• Predicting future default on the Covid-19 bounce back loan scheme: The 46.5 billion question

      Cowling, Marc; Wilson, N; Nightingale, P; Kacer, M; University of Derby; University of Leeds (SAGE, 2022)
      The UK has had a commitment to loan guarantee schemes since 1981 when it introduced the Small Firms Loan Guarantee (SFLG) scheme to address access to debt finance issues for smaller firms. Over the last 40 years its’ support has been unwavering and in the Covid-19 crisis it once again turned to loan guarantees as a means of supporting smaller firms through the crisis induced slump in trading activities. Of its three core Covid-19 guarantee schemes, the Bounce Back Loan scheme was the most numerous with 1,531,095 loans issued amounting to a total of £46.5bn in lending. The BBL scheme provided a 100% capital guarantee on loans between £2,000 and £50,000, and firms were allowed to borrow up to 25% of their trading income, with a fixed interest rate of 2.5% of which the first years interest was paid by the government to the lending bank. Our findings suggest that the government losses may range between £7bn and £12bn depending on the underlying assumptions. But we estimate Covid-19 guarantee schemes may have protected 118,639 businesses and 1,117,849 jobs. Looking to the future we suggest that a new loan guarantee is justified which is more like the former SFLG than the restrictive EFG as more than 1 million small businesses will be heavily indebted and unable to borrow to invest in future growth opportunities. This would support the 'levelling-up' agenda and help prevent a post-Covid-19 low investment - low growth scenario.
    • Has previous loan rejection scarred firms from applying for loans during Covid-19?

      Cowling, Marc; Calabrese, Raffaella; Liu, Weixi; University of Derby; University of Edinburgh; University of Bath (Springer, 2021-12-18)
      The concept of the ‘discouraged’ borrower is well documented. In this paper we consider whether smaller firms in the UK who have been previously rejected for bank loans have been scarred by the experience so badly that even in the presence of two exceptionally generous Covid-19 loan guarantee schemes they still refuse to make an application. Further, we also consider what happens when they do. As banks have either zero or minimal loss exposure, do they still maintain their normal strict lending protocols or do they relax their standards to fulfil the governments’ objective of supporting struggling businesses through the crisis? Our findings show that 72% of previously rejected borrowers are reluctant to request loans. We find some evidence that previously scarred firms faced such severe liquidity problems that they relaxed their distrust of banks during the Covid-19 crisis. However, their share of the governments guaranteed loan portfolio was slightly lower suggesting that banks were treating each new loan application on its merits.
    • Understanding the Dynamics of UK Covid-19 SME Financing

      Calabrese, Raffaella; Cowling, Marc; Liu, Weixi; University of Edinburgh; University of Derby; University of Bath (Wiley, 2021-12-14)
      The scale of the UK government’s response to the Covid-19 crisis after the first lockdown in March 2020 was unprecedented. For the business sector two financing schemes were particularly relevant, the Coronavirus Business Interruption Loan (CBILS) and the Bounce Back Loan (BBLS). Both were designed to support the capitalisation of businesses through this difficult trading period. In this paper we use data covering the first two quarters of the Covid-19 crisis to explore the dynamics of SME financing and in particular the role of government support schemes. Our findings show that 92.1% of all debt funds provided in this period were backed by the UK government which compares to less than 5% under normal circumstances. We find that the demand, supply, and government share of SME lending increased from Covid-19 quarter 1 (April to June 2020) to quarter 2 (July to September 2020), that micro and small businesses had the highest demand for loans, and that better-performing firms were more likely to receive loans. Further, in a world where more loan requests than ever were granted the government share of this pool of loans had a different risk profile than the small pool of non-government backed loans.
    • The Impact of Enterprise and Entrepreneurship Education on Regional Development

      Bozward, David; Rogers-Draycott, Matthew; Smith, Kelly; Mave, Mokuba; Curtis, Vic; Aluthgama-Baduge, Chinthaka Jayananda; Moon, Rob; Adams, Nigel; Royal Agricultural University; University of Birmingham; et al. (ISBE, 2021-10-29)
      The paper explores the ways in which enterprise and entrepreneurial education (EEE), delivered by HEI’s, impacts regional development. To do this we analysed several datasets from The Higher Education Statistics Agency (HESA) and the Office for National Statistics (ONS) focusing on the ways in which HEI start-up activity impacts indicators including GDP and employment. This highlights where further research and investment is needed to ensure a consistent regional development policy which we believe aligns with the conference's focus on connecting practitioners and policymakers to create a genuine change in regional disparities.
    • The determinants of aggregate fluctuations: The role of firm‐borrowing channels

