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- 3. Corporate governance Human capital Technology and market structure Transaction Analysis etc Follow up – in-depth questioning
- 4. 1990 – 1992 Assessment on factual and past information Free form interviews Initially, Blinder had intended to conduct free-form interviews with about 20 companies, tailoring the questions to each respondent. However, he decided to expand the number to 200 companies and to aim for a random sample survey of the entire GDP 61% agreed CEO for small Companies and executive for larger firms
- 5. 4 Fortune 1000 companies 1979-1982 Multiple interviews Purpose: understand the corporate planning and investment processes related to investment and to generate a model based on the planning process in one of the firms
- 6. Capital Investment Process Cash flow equations Changes in the Hurdle rates Limits on debt etc Extensive data collection
- 7. Publishes his reports in 1995 and 1998 336 interviews with business leaders, union officials, business consultant, employment counselors Obstacle: Confidential information Respondents without intermediaries Test the theories Formulating New theories
- 8. Use of relaxed language Keeping discussion concrete Requesting specific examples Less structured and open ended questions Maintaining eye contact Humorous tone Respondents knowledge and education No use of tape recorders Cold Calls Avoid Economic jargons Follow up calls
- 9. Uniformity between informants Interviews reveals both rationality and irrationality “wage rigidity is the most complicated employee behaviour, in the face of which manager reluctance to cut pay is rational” Motives may be unconscious Bewley’s interviews reveal that labour is in excess supply during recessions and that employers avoid hiring over qualified workers. Voluntary quits do not increase but, rather, decrease sharply during recessions.
- 10. Interviewed 113 metalworking enterprises United States, Mexico and Argentina – decision making process 9 trade associations in 3 regions 80% of the companies agreed to be interviewed Interview session – 2-3 hrs Follow up session – 3 hrs to 3 days
- 11. Small- and medium-size enterprises rarely estimate market demand as prices are substantially different from prevailing levels The anchoring and adjustment heuristic is an important determinant of inventory decisions High profits objective stated by most firms does not lead to consistently maximizing behaviour.
- 12. 36 interviews – 1994 Manufacturing enterprises FINDINGS The reasoning of decision makers usually involves heuristics rather than careful calculation Reasoning by analogy from past experience is particularly common
- 13. Interview based analysis requires more time than other types of study They have number of limitations Case base studies Better development of Hypothesis
- 14. THANK YOU
Hinweis der Redaktion
- Most analyses of decision making at the enterprise level are based on data fromexperimental laboratories or on publicly available information.. Only a few studies are basedon open-ended interviews with decision makers and attempt to ferret out the reasoningunderlying the decisions. Although these interview-based analyses haveseveral objectives, they primarily attempt to draw attention to the most promisingamong the available hypotheses about enterprise decision making
- Their survey stress the importanceon microeconomic data underlying macroeconomic phenomenon. . The overview discusses the coverage of corporate governance, humancapital, technology, market structure, transaction analysis, the role of the state,and the micro foundations of macroeconomics, particularly with respect to therelationship of investment and growth.
- The Blinder project was based on interviews that began in 1990 and ended in1992. Blinder et al. (1998) give two justifications for resorting to a survey that asksbusiness leaders not only for factual information but also for assessments of what they had done. .
- He published preliminary reports of his analysis of wages in 1995 and1998 with a final version appearing at the end of the decade.An obstacle, he observes, is that respondents consider manykinds of decisions to be highly confidential.Given that networking might have led to a certain bias in the study on wages, heapproached most possible respondents without intermediaries. he offers the results of 336 interviews with business leaders, union officials,employment counselors, and business consultants in the northeastern UnitedStates (principally Connecticut) during the recession of the early 1990sIf the objective [of interviewing] is to test given theories, you should be sure to cover the questions relevant to those theories. If the objective is to understand the shape of a general phenomenon with a view to formulating new theories, then the style should be less structured in the hopes that the respondent will come up with unexpected description and arguments.”
- Don’t look down. Finally,you might ask how respondents acquired their knowledge; were they educatedby experience or business culture.” Bewley did not use a tape recorder because hewas concerned that it might inhibit respondents, but in the more sensitive studyof pricing, he did use one, and few seemed to be bothered by it. Second, Bewley (1999) offers arguments for and against the less structured,open-ended approach of listening to firms with only a memorized list of questionsand concerns, not all of which are necessarily to be asked of all of those interviewed.
- studies. He observes that motives may beunconscious. That is, people may not be aware of the principles governing theirbehaviour. fall. Interview and other data indicatethat voluntary quits do not increase but, rather, decrease sharply during recessions.The attitudes of the unemployed are not consistent with their choosing leisure overwork; indeed, workers who can find second jobs generally accept them to maintaintheir income.
- Schwartz (1987) interviewed 113 metalworking enterprises in several regions eachof the United States, Mexico, and Argentina in an effort to understand decisionmakingprocesses in a particular group of industries
- case studies that reflect an improvedunderstanding of decision making may motivate more successful financialand economic behavior.he in-depthinterview-based studies may facilitate the development of better hypotheses ofhow to implement recommendations that emanate from good analyses.