership problem of this research considering that their decisions affect the rupture of these crises in favor of ways to the common good. Therefore, field research was conducted with managers of IES, supported in interviews and qualitative analysis of narratives in order to identify personal values of these subjects, connect them with the attributes of CSR and to identify the relationship of personal values with a socially responsible attitude. Categorization held with the support of Atlas ti software, indicated the relationship between universalism-Responsibility and Ethics of Responsibility Security-Economic-social. In both cases, it is understood to dispute the institutions of IES, which provides its conditional social status to the expectations of its stakeholders and also the relationship between university autonomy (which here contains two readings of autonomy that can not talk, in the case , managerial autonomy and university autonomy) and the resulting effectiveness of the management of RS in HEIs.

Integration of Value Management (VM) Process in Bangladesh: Disaster Management (DM) projects

Over the past decades global leaders and communities’ attention have increased to the management of natural and human induce disasters because of significant intensity and frequency of disasters all over the world. Now a day’s disaster and its management have intersected and transcend country’s local boundaries and geographical area. From the time immemorial Bangladesh is one of the worst and wide varieties of disaster victim countries in this world which are tropical cyclones, floods, tornadoes, storm surges, river and coastal erosion, torrential rains, earthquake, droughts, epidemics and arsenic contamination. The main reasons behind this are – geographical location, multiplicity of rivers, land characteristics, coastal morphology and the monsoon climate. For that reason so many projects and programs are running in this country to face the problem and manage hazards. Critical learning from over decades with many programs and projects a mentionable initiatives “Comprehensive Disaster Management Program” (CDMP) in Bangladesh is a holistic collaborative effort of GoB, UNDP, DFID and a host of stakeholders. But overall result is still unsatisfactory. To overcome (DM) problems and establish an effective DM system in Bangladesh, it is important to evaluate current systems and projects structures. In contemporary world (VM) as a tool is now widely accepted for offering more values of the projects by engaging stakeholders at all stages of a project. VM always gives more emphasis on people’s participation from policy making to implementation. One of the most important matters in VM is quality assurance of project. Before initiating DM project, it also set plan or actions, workshops for feedback from all level stakeholders, assess needs, follow up meeting, training etc. to improve merit and adequate confidence about optimally fulfilling the customer’s expectation which carry out the spirit of VM. VM tools and techniques are generally used by practitioners to instigate projects providing support and adding value. So, for establishing an effective DM system in Bangladesh integration VM techniques in different stages of DM projects is very much essential.

The impact of African manager's values on exporting: influential managerial characteristics and export performance

Despite the substantial published research that has been reported to identify the determinants of export performance, little research has investigated the possible impact of managers' individual values on the export performance of the firm (Sousa et al., 2010). The extant literature has generally explored the effect of managerial characteristics on organisational outcomes in a variety of settings. This research study conceptualises how the unique set of values of top managers within the African context influences their choices and subsequent firm outcomes. The purpose is to posit into the export performance literature by exploring how variation in CEO values, demographic characteristics, and psychic distance influence firm export performance. Since strategic choices often involves a redistribution of the resources of whatever nature to those in need, top managers originating from the upper social classes ever being part of this group naturally conserve resources for their own group. It is arguable that the upper-class offspring will be reluctant as well to proactively engage in firm behaviour implying a shift of resources to their relative disadvantage (Kemayou, 2011). Specifically, the intended theoretical contribution is clarification of the mechanism which explains managerial choice influencing export performance for the firm.

