Business Exchange: Spring 2009

Volume 3, Issue 1 Spring 2009

BusinessExchange A Magazine for The James F. Dicke College of Business administration

ECONOMIC CRISIS:

Business Professors Respond

Graduating from The James F. Dicke College of Business Administration in the spring of 2009 are from left: Timothy White, Finance and Management Ashley Wolf, Marketing Tiffany Arnold, Finance & International Business and Economics

Spring 2009

contents A Message from the Dean BE Feature

5-9

Roundtable Discussion of Economic Crisis

Research

10-11

Faculty Research

ON THE COVER

Alumni Spotlight

12

Student Perspective

14-15

Making Business Majors More Marketable

DCBA Events

16-17

Profiles

18-21

Dr. Roger Goldberg Dr. Richard Meininger Roger Young Pamela Hershberger, BSBA ’87

BE Feature Business Professors Respond

Advisory Board

22

BUSINESS EXCHANGE

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Business Exchange

Volume Three - Issue One Spring 2009

EDITORS/WRITERS Josh Alkire Laurie Wurth Pressel DESIGNER Jeni Bible PHOTOGRAPHY Kenneth Colwell Produced under the auspices of the Ohio Northern University Office of Communications and Marketing.

CONTRIBUTING EDITORS Carlie M. Ellis Ann E. Donnelly, BA ’99 Autumn K. Steiner

Business Exchange is published by The James F. Dicke College of Business Administration at Ohio Northern University 525 S. Main St. Ada, Ohio 45810 419-772-2000 www.onu.edu

Message from the Dean

T

he economic crisis is the hot topic of discussion and debate in all corners of Dicke Hall. There’s no question we are living through a historic time of upheaval and uncertainty in our financial markets and institutions. The teachable moment in all this hasn’t been lost on our faculty.

Every day in class, our students are interpreting the daily headlines, investigating how and why things went wrong, and analyzing solutions. In essence, they’re preparing to become tomorrow’s leaders by learning from the mistakes of the past and envisioning a new future.

But our students, faculty and staff, like all of you, are personally impacted by these tough times. Our wallets are feeling the impact of rising costs and declining values and we’re worried about family members and friends who have lost jobs or homes. As college dean, I’m particularly concerned about our new graduates who will face an extremely competitive job market this spring and summer.

In this issue, you’ll read about the steps we’re taking to prepare our students for this new reality. You can make a big difference in our efforts by becoming a mentor or employer to an ONU intern or recent graduate. Your continued support can help us weather these difficult days.

I hope you enjoy this issue of Business Exchange, which also includes a timely discussion of the economic crisis with three of our outstanding professors. I invite you to weigh in on the discussion, or just share your questions, comments or suggestions with me at j-fenton.1@onu.edu

The James F. Dicke College of Business Administration prepares students to become successful business and community leaders in a changing world. The college offers nationally accredited academic programs in six majors and five related areas of study. The integration of theory and practice and ongoing mentoring opportunities are hallmarks of this outstanding academic program.

Sincerely,

James W. Fenton Jr., Ph.D. Dean and Professor of Management

BE Feature

ECONOMIC CRISIS:

Business Professors Respond The United States is facing the most severe economic crisis since the Great Depression. Financial institutions are failing, stocks and 401(k) plans are declining in value, people are losing homes and jobs, and many businesses are struggling to keep their doors open. As consumer confidence continues to wane, the questions “how did we get in this dire situation?” and “how do we get out?” are on everyone’s minds. Three professors in The James F. Dicke College of Business Administration respond to these questions, and more, sharing their expert insights with this magazine’s audience.

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Dr. Jeff Heinfeldt

Heinfeldt received his doctorate in finance from Kent State University. He has taught at ONU for seven years; his courses include Managerial Finance, Intermediate Finance, and Financial Markets and Institutions.

Dr. Kazuhisa Matsuda

Matsuda received his doctorate in economics from the Graduate Center of the City University of New York. This is his third year at ONU, teaching courses such as Microeconomics, Macroeconomics, and Money and Banking.

Dr. David McClough

McClough received his doctorate in political economy from the University of Southern California. He is a one-year visiting professor teaching courses in international economics and American economic history.

How precarious is the economic situation in the U.S. today? Which indicators concern you the most?

Is it reasonable to compare the current situation to the Great Depression? What are the similarities and the differences?

Matsuda: There’s no question we are in a

McClough: It is fair to compare them. Both reflect a run up of

serious situation. The most important statistic we should look at is jobs. If people don’t have jobs, then they don’t spend, and there is no demand for goods.

