Simulación con fuerza de agarre en flexión del dedo

Numerous studies have been conducted over the past twenty years that have analyzed the link between Quality Awards and business performance. Most of this research, however, has centered on whether Quality Awards improved a company’s financial position after they were issued. Some of these studies have been conducted by the National Institute of Standards &

Technology in an effort compare the performance of award winners with the S&P 500 (NIST, 2012).

These studies were discontinued after 2004 as many of the awardees were divisions of larger companies or were privately held or non-profit companies. The index performed

exponentially higher during upward trends, and experienced a more severe decline in negative trends. The results of the years which were calculated performed as follows:

Table 4: Baldrige Stock Studies, Table View (1994-2004)

Year

#

Companies Result Ratio

MBNQA

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Year

#

Companies Result Ratio

MBNQA Return

S&P 500 Return

1999 24 Outperformed Market 3.8 to 1 841% 222%

2000 24 Outperformed Market 4.2 to 1 685% 163%

2001 21 Outperformed Market 2.94 to 1 323% 110%

2002 19 Underperformed Market -.53 to 1 -24% 45%

2003 16 Underperformed Market -.49 to 1 -28% 58%

2004 17 Underperformed Market -.51 to 1 -18% 36%

Figure 3: Baldrige Stock Studies, Graphical View (1994-2004)

Another observation obtained during the course of this literature review was the limited amount of information that was available on this subject of study. A large amount of information was related to the subject matter within news and magazine articles; however these were

primarily limited to specific case studies in which a particular local company was being

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highlighted as a feature. Only a limited number of peer-reviewed journal articles were available which focused on the Criteria or performance improvement results from quality-improvement initiatives. In addition, over 70% of these articles were published prior to 2008. This highlights the tremendous contribution which can be made to the existing body of knowledge to update the analysis that has been conducted in the past as well as and to integrate measures which were previously analyzed.

Figure 4: Journal Articles Reviewed Which Focused on the Market, Financial, or Operating Performance of Award-Winning Companies

As related articles were reviewed, several themes began to emerge. The topics under study in this subject area have been relatively consistent over time, and are primarily focused on the themes of causes of market return, operating performance, strategic planning, financial performance, causes of performance excellence, literature reviews, and quality performance. In addition to this, there were several very specific studies which were focused on the topics of

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education, employee perceptions, ethics, government and health care and human resources. A Pareto diagram of these themes is presented in Figure 5.

Figure 5: Pareto of Literature Themes

After the above Pareto of the Literature Themes was complete, these results were cross-analyzed with the year in which they were conducted. The purpose of this was to determine whether the topics under evaluation were investigated uniformly over time, and to uncover trends in the subject matter. From this information, it is evident that the research in these particular topics of study has grown over the past 10 years.

Of those studies which reviewed Market Performance (Helton, 1995; Hendricks &

Singhal, 1997; Easton & Jarrell, 1998; DeBaylo, 1999; Curkovic, Vickery, & Droge 2000;

Hendricks & Singhal 1996 and 2001; Przasnyski & Tai, 2002; Balasubramanian Ike Mathur &

Thakur, 2005; Cheah, 2005 and 2007; and Cazzell & Ulmer, 2009), there have not yet been any

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scenario-analysis studies conducted as if an entire portfolio of award-winning companies was held from the beginning of a specific time period until the end of that period. Instead, all of these studies were conducted as if the stock were added to the portfolio in the winning year.

In addition, researchers have conducted industry analysis using one-for-one company matching approaches with (Hendricks & Singhal, The Long-Run Stock Price Performance of Firms with Effective TQM Programs, 2001) their competitors (Wisner & Eakins, 1994) or to specific industry comparison companies (Przasnyski & Tai, 2002; Jacob, Madu, & Tang, 2004).

While these one-for-one comparisons to provide an effective comparison of a specific company to another, they may not effectively account for industry effects and may be highly sensitive to unrelated events which may affect the comparison company under study.

A detailed overview on the prior award/quality related research is summarized below:

Table 5: Literature Overview for MBNQA Winning Companies

Year Author Results

1991 Garvin The Baldrige Award is a strong predictor of long-term survival and a leading indicator of future profitability.

1991 Hart &

Schlesinger

The Baldrige framework is emerging as an agent of change, helping organizations understand the how and why of quality, and giving them a practical tool they can use to drive change initiatives in the organization.

1994 Wisner & Eakins The firms studied performed financially as well or better than their competitors.

1995 Helton An investment of $1,000 in each publicly owned quality award winner increased by 99% from 1991 through 1994.

1996 Hendricks &

Singhal

The stock market reacted positively to quality award announcements.

1997 Hendricks &

Singhal

The mean change in the operating income for the test sample was 48% higher than the control sample, and the mean change in sales was 24% higher than the control sample.

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Year Author Results

1998 Easton & Jarrell Performance was improved for the firms adopting TQM.

1998 Winn & Cameron The MBNQA framework may be applicable to those interested in implementing a quality improvement effort.

1999 DeBaylo Companies that were selected for site visits beat the S&P by ratios of 2:1.

1999 Samson &

Terziovski, 1999)

Leadership, management of people, and customer focus were the strongest significant predictors of operational performance.

2000 Curkovic, Melnyk, Calantone, &

Handfield

The MBNQA framework does capture the concept of Total Quality Management.

