Co-creative Leadership: An Integrated Approach towards Transformational Leadership

The classical understanding of team leadership is extremely difficult to sustain in times when complexity and dynamics have risen to such high levels that very few individuals can assimilate them. The success of team leadership requires the ``participation of those already implicated'' in the development and implementation of a solution – and therefore in the leadership process. How can this be achieved practically? It requires a leadership approach that allows each relevant perspective to be included, in a practical way, in the development of a common position, which can then be implemented collectively. Co-creative leadership creates this possibility – a transformational leadership approach that allows an organisation as a whole to adapt to its environment.     

Factor Multivariate Stochastic Volatility via Wishart Processes

This paper proposes a high dimensional factor multivariate stochastic volatility (MSV) model in which factor covariance matrices are driven by Wishart random processes. The framework allows for unrestricted specification of intertemporal sensitivities, which can capture the persistence in volatilities, kurtosis in returns, and correlation breakdowns and contagion effects in volatilities. The factor structure allows addressing high dimensional setups used in portfolio analysis and risk management, as well as modeling conditional means and conditional variances within the model framework. Owing to the complexity of the model, we perform inference using Markov chain Monte Carlo simulation from the posterior distribution. A simulation study is carried out to demonstrate the efficiency of the estimation algorithm. We illustrate our model on a data set that includes 88 individual equity returns and the two Fama-French size and value factors. With this application, we demonstrate the ability of the model to address high dimensional applications suitable for asset allocation, risk management, and asset pricing.     

Clinical gait and stepping performance measures in older adults

Problems with ambulation and mobility are frequent problems in older adults. Each year, about one in 100 older adults develops new severe mobility disability. Assessment of abnormal gait constitutes a major component of clinical practice and may lead to fall reduction. Clinicians can benefit from simple gait and mobility assessment tools to be used in busy clinical settings. This review focuses on gait and stepping performance measures that can be used by the busy clinician to assess gait, mobility performance, balance, and falls risk in the older adult.     

Protected areas in the periphery: Conservation and controversy in northern Scotland

Controversies arising from the notification of large areas of land as Sites of Special Scientific Interest in northern Scotland are reviewed against the background of surveys of land occupiers' experiences on the one hand, and of trends in conservation thinking in the wider world on the other. Most of the protected area is of low capability for productive land use, and there is little evidence of adverse trends in labour and employment on SSSIs compared with similar, non-SSSI land. Site designation has in practice impeded land management in the cases of relatively few land occupiers, but rather more have negative attitudes towards it. It is concluded that some elements of the ‘scientific colonialism’ model of protected areas can be detected.     

Book reviews

Wojciech Gasparski (ed.) Projektoznawstwo (Elementy wiedzy o projektowaniu) (The discipline of projest making. The elements of knowledge). Warsaw, Wydawnictow Naukowo‐Techniczne, 1988.     

Workplace discrimination and disfigurement: the national EEOC ADA research project

Using the Integrated Mission System of the Equal Employment Opportunity Commission, the employment discrimination experience of Americans with disfigurement is documented. Key dimensions of workplace discrimination involving Americans with disfigurement and persons with missing limbs are compared and contrasted. Specifically, the researchers examine demographic characteristics of Charging Parties; the industry designation, location and size of Respondents/employers; the discrimination Issue (i.e., type of adverse action) alleged to occur; and the legal outcome or Resolution of these allegations. Charging Parties with disfigurement who are female or between 30 and 39 years of age are more likely to encounter employment discrimination than their counterparts with missing limbs. Harassment and Non-wage Benefits are the Issues that emerge in higher proportion. Allegations derived from persons with disfigurement are more common in among mid-size employers, those located in the South, or those in Retail or Service industries. Following investigation, allegations derived from persons with disfigurement are less likely to have Merit Resolutions than those brought by Charging Parties with missing limbs.     

Cooperation,Trust and Performance – Empirical Results from Three Countries

Reverting to the resource‐based view of strategic management and cooperation theory, we provide argumentation for the value of two critical resources to cooperating firms: cooperation experience and maxim‐based trust. The results of a large‐scale survey in three European countries (Austria, Slovenia and the Czech Republic) reveal an important fact: although cooperation experience contributes to business performance, the contribution of maxim‐based trust to success is significantly higher. As a result, corporate success depends not only on the quantity of cooperation experience, but also – and to an even greater extent – on the quality of cooperation with regard to the form of coordinative power established within the cooperation arrangement. Given that maxim‐based trust has been identified as a feasible coordination mechanism in cooperation relationships, it might therefore be freed from its frequent characterization as utopian and out of touch with reality.     

The effects of governing board configuration on profound organizational change in hospitals

This study extends the literature on governing boards and organizational change by examining how governing board configurations have influenced profound organizational change in U.S. hospitals, and the conditions under which such change occurs. Hospitals governed by boards that more closely resembled a corporate governance model were more likely to experience positive changes such as diversification and merger and less likely to undergo negative changes such as closure. Organizational performance influenced change, but largely independent of governance configurations. Only in the case of closure did we find that governance configuration operated jointly with organizational performance.