      Ghosh Dastidar, Sayantan; Apergis, Nicholas; University of Piraeus, Piraeus, Greece; University of Derby (Wiley, 2021-10-27)
      The paper examines the empirical relationship between firm-borrowing channels and aggregate fluctuations for the 100 largest US firms over 2000–2018. The motivation for this study originates from the general consensus in macroeconomics that microeconomic shocks to firms cannot generate significant aggregate fluctuations. The analysis extends Gabaix's 2011 baseline model by incorporating measures for “bank shocks” at the firm-level. In addition to supporting the granular hypothesis, the econometric results indicate that bank shocks have a weak impact on GDP fluctuations, whereas non-bank loans exert a strong impact on the same. The above findings survive certain robustness checks associated with the presence of oil and monetary shocks, as well as with the firms’ location factor.
    • Governance thresholds and the human capital–growth nexus

      Apergis, Nick; Mustafa, Ghulam; Khan, Muhammad; University of Piraeus, Piraeus, Greece; University of Derby; Queen Mary University of London, UK; IQRA University, Islamabad, Pakistan (Emerald, 2021-10-20)
      The literature that explores the relationship between human capital and economic growth has produced mixed results. It highlights the puzzle on the correlations between human capital and economic growth. This study contributes to this debate by offering an explanation of the puzzling effects. Using the threshold model proposed by Kremer et al. (2013), the results document that there is a threshold effect in the human capital–growth nexus. The findings illustrate that the relationship between human capital and economic growth is weakly positive up to a certain threshold level of governance; however, the relationship turns out to be positive once the threshold level has been achieved. The mixed evidence on the human capital–growth relationship can be explained through institutional quality differences. The findings recommend that better governance is complementary to contribute to the productive use of human capital in achieving higher economic growth.
    • Circular Economy in Agri-Food Sector: Food Waste Management Perspective

      Tanveer, Umair; Ishaq, Shamaila; Gough, Andrew; University of Bristol; University of Derby; University of Northampton (Springer, 2021-09-15)
      Reducing the food waste is the greatest challenge in the present times for sustainable food management systems that have significant economic, environmental and social impact on the food supply chain. The Circular Economy (CE) paradigm advocates the concept of the closed-loop economy endorsing more responsible utilization and appropriate exploitation of resources in contrast to the open-ended linear economic system of take-make-use and dispose. This chapter has explored Agri-Food waste in the context of CE, triple bottom line (TBL), and sustainability. An alignment of circular strategies with the food waste hierarchy is proposed that indicates practical application of the gradations of circularity in the food waste management that could lead to the development of sustainable food management system targeting the sustainable development goals of Zero Hunger and Responsible consumption and production. This chapter also highlights some opportunities and challenges of Agri-Food waste in the application of circular bio-economy.
    • How will Blockchain Technology Transform Supply Chains? Science mapping on Blockchain Technology

      Daniel, Jay; University of Derby (Production and Operations Management Society (POMS), 2021-05)
      As most blockchain initiatives are yet at the first outset, this research explores blockchain technology in supply chain through literature survey and bibliometric review. The study reveals some interesting findings of the direction and trends of blockchain technology and emerging research themes, leading countries, key authors and new emerging topics.
    • Green Jobs and Green Skills in the East Midlands

      Paterson, Fred; University of Derby (University of Derby, 2021-10-15)
      This Race to Zero White Paper explores the different definitions of ‘green jobs’ and ‘green skills’ and sets out what we know about the current state of ‘green collar’ jobs in the East Midlands and how the University of Derby is supporting the shift towards a sustainable economy.
    • Japanese Martial Arts for Wellbeing During COVID-19

      Veasey, Christian; Foster Phillips, Charlotte-Fern; Kotera, Yasuhiro; University of Derby (Taylor & Francis Group plc, 2021-09-16)
      The unprecedented and uncertain times of the COVID-19 pandemic have changed our lifestyles significantly, with lockdowns and social distancing measures in place to reduce virus transmission. These changes have likely had a negative effect on our wellbeing, and have been associated with increased stress, anxiety, and depression. During these unforeseen times, online martial arts lessons have highlighted the possibilities that martial arts offer in regard to positive wellbeing benefits such as self-awareness and self-mastery in managing and dealing with health issues. This short paper examines the potential benefits martial arts training may provide as an alternative wellbeing strategy to counter challenges associated with COVID-19.
    • The social marketing paradox: challenges and opportunities for the discipline