McClough: I’m concerned with whether or not the banks are

lending. Households and businesses alike are dependent on credit.

Heinfeldt: Unemployment, the credit crunch, I agree with those indicators. Also, foreclosures are a big issue, and it seems to be getting worse. We are seeing the reverse of the wealth effect; when people’s homes were going up in value and their stocks were going up, we had plenty of spending. Now we are seeing it go the other way. People feel the loss of wealth. Consumer spending is down.

There’s no question we are in a serious situation. The most important statistic we should look at is jobs.

credit. Both reflect an over-confidence for an extended period of time that wasn’t justified. Yet there are big differences. In the 1920s and 1930s, there was no safety net to protect people, and government did not have the ability to respond. Peak unemployment was reported in 1933 at 24.9 percent, and that is probably understating it, and today we are looking at a worst case scenario of around 10 percent unemployment.

Heinfeldt: We can make the comparison to some extent. The stock market is down; last year the market was down 30 percent plus, the biggest percentage decline since 1931. People are losing homes, home values are going down, and unemployment is up. But back then, we didn’t have FDIC insurance, we didn’t have unemployment insurance. Today, we can keep people going so they don’t lose everything.

Matsuda: Is this the most severe financial crisis since the Great Depression? Absolutely! Is this the Great Depression II? No, very simply, it is not. The unemployment and GDP decline is nowhere close. It is more comparable to the recession we had in the early 1980s, the second oil-shock recession.

Heinfeldt: The news headlines make it sound similar, but

when you dig deeper, you see it isn’t. It is painful for the people going through it now, though. If you’ve lost your job, and your 401(k)

is down, and you’re losing your house, it can feel like the Great Depression. You can’t minimize that. The big statistics say it isn’t even close, yet some people are really hurting.

Matsuda: The media likes to catch people’s attention. People will buy the newspaper with the headline “Great Depression II.”

What role does fear play in this economic situation?

McClough: It’s a huge part of the business cycle. When people back off, when people become afraid, it becomes a self-fulfilling prophecy. When folks cut back on their spending, it affects the people who have jobs providing those goods and services.

Matsuda:

Macro-economics 101. Consumer expenditure accounts for 70 percent of the GDP, so it is the most important component. For people to spend and buy, they need to have jobs, and the government knows that.

McClough: When business investment falls, that usually puts

us in a recession. But that is only a tiny piece of the pie: less than 20 percent. When the massive 70 percent cuts back, the impact is much more dramatic, and we are seeing evidence of that today.

What conditions or mistakes may have led to the economic problems we face?

Heinfeldt: The mortgage market and giving

loans to people who probably should not have had those loans. In order to keep the mortgage market going, the financial institutions started to modify how they did loans. They went from the traditional fixed-rate or variable-rate loans (and variable rates are getting people in trouble because the rates can adjust up), and started creating things like interest-only, skip-a-payment, and teaser rates. The financial institutions went from requiring extensive documentation, to low documentation, to no documentation to get a loan. They call them liars’ loans. They kept creating more and more instruments or ways to get people to be able to get a house. When you become more and more creative, you are trying to force the issue, and at some point things start to fall through.

Then they created securities based on those mortgages and farmed them out, spreading the problem throughout the system.

McClough:

I’ll point to one mistake that doesn’t get a whole lot of attention. In 2004, the CEOs of the major investment banks went to Washington, D.C., met with the Securities and Exchange Commission (SEC) and requested that the limitation on how much debt they could carry be removed. At the time, the debt-to-equity ratio was limited to 15. Once the regulation was changed, some banks increased their debt to 30 times equity. Bear Stearns reportedly increased debt to 33 times equity. The leader of this group was our former Secretary of the Treasury, Henry Paulson, when he was the CEO of Goldman Sachs.

These gentlemen felt they could not compete [while] constrained by the regulation that limited how much debt they could carry in relation to their equity. The SEC put constraints on them, but as we found out, the SEC didn’t do a good job of following up. We had a massive push to leverage investment into these under-understood, very complicated, highly entangled investments that set up a situation that had to have a rough end.

Matsuda: The SEC has been in favor of deregulation too much

since 2001. This started as a Wall Street problem, too many risky loans, like sub-prime mortgages, complicated securities, and it spread to Main Street. Corporations cannot borrow money because banks are holding on to their reserves. Those toxic assets are still on the balance sheets of commercial banks. No regulation by the SEC was a huge contributor to this mess. Barack Obama has appointed a tough regulator, Mary Shapiro, to head the SEC.

