Purpose -The purpose of this paper is to understand the configuration of a job production system with reference to manufacturing decision areas. The aim is to identify the process specific decisions for job shop and the non-process specific decisions that are influenced by other contextual factors. Design/methodology/approach -A case study research approach is used in the present paper to investigate the decisions of five manufacturing companies that satisfy the characteristics of job production system. Data are collected from case company's products, order winners and choices made in manufacturing decision areas. The paper uses within case and cross-case analysis to identify various patterns in the data, with a view to meeting the required research objectives. Findings -The present paper identifies a number of decisions specific to job shop. Further, many non-process specific decisions are seen to be influenced by competitive priorities (order winner), strategic orientation of manufacturing (stages in H-W model), top management and size of the company. After the study of the case companies, it is also observed that the companies employing a job production system may have high product complexity. Practical implications -The findings derived from this research would facilitate practitioners in understanding both process specific and non-process specific decisions for the job production system. The observation that the job shops can also use progressive practices, the same as other shops, to gain competitive advantage in the market could be very useful for practicing managers. Originality/value -This exploratory research contributes to the existing theory in manufacturing decision areas for job production systems.
Purpose
– The National commodity exchanges were established in India in the year 2003-2004 to perform the functions of price discovery and price risk management in the economy. The derivatives market can perform these functions properly only if they are efficient and unbiased. So, there is a need to properly evaluate these aspects of the Indian commodity derivatives market. The purpose of this paper is to test the market efficiency and unbiasedness of the Indian soybean futures markets.
Design/methodology/approach
– The paper uses cointegration and a QARCH-M-ECM-based framework to test the market efficiency and unbiasedness in the soybean futures contract traded in the National Commodity Derivatives Exchange (NCDEX). The cointegration test is used to test the long-run unbiasedness and market efficiency of the contract, while the QARCH-M-ECM model is used to test the short-run market efficiency and unbiasedness of the contract by allowing for a time-varying risk premium. The price data is also tested for presence of structural breaks using a Zivot and Andrews unit root test.
Findings
– The soybean contract is unbiased in the long run, but there are short-run market inefficiencies and also a presence of a time-varying risk premium. Though the weak form of market efficiency is rejected in the short run, the semi-strong market efficiency is not rejected based on the forecasts.
Originality/value
– This is the first paper to consider time-varying risk premium while performing the tests of market efficiency and unbiasedness on Indian commodity markets.
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