2000 Curkovic, Vickery, Droge

Both product quality and customer responsiveness lead to superior ROI, the former leads to enhanced ROA, and the latter to enhanced market-share performance.

2000 Wilson & Collier Leadership is the most important driver of system performance. Information and analysis is statistically the second most important.

2001 Armstrong-Stassen, Wagar, Cattaneo

Downsizing has an adverse effect on quality initiatives.

2001 Hendricks &

Singhal

Award winners significantly outperformed the control group firms, and the average increase of this

outperformance ranged from 38% to 46%.

2001 Hillmer &

Karney

Deming's axioms constitute a rational foundation on which to build a management theory.

2002 Hui & Chuan The Malcolm Baldrige National Quality Award has elements in common with eight quality awards that are sponsored by other nations.

2002 Przasnyski & Tai The sample of publicly traded MBNQA recipients (1988-1999) outperformed the market.

2003 Evans & Jack Many fundamental management practices that are embedded in the Baldrige requirements, such as a focus on employee well-being and motivation, and attention to the design of work systems and their linkage to other categories, such as process management.

2003 Lee, Rho, Lee Information and analysis has a strong, positive impact on strategic quality planning and process management.

2004 Bell & Elkins Dashboard indicators for a balanced scorecard reflect

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Year Author Results

leadership implications from the Baldrige Criteria.

2004 Goodpaster, Maines, &

Weimerskirch

An organizational improvement process which helps executives shape their firm's conscience through self-appraisal has been modeled after the self-assessment methodology of the MBNQA.

2004 Jacob, Madu &

Tang

Award winners are superior financial performers and are valued higher by investors compared with similar sized firms and industry benchmarks.

2004 Jasinski The Baldrige criteria support a systems perspective and a focus on results.

2005 Balasubramanian, Mathur, Thakur

These awards generate significant shareholder value for the MBNQA winners.

2005 Cheah The announcement did not bring the intended effect of creating statistically abnormal returns.

2005 Maiga & Jacobs Substantial support linking quality goals, feedback, and incentives to quality performance.

2005 Stephens, Evans,

& Matthews

Small-business leaders ranked the strategy development process and leadership systems as most important to the success of their business.

2006 Van Der Stede, Chow, & Lin

Diversity in performance measurement techniques positively influenced performance.

2006 Williams,

Bertsch, Van Der Wiele, Van Iwaarden, & Dale

The MBNQA might be a useful guide for improvement, but only for organizations whose conformance quality is poor.

2007 Cheah Award recipient companies were not able to sustain the previously-generated significant abnormal returns that were achieved on the day that the award announcement was made.

2008 Natarajan &

Barger

An innovative instructional approach was highlighted, in which business students develop organizational diagnostic and consulting skills through applying the Baldrige

Organizational Profile as a performance improvement tool.

2009 Cazzell & Ulmer All five companies under study experienced financial growth of approximately 100%.

2009 James & Johnson TQM firms outperformed non-TQM firms in terms of domestic sales, export sales, net income, return on assets, and productivity growth.

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Year Author Results

2009 Lakhal Quality improvement efforts can lead to enhanced competitive advantage and improved organizational performance. Quality improvement efforts provide a source of competitive advantage for the organization.

2009 Molina-Azorin, Tari, Claver-Cortes, Lopez-Gamero

The large body of Quality Management research informs environmental management as well as a QM-EM system.

2009 Yaoli & Zhou The MBNQA may be a theoretical foundation of a performance measurement system for the supply chain.

2010 Tanninen, Puumalainen &

Sandstrom

TQM does have an effect on ROCE, productivity, and customer satisfaction.

2011 Prybutok, Zhang, and Peak

The MBNQA provides a viable set of measures for a municipal government to review and measure their organization's processes.

2011 Sun Hong Kong companies have not reached the synthesis, alignment and integration as suggested by the MBNQA framework.

2012 Evans, Ford, Masterson, &

Hertz

The MBCPE helps business leaders think strategically, align organizational structures, plans, and decisions and make them consistent with what is important to survive and sustain for the long run, better engage your workforce and customers, and perhaps achieve outstanding results along the way.

2012 Hertz Application of the Baldrige criteria can provide an incredibly valuable framework for organizations of all types, leading them to superior results within their industry sectors and impacting the U.S. economy positively.

2012 Jacob, Madu &

Tang

There is parsimonious evidence to suggest that Award winners do witness an increase in market value.

2012 Kim & Oh Verified that Leadership drives Foundation and Direction, affecting System measurements which drive Results for 15 out of 18 hypotheses supported.

2012 Latham A stakeholder-centered design framework is built upon the foundation of the MBCPE.

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The Malcolm Baldrige Criteria for Performance Excellence is intended to serve as a tool and an integrated approach that helps companies achieve organizational performance

management (Weinstein, 2009). The criteria and associated assessment processes are

evolutionary and dynamic, not static. The Criteria are not prescriptive; they do not explicitly call out what is needed in order to gain results. Instead, they are focused on the drivers of success and those interrelated core values and concepts that help drive visionary leadership, excellence, and management for innovation (Schaefer, 2011).

It can be hard to keep the entrepreneurial spirit alive and flourishing after having succeeded in the past (Slywotzky, 2002). This is especially challenging in a volatile economy where discipline and a commitment to excellence are needed in order to sustain profitability and company viability into the future. After all, it takes more than pride to lead a company, it takes strategy, vision, and a desire to be the best (Brandt, 2011).

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