The impact of African manager's values on exporting: influential managerial characteristics and export performance

Despite the substantial published research that has been reported to identify the determinants of export performance, little research has investigated the possible impact of managers' individual values on the export performance of the firm (Sousa et al., 2010). The extant literature has generally explored the effect of managerial characteristics on organisational outcomes in a variety of settings. This research study conceptualises how the unique set of values of top managers within the African context influences their choices and subsequent firm outcomes. The purpose is to posit into the export performance literature by exploring how variation in CEO values, demographic characteristics, and psychic distance influence firm export performance. Since strategic choices often involves a redistribution of the resources of whatever nature to those in need, top managers originating from the upper social classes ever being part of this group naturally conserve resources for their own group. It is arguable that the upper-class offspring will be reluctant as well to proactively engage in firm behaviour implying a shift of resources to their relative disadvantage (Kemayou, 2011). Specifically, the intended theoretical contribution is clarification of the mechanism which explains managerial choice influencing export performance for the firm.

Advocating Sustainable Building Paradigm through Value Management

Sustainability issues had become one of the top issues of Malaysia construction industry. The implication of sustainable dimensions into construction project helps in generating buildings which are energy efficient, healthy, comfortable and flexible while at the same time increases its durability. Value management (VM) is proposed as a tool used to promote sustainable building (SB). VM aims to achieve optimum value of a project based on its objectives and its approach is much similar with sustainability which ideally focusing on achieving values, not just economically, but environmentally and social aspects of the project. This paper investigated the practicability of the VM-SB integration in the Malaysia construction industry. It explores the development and practices of VM-SB concept as well as assessing the performance criteria of integrating VM in SB projects. Findings from the questionnaire surveys which were distributed to G7 contractors showed that the VM-SB integration is still low but gradually increasing. More knowledge and understanding of both concepts are needed prior to be implemented into a project as there are potentials for VM-SB concept to be adapted to all projects in the near future.

Linking values and ideologies: a scale of managerial social responsibility values

PurposeThe literature on corporate social responsibility (CSR) provides fragmented and sometimes contradictory empirical findings on the role of managerial values in CSR. This is partly due to the absence of a unifying framework and its subsequent measurement. Following the Schwartz’s (1994) Value Survey (SVS), this study aims to provide an original scale to measure CSR values based on their ideological underpinnings of classical liberalism and economic egalitarianism.Design/methodology/approachFollowing the scale-development procedure, a scale was developed in six steps and tested on a sample of 105 Turkish managers through confirmatory factor analysis.FindingsOn the basis of a sound theoretical construct, the study provides an original and reliable measurement tool to capture the link between ideology and values. A scale with a four-factor solution as self-transcendence, self-enhancement, openness to change and conservation was obtained at the end of the process.Research limitations/implicationsDespite that the sample size was relatively small and drawn from a single country setting, the model has a reasonable fit to the data, and the scale is reliable at 0.869 Cronbach’s alpha value. Therefore, the scale can be used in future studies to reveal the nature, structure and magnitude of socially responsible managerial values based on their ideological roots.Social implicationsAlthough the managerial values towards CSR have been studied for a long time, the interwoven relations of such values with diverse ideological stances are not clearly investigated in literature. By linking values and ideologies on a theoretical ground, the scale developed in this study can be used as a valuable tool to better understand socially responsible behaviours of managers in our modern societies.Originality/valueConsidering the fragmented body of knowledge in literature, this scale can be useful for both scholars and practitioners when exploring the ideologically driven and value-laden nature of socially responsible behaviours.

How Management Risk Affects Corporate Debt

Management risk, which reflects uncertainty about the management's value added, is an important yet unexplored determinant of a firm's default risk and debt pricing. CDS spreads, loan spreads and bond yield spreads all increase at the time of management turnover, when management risk is highest, and decline over the first three years of CEO and CFO tenure, regardless of the reason for the turnover. These effects all vary with the ex ante uncertainty about the new management. Understanding the effects of management risk on corporate liabilities has a number of implications for the pricing of liabilities and corporate financial management.

