The future of management research

A recent workshop from Birkbeck’s Centre for Innovation Management Research and publisher Wiley saw debate about the new directions that research in entrepreneurship and innovation could take, including the potential future role of Artificial Intelligence.

On Monday 29 October, Birkbeck’s Centre for Innovation Management Research (CIMR) hosted a research workshop in collaboration with Wiley, publishers of the Strategic Change: Briefings in Entrepreneurial Finance Journal. Professor Helen Lawton Smith and Professor Carlo Milana in the Department of Management are editors of the journal.

The aim of the workshop was to stimulate debate on new directions in research in entrepreneurship and innovation, in order to encourage new submissions, reach wider audiences, and highlight opportunities for more dynamic research contributions in the field. The workshop also provided an opportunity for current Management PhD students to discuss their research and progress with the audience, demonstrating the Centre’s diverse and unique research expertise.

Future Directions and Artificial Intelligence Research

Professor Carlo Milana opened the workshop with a discussion of the journal’s “business model” – a thematic approach whereby each issue deals with a particular topic, encouraging a variety of submissions that provide different perspectives on key issues in entrepreneurial finance, sustainable business models, and emerging economies, among other areas of innovation management and entrepreneurship. He also expressed his interest in contributions that will address important questions around the future development of artificial and social intelligence; for example, how will artificial intelligence (AI) engage and impact entrepreneurship? Professor Milana concluded his presentation with a list of practical issues with AI, such as technological unemployment, jobs displacement, security and privacy, and the reliability of automated systems.

Continuing with the theme of artificial intelligence in business and management, Professor Damir Tokic (International University of Monaco) joined the workshop via Skype to discuss his research on the implications of AI for executive decision-makers, asking whether AI can replace human discretion. The world’s largest investment management firm, BlackRock, recently announced the launch of the BlackRock Lab for Artificial Intelligence, suggesting that it intends to “keep tapping into artificial intelligence” to improve the financial wellbeing of its clients. Thus, Professor Tokic asks in his research: “Can AI replace the human discretion in investing?

The answer is yes, technically, because AI programmes can use econometric methods to extrapolate historical data and can interpret and use economic forecasts embedded in financial assets, ultimately ensuring market efficiency. However, legislation, unpredictable geopolitics, and the justice system might prevent the rise of “Robo decision-makers”, meaning that while machines can be fed with all possible human knowledge and available data, as long as human imperfections are preserved, AI-powered machines will not be able to replace human discretion.

Birkbeck PhD candidate Dina Mansour

Open Research, Transparency and Relevance

When we talk about research in the current academic environment, the topic of impact inevitably comes up. In his presentation, Chris Graf, Director of Research Integrity at Wiley, asked what it means for research to be “open”, saying that open science/access is a way of doing research that brings about new opportunities for publishers by: (1) driving forward new models of publishing to emphasise relevance, (2) creating new services for researchers to support their requirements through innovation, and (3) taking a thought leadership position through community engagement. He also discussed issues of reproducibility in research and publication bias, whereby reviewers and editors may be more inclined to accept manuscripts based on the direction of findings, potentially neglecting lesser known research and making some studies seem more significant than they are. His recommendation was to increase the transparency of the research process and products to improve research reproducibility.

Research on Gender and Entrepreneurship

Professor Colette Henry (Dundalk Institute of Technology) provided greater insight into the nature of research on gender and entrepreneurship, noting that in the entrepreneurship literature, “gender typically means ‘women’s entrepreneurship’”, and there is urgent need for new perspectives on the topic, such as: (re-)conceptualising the gender perspective in entrepreneurship, the influence of gender on the entrepreneurial ecosystem, leadership styles, and business model innovation.

She also shared data on women’s participation in entrepreneurship, highlighting that more women are engaged in ‘necessity entrepreneurship’ than opportunity-based entrepreneurship. This means that women across the world are more likely to become entrepreneurs due to gender-specific issues, such as childcare challenges and restrictive workplace policies; and in some cases, some women simply become entrepreneurs to meet basic economic survival needs as they have no other options.

A Publisher’s Perspective: Maximising Research Impact

After a full day of discussing future areas of research in entrepreneurship and innovation, it was only appropriate to end with the publisher’s perspective on how to maximise the reach and impact of publications. Shannon Canney, Senior Editor at Wiley, began by asking the audience which metrics mattered to them. For most people, the answer was citations, which was consistent with Wiley’s research findings: most people think citations are highly important, whereas some think downloads come next, and a smaller percentage believe social media sharing matters.