      Akbar, Bilal; Foote, Liz; Lawson, Alison; French, Jeff; Deshpande, Sameer; Lee, Nancy, R.; Nottingham Trent University; Antioch University New England, NH, Keene, USA; University of Derby; Strategic Social Marketing Ltd, London; et al. (Springer, 2021-08-22)
      This paper contributes to emerging discourse about the ongoing challenges and opportunities of social marketing as a discipline. The paper presents a qualitative perspective on existing challenges faced by social marketing and offers suggestions for addressing these challenges. Nine semi-structured interviews with social marketing academics and practitioners from six different countries were conducted. Thematic analysis was used to analyse and interpret the qualitative data. The study provides insight into existing challenges for social marketing, classified into three key themes according to their position within or outside of the discipline: 1) poor branding of the discipline as an internal challenge, 2) competing disciplines as an external challenge, and 3) overall reach of the discipline, seen as both an internal and external challenge. The findings suggest that social marketing needs to overcome poor branding issues to sufficiently address external challenges. We conclude by arguing for a more robust marketing of the discipline. While scholars have identified the challenges and opportunities for social marketing as a discipline, they have paid little attention to examining these challenges from the viewpoint of expert practitioners and academics. This paper presents a nuanced contextual understanding of the identified challenges through a qualitative perspective and explores how social marketing can overcome these challenges.
    • An empathetic approach: Using appreciative inquiry to gain balanced insights

      Veasey, Christian; Lawson, Alison; Hancock, Charles; University of Derby (Academy of Marketing, 2021-07-07)
      Appreciative Inquiry (AI) is described as a collaborative approach to the exploration and development of investigations with informed consideration of what is working well, as opposed to a problem-solving approach (Reed, 2010). The traditional problem-solving approach starts from the point of view that ‘xyz is not working in the abc department’ and has a potential disadvantage in that it focuses on the participants, so participants may feel as if they are under scrutiny and that the researcher is seeking someone to blame for the issue or problem (Goldberg and Commins, 2001). Moreover, this approach focuses on problems that may lead to negatively perceived outcomes, whereas concentrating on positivity, strengths, successes, achievements, positive choices, positive resources, energy and assets can lead to enhanced outcomes and the sustainability of existing strengths (Carter, 2006).
    • From KAM to KARMA: The evolution of Key Account Management for co-creation of value

      Veasey, Christian; Lawson, Alison; University of Derby (British Academy of Management, 2020-09-03)
      This study investigates Key Account Management (KAM) from a Marketing and Business-to-Business (B2B) perspective. A review of literature finds that in recent years marketing scholars have proposed that KAM has developed from its traditional roots in sales management to having a greater focus on relational aspects to co-creation of value. However, whilst the principles of Customer Relationship Management (CRM) to co-creation of value are well grounded within the marketing literature there are no theoretical models proposed for the practical application within KAM. To develop a new theoretical model for KAM by analysing the development of KAM over the past 30 years from a process driven discipline to today’s more complex arena that draws on CRM, SDL and co-creation of value. Secondary analysis of literature, analysis of KAM as a discipline, followed by analysis of definitions of KAM from the past 30 years. The emphasis of KAM has evolved into a Key Account Relationship Management Approach (KARMA), and a new theoretical model has been developed. New theoretical model proposed based on the KARMA approach.
    • Managing strategic accounts with empowerment and management support for co-creation of value

      Veasey, Christian; Lawson, Alison; Kotera, Yasuhiro; University of Derby (British Academy of Management, 2021-07-16)
      This study explores managing strategic accounts for co-creation of value, and the utility of management input to account plans and empowering account managers. In recent years, managing strategic accounts (SA) has progressed towards relationship-building with customer relationship management (CRM) and use of service-dominant logic (SDL) for co-creation of value. However, there is limited data regarding managing SA with empowerment and management support for co-creation of value. Accordingly, this research aims to appraise the functions of managing SA with empowerment and management support for co-creation of value. Aligning with a pragmatic research philosophy, semi-structured interviews (n=12) were selected with mixed demographics. Participants were primarily strategic account managers (SAMs) from a variety of business sectors. Thematic analysis was conducted on the interview transcripts to arrive at key issues and themes. The findings imply that the emphasis of managing SA has progressed into a value-creating account relations management approach. Empowerment and support from senior management were felt to be important to SAMs. This study shows the importance of management support and empowerment for successful strategic account management that creates value for both customer and supplier.
    • Identifying critical success factors in Key Account Management, along with characteristics of Key Account Managers, in order to develop a new model and approach to implementation

      Veasey, Christian; University of Derby (British Academy of Management, 2016-09-07)
      This research was a developmental paper ‘Identifying critical success factors in key account management, along with characteristics of key account managers, in order to develop a new model and approach to implementation.
    • Revisiting International Public Sector Accounting Standards Adoption in Developing Countries

      Boolaky Doorgakunt, Lakshi D; Omoteso, Kamil; Mirosea, Nitri; Boolaky, Pran Krishansing; University of Derby (Taylor & Francis, 2021-06-06)
      Based on a comprehensive review of recent studies on IPSAS adoption around the globe, we develop in this article a conceptual model to examine alternative predictors of adoption for developing countries. Drawing from this framework, we develop a rigorous econometric modelling on the impact of legal, political and accounting environments in the developing countries’ drive for IPSAS adoption. Contrary to what existing literature projects, our study reveals that a country’s IFRS and ISA experience is more important and significant drivers of IPSAS adoption compared to IFRS adoption. Likewise, political system, regulatory enforcement, lenders and borrowers’ rights and the level of corruption in a country also influence IPSAS adoption.
    • Looking at the other side of the fence: A comparative review of the mergers and acquisitions, and strategic alliances literatures

