Australian School of Business lecturer Kyoung-Hee Yu notes that accountancy has seen a greater migrant intake than any other profession in Australia. And her research suggests that migrant accountants bring a stronger sense of professional identity to their work than local colleagues. But, all too often, migrants have negative workplace experiences. “They become disappointed and disenchanted because it is less likely that they are matched with appropriate jobs and given independent tasks or access to managerial positions,” Yu says. So what can be done to prevent this waste of potential?
From: October 15, 2013 Got a New Strategy? Don't Forget the Execution Part
When it comes to executing strategy, the old saying "the devil is in the details" holds true for many companies, according to Wharton emeritus management professor Lawrence G. Hrebiniak. While executives may readily participate in the development of new strategies, execution tends to get short shrift, because it is often viewed as a lower-level task or concern, he notes. In an interview with Knowledge@Wharton, Hrebiniak – who has published the second edition of his book, Making Strategy Work: Leading Effective Execution and Change – explains why it's critical for firms to create a "culture of execution" in order to succeed.
From: August 15, 2013 No Social Ties: How Independent Boards Improve Firm Performance
Research led by Ronald Masulis, the Macquarie Group Chair in Financial Services at the Australian School of Business, demonstrates a strong causal link between board independence and increased value for shareholders. But there is a potential pitfall in the way board members are chosen. Masulis and co-author Lixiong Guo find that social connections between CEOs and non-executive directors can undermine board independence. “I would encourage corporate boards to voluntarily adopt a fully independent nominating committee, and if they are lacking a nominating committee, to establish one,” says Masulis.
From: July 23, 2013 On Wall Street, Netflix Is a Comeback Kid - But Can It Stay on Top?
Almost two years ago, Netflix seemed to have bottomed out. The streaming and DVD rental company raised its prices, resulting in a mass exodus of subscribers, while also launching an ill-fated attempt to separate its two businesses. Yet the firm seems to have bounced back, emerging as the best-performing stock in the S&P 500 index during the first quarter of this year. Wharton experts and others say Netflix achieved this by focusing on its core customer base and committing to a long-term strategy. But in a highly competitive business, they add, innovation remains key.
From: June 18, 2013 Going Dutch: Tourism and the Resources Boom
According to Larry Dwyer from the Australian School of Business, the recent lean years for Australian tourism can be seen as Dutch Disease, a term coined during the 1970s when the discovery of gas deposits in The Netherlands led to an appreciation of the domestic currency at the expense of other local industries. Growth is returning to Australian tourism with more visitors coming from China than from the traditional market of Britain and resumed interest from the US. But Dwyer notes that a slowdown in investment has led to a lack of innovation, resulting in a tired product. Australia is one of the world's most expensive destinations, but is it really geared up to deliver quality experiences for visitors?
From: March 04, 2013 Journalism in the Digital Crossfire: Who Will Pay for the News?
With declining revenues and competition from online resources and social media, traditional newspapers and even digital news sites are in transition, according to new research from the Australian School of Business. The forms that news sources will take in the future is as yet unknown, but the ability to track user trends online will certainly shape their evolution and the survival of conventional newspapers is not assured. Local papers and specialist sites are expected to survive, but how will the civic role of news reporting be funded?
From: February 19, 2013 Inside Story: Breaking New Ground in Managing Risk
Corporate risk management has traditionally focused on mitigating the impact of external factors over which a company has no control. But what about internal factors? Australian School of Business professor Lex Donaldson has developed Organisational Portfolio Analysis (OPA), a new approach that identifies the risks within a company's individual business units and reveals how their fluctuations interact with overall company risk and performance. OPA can deliver fresh insights into the dynamics and behaviour of a corporation. By better understanding sources of corporate risk, they can be managed and used to drive profits.
From: February 05, 2013 How Manu Chandaria Mastered the African Market
For businesses and entrepreneurs looking for a growth opportunity, Africa represents a compelling and underserved market with a population of more than 1 billion people. In a slow growth environment, Africa has grown at 5% a year during the past decade. But political risk, poverty, staffing shortages, lack of infrastructure and cultural differences abound, making it difficult to secure a foothold there. Furthermore, turning a profit in Africa is not considered to be good enough, with businesses facing pressure to give back to their communities in order to help the region prosper.
From: January 31, 2013 Multinationals from Emerging Markets: Making a Virtue out of Necessity
In recent times, emerging markets have attracted a great deal of attention from the rest of the world because they have become the motors of global economic growth. This has been accompanied by two distinct trends: a boom in investment from corporations in developed nations, and the rise of home-grown multinationals. A recent book by Wharton management professor Mauro F. Guillén and Esteban Garcia-Canal, professor of business at the University of Oviedo, explores the winning strategies of emerging multinationals as well as the lessons that can be learned from today's more globalized distribution of power.
From: December 17, 2012 'Kill the Company': Identify Your Weaknesses Before Your Competitors Do
For many, implementing an innovation strategy, which requires changes within an organization, means adding layers of new processes. Lisa Bodell, author of Kill the Company: End the Status Quo, Start an Innovation Revolution, argues that there are straightforward ways to make change without bogging down the organization. Bodell insists that whether an organization is doing exceptionally well or struggling, now is the time to address weaknesses and issues so that innovation can begin. Knowledge@Wharton spoke with Bodell recently about her approach to getting companies to face their vulnerabilities, why taking risks are essential and why small changes make all the difference.
An edited version of the transcript appears below.
From: December 17, 2012