Generational Shifts in Managerial Values and the Coming of a Unified Business Culture: A Cross-National Analysis Using European Social Survey Data

In a globalizing world, cross-national differences in values and business culture and understanding these differences become increasingly central to a range of organizational issues and ethical questions. However, various concerns have been raised about extant empirical research on cross-national dissimilarities in the cultural values of managers (what we refer to as managerial values) and the development of a unified business culture. This paper seeks to address three such concerns with the literature on convergence versus divergence of cultural values. It develops an empirical approach to the study of changing business cultures that revolves around birth cohorts and intergenerational values shifts and aims to advance empirical knowledge of the dynamics of cross-national differences in the cultural values of managers. We use time-series data covering 68,708 managers and are able to consider a sample of 32 countries that represent more than half of the cultural clusters recognized in the literature. Results reveal diverse shifts in managerial values across birth cohorts with cross-national dissimilarities waning for some basic cultural dimensions (“convergence”), remaining stable for other dimensions (“cultural stability”), and becoming more pronounced for other dimensions still (“divarication”). Moving beyond the standard convergence/divergence taxonomy, we conclude that a full-fledged convergence–stability–divarication perspective provides the best basis for thinking about the subtle ways in which business cultures are changing.

What does the ‘inner world’ of Chinese managers tell us about their management values, thoughts and practices? An ethnographic study

This article aims to investigate an important implicit expectation held by many observers: the dramatic economic change presently occurring on mainland China would be accompanied by the transformation of Chinese managerial values, thoughts and practices. Using an ‘ethnographic’ approach, we seek to understand the forces that are currently shaping Chinese managerial values, thoughts and behaviours in some privately owned firms. A set of ten managerial assumptions at three levels – ‘self’, ‘managing’ and ‘organisation’ – are unveiled and we see how they function coherently in animating managerial behaviour with distinctive ‘Chinese characteristics’. The importance attached to ‘family’ when dealing with employees, the requirement to be as ‘flexible’ as possible in managerial behaviour and the compulsion to call for ‘harmony and stability’ indicate that our informants define good management in a unique way. Interestingly, after years of intense political, ideological campaigning, economic reforms and opening-up policies, a set of traditional Chinese values continues to shape their managerial behaviour.

‘You’ve got to love what you do’: Academic labour in a culture of authenticity

Past research on values change in academia has largely focused on changes perceived to emerge from managerial organisational cultures. What has received less attention is the degree to which broader cultural phenomena have contributed to these processes of change. Using data from a study of academics from across the Australian university sector, this article explores how academia’s presence within a culture of authenticity influences values change among academic labourers. Managerial values are contrasted against an idealised past – the Golden Age of academia – enabling the potential for both critique and compliance with those values. Discourses of ‘passionate’ labour, self-authenticity and personal freedom are hence central to academic governance. Moving beyond the dichotomy of managerial/academic values, the data presented here suggest that the motivations of academic labourers are influenced by the ideal of an authentic self that may be realised through engaging a range of values and professional norms. Beyond narratives of ‘compliance’ and ‘resistance’ to organisational change, studies of values change and motivation in academia need to further contextualise values formation. Situating the motivations of academic labourers through a culture of authenticity offers insight into the cultural structures that influence how values are normalised amid higher education reforms.

Testing Public Administration's Separation of Powers Theory: Exploratory Support from a Study of Public and Private Sector Jobs

ABSTRACTDavid Rosenbloom’s separation of powers approach to understanding the complex value-driven work of public administrators is an oft-cited, conceptually powerful framework. This article is a first effort to empirically test his framework. It explores the extent to which Rosenbloom’s distinct and normative value sets (managerial, political, and legal) objectively reflect individuals’ perceptions of how public servants should perform their jobs and the role that public service motivation (PSM) may play in these evaluations. It finds that when comparing public sector and private sector jobs, individuals assign more similar levels of importance to the managerial, political, and legal values for public than private sector jobs, thus providing support for the importance of public administrators to integrate these three approaches in their work. Additionally, it finds that the higher an individual’s PSM, the more likely that a political or legal frame, rather than a managerial frame, will be the individual’s primary approach to management.