      Gomes, Emanuel; Alam, Sunbir; He, Qile; Nova School of Business and Economics, Universidade Nova de Lisboa, Portugal; Department of Physical Geography and Ecosystem Science, Lund University, Sweden; University of Derby (Emerald Publishing Limited, 2021-09-29)
      Over the last few decades, management has witnessed a proliferation of research on mergers and acquisitions (M&A) and strategic alliances (SAs). Although both fields have been widely studied, the relationship between the two bodies of literature has not been sufficiently explored. Despite the enormous commonality between both phenomena in terms of the drivers behind them and of the critical success factors associated with the M&A and alliance process management, scholars from the two fields have rarely exchanged findings and insights, even though they may be highly relevant to each other. M&A and SA research remain mostly separated from each other, thus minimizing the ability for more mutually beneficial complementary and synergetic knowledge sharing effects. This chapter synthesizes and compare existing theoretical perspectives from the M&A and SA literatures and identifies opportunities for future research and knowledge cross fertilization between the two fields. Building upon previous review studies about M&A and SA literatures, we develop a comparative longitudinal review of both literatures published in top management journals over a 27 year period. For that purpose, we resort to machine learning algorithms to discover thematic patterns that may have gone unnoticed by using traditional review methods. By highlighting some of the shortcomings that limit our theoretical and practical understandings, we challenge scholars from both fields (M&A and SA) to go beyond what they think they know from compartmentalized received theory, and draw upon novel and meaningful ideas, concepts, and theoretical approaches from “the other side of the fence”. We believe that such a dialog will facilitate further theoretical exploration and empirical investigation of both phenomena and produce insights that will influence the practical management of M&A and SAs.
    • A case study for merging supply chain and blockchain in Australian manufacturer

      Daniel, Jay; Maroun, E; Fynes, B; University of Derby; University of Technology Sydney; University College Dublin (POMS, 2021)
      This paper examines implementation of Blockchain technology within an Australian manufacturer supply chain. We present a summary of the challenges in adopting this technology. The adoption of Blockchain technology has potential to bring greater transparency, validity across supply chain processes, and improvement of communication between all stakeholders and customers involved.
    • Innovation in Small & Medium Enterprises in São Paulo

      Freitas, Adriano; Riascos, Luis; Andrade, Alexandre; Faco, Julio; Gallotta, Bruno; Universidade Federal do ABC; University of Derby (International Conference on Industrial Engineering and Operations Management, 2021-04)
      The Brazilian Small & Medium Enterprises (SMEs) represent over 98% of all active companies in the country in 2020. The role of innovation in processes must receive special attention, which leads us to write this article to measure the Dimensions of Innovation in companies. The Radar of Innovation was applied to support the model of the diagnostic method tool, which was established to perform data analysis with the needs of each organization. Through this methodology, analyzing the 12 Dimensions of Innovation for a sample of 20 SMEs in the manufacturing segment, in the south region of São Paulo, is used for the research fieldwork. The role was to promote recommendations and collaboration, to improve the opportunities to be replicated in other organizations with similar challenges. The contribution of this work is the Dimension Processes, since most participants had common results. They all found the need to differentiate themselves from their competitors.
    • Social Marketing: Advancing a New Planning Framework to Guide Programmes

      Akbar, M Bilal; Ndupu, Lawrence; French, Jeff; Lawson, Alison; Nottingham Trent University; University of Derby; Strategic Social Marketing Ltd, London (Emerald, 2021-05-31)
      This paper develops and presents a new planning framework of social marketing, known as CSD-IES (Consumer Research, Segmentation, Design of the Social Programme, Implementation, Evaluation and Sustainability). The proposed framework is based on recent theoretical developments in social marketing and is informed by the key strengths of existing social marketing planning approaches. The CSD-IES planning framework incorporates emerging principles of social marketing. For example, sustainability in changed behaviour, ethical considerations in designing social marketing programmes, the need for continuous research to understand the changing needs of the priority audience during the programme, and the need for explicit feedback mechanisms. Research Implications – The CSD-IES framework is a dynamic and flexible framework that guides social marketers, other practitioners, and researchers to develop, implement, and evaluate effective and sustainable social marketing programmes to influence or change specific behaviours based on available resources. This paper makes an important contribution to social marketing theory and practice by integrating elements of behaviour maintenance, consideration of ethical perspectives and continuous feedback mechanisms in developing the CSD-IES framework, bringing it in line with the global consensus definition of social marketing.