Joshua Tufts, Editor at Wiley, said that all these metrics matter for research impact, as they contribute to a comprehensive view of a paper’s performance. It is important for researchers to use various channels to publicise their research because search engine optimisation (SEO) is vital in a digital age, and between June 2016 and July 2017, 54% of visits to Wiley Online Library came from search engines (26% had no referrers, 18% came from other websites, and 1% came from social media). Academics and researchers can maximise their impact through SEO in 4 easy steps, including: usage of relevant key words/phrases throughout the article, choosing a smart, descriptive title which incorporates key phrases, writing a good abstract by expressing key points from the article in simple terms, and creating a network of inbound links and citations to one’s article.

Wiley provides a useful self-promotional author toolkit that researchers can utilise to help ensure their work is seen, read, and cited.

It was a very insightful event for researchers in entrepreneurship and innovation, and the organisers would like to give particular thanks to the sponsors, Wiley, and all speakers:

  • Shannon Canney, Senior Editor, Wiley
  • Chris Graf, Director, Research Integrity & Publishing Ethics, Wiley
  • Colette Henry, Adjunct Professor of Entrepreneurship, Dundalk Institute of Technology
  • Carlo Milana, Editor in Chief, Strategic Change: Briefings in Entrepreneurial Finance
  • Damir Tokic, Professor of Finance, International University of Monaco
  • Joshua Tufts, Editor, Wiley

Birkbeck PhD Students

  • Maryam GhorbankhaniExploitation of Public Sector R&D
  • Maximillian Giehrl – Open Innovation Collaborations in German Manufacturing Firms
  • Dina MansourEntrepreneurship and Economic Development in Developing Countries: The Case of Egypt
  • Peter RossTheories of Diffusion of Innovation and Medical Engagement: Successful Adoption and Assimilation of Healthcare Reform

Presentations from the workshop can be downloaded from the CIMR website.

Share
. Reply . Category: Business Economics and Informatics . Tags: , , , ,

Bitcoin: Future or Fad?

First year BSc Economics student Lydia Evans provides a recap of an event organized by Birkbeck’s Economics + Finance Society, at which Financial Times journalist Isabella Kaminska discussed the future of Bitcoin.

What does Bitcoin mean to you?

To some, it epitomises the promise of the free market ­-  perhaps even, if one ‘mined’ it early enough, a path to becoming a millionaire. To others, it is reminiscent of Tulip Mania or the South Sea Bubble. The valuation graphs are eerily similar both in curve and timeline.

The Financial Times (FT) was started to help investors make informed decisions. Many were often victims of the Penny press. It was most germane to listen to what the FT’s Isabella Kaminska (FT Alphaville) thinks about the most popular cryptocurrency and its underlying technology, Blockchain.

Kaminska thinks that Bitcoin has been good for engaging previously uninterested parties in banking and finance. The evolution of its ecosystem also highlights the importance of harnessing the ever-expanding abilities of technology. This is as far as Bitcoin can be considered ‘on the money’.

She said that most of us have had a form of digital currency for ages, ever since we first signed up to a bank; the very basic concept of Bitcoin is not, therefore, a new one. However, unlike the technological advancement in traditional banks, she believes that Bitcoin might take us backwards.

We have no idea as to the actual asset structure or as to where it is being invested. But if capital has to be reinvested to create value, where is Bitcoin being invested?  Similarly, although Bitcoin appears to promise a dissolution of typical dealer/broker relationships, they are still very much in place.

Details regarding any potential intermediary from an established, regulated institution are readily available. There is rarely transparency when it comes to those associated with a Bitcoin Exchange. Kaminska’s research into the companies that sell and process Bitcoin showed that the vetting process is astoundingly lax.

Another claim is that it is free and easy. Kaminska thinks Bitcoin is still not user-friendly for the general public. The increasing costs could even lead to it becoming a luxury lifestyle product. Maybe, she jokingly suggested, one that could be featured in magazines such as ‘How to Spend It’.

Regulation will be the catalyst of all its future developments. It could even dismantle key principles of the whole project. This leads to a crucial question: Does Bitcoin serve a purpose or is it a solution looking for a purpose?

Perhaps Blockchain offers a solution. It has provided a means to mass collaboration that is hard, if not impossible, to get with traditional banks. But this depends upon who is collaborating and for what reasons. Due diligence is not an option in this very closed world – you are only as strong as the weakest member.

Kaminska opines that volatility undermines a currency’s usefulness. This can be demonstrated by examining any chart documenting the cryptocurrency’s history. She sees Bitcoin as a utopia for those disillusioned by, or unwilling to participate with, the mainstream banking system. Utopia is rarely what it seems.

Share
. Reply . Category: Business Economics and Informatics . Tags: , , , , , , , ,