McClough: It will bring back confidence. Many investors who thought they understood financial markets are backing off due to the lack of transparency and regulation. You can’t have confidence in the information that is presented in SEC filings. So, they had a real credibility issue that they had to address by appointing a new chairman. And, they may have to do some policing to demonstrate that it is a new day and you can have confidence in your financial markets again.

What lessons should we take away from this crisis?

Matsuda: More regulation.

Heinfeldt: The risk and return relationship is still the rule of the game.

McClough: In the absence of effective regulation, securities prices may not accurately reflect the risk-adjusted expected rate of return.

Matsuda: Nobody knew.

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McClough: It was done mathematically--it was just a model.

Now we’ve got some real-world experience. They took their ideas and used the world as their test tube. We see how that turned out.

people cannot get financing due to tougher lending standards by financial institutions. Keep in mind, this is just the first stage of fiscal stimulus; more will come if it is necessary.

Matsuda: The financial market people thought risk sharing was a

McClough: The stimulus package is a spending bill that

good thing. But it turned out to be a bad idea. One falls, everyone falls.

Heinfeldt: We also have realized how interconnected we still are

globally. If the U.S. sneezes, the world can still catch a cold.

reflects political objectives as much as it reflects any sort of effort to stimulate demand. I would be more confident in the stimulus aspect if the dollars were spent sooner rather than later and if there was a more overt effort to jump start new industries. In the absence of any corresponding legislative effort to direct spending in ways that offer growth long-term, I cannot see any short- or long-term benefit. At this time, I am most concerned with the added burden to the debt.

What is your reaction to the economic stimulus package?

Heinfeldt: In terms of its size, it’s a bold move to try and get the

What is your reaction to the homeowner stability initiative?

Matsuda: Barack Obama got what he wanted. The total size,

Heinfeldt: As I mentioned earlier, the number of foreclosures is one indicator of economic stability that concerns me. This program is an effort to try and prevent foreclosures and alleviate associated problems.

economy moving again. It will take some time for the impact to be felt.

In addition, I don’t know how much the economy will improve until we clean up the problems in the financial system.

$787 billion, is appropriate. The size of the individual tax cuts is $232 billion, which includes $400 payroll tax credit for workers, first-time home buyer tax credit up to $8,000, and various other tax credits. A couple of points I want to make: economists have proven both theoretically and empirically that government spending is more effective than tax cuts in increasing GDP. The only reason that any expansionary fiscal package includes tax cuts is for purely political reasons; the bill won’t pass Congress without them. The impact of the first-time home buyer tax credit will be minimal at best. The reason that home sales are declining at the fastest pace ever is because average

I would be more confident in the stimulus aspect if the dollars were spent sooner rather than later and if there was a more overt effort to jump start new industries.

McClough: The homeowner

stability initiative fails to address the real issue that is financial in nature.

The toxic securities are suffocating the financial system and require some form of liquidation. The homeowner stability initiative may stem the flow of defaults that permit pricing of the toxic assets, but I don’t see how the program does anything to stem the decline in housing values, which influences consumption decisions through the wealth effect.

Matsuda: Considering the fact that Barack Obama pitches

himself to be a people’s president, this initiative is spot on. This program keeps struggling homeowners in the house by refinancing mortgages. But I agree that this program will not solve the fundamental cause of the problem, which is a collapsing housing market, a surplus of homes. The only solution to save the collapsing housing market is to create new demand for homes. For this purpose, I propose the universal 30-year fixed mortgage at 4.5 percent from the government-owned Fannie Mae and Freddie Mac. No other measures short of my proposed policy or something similar will turn around the housing market quickly.

What are some potential pitfalls or missteps on the road to recovery?

Heinfeldt: With the low interest rates, with the liquidity, trying

to get money out there to loosen up the system, we may have to be concerned about inflation down the road. Also, we will have increased regulation, so do we have to worry about over-regulation?

Are we going to overreact? Finally, there are integration issues with some of these financial institutions. As one analyst said, we’ve probably seen 10 years worth of consolidation in a year or less.

Some consolidations were strongly encouraged by the government and other regulatory agencies, and now the institutions have to make it work. These are the things I am going to watch to see how they play out.

Matsuda: Unless we do something

about these toxic assets, the banks’ problems won’t be solved.

McClough: I agree.

The concern was if they underpriced the assets, the system wouldn’t get the capital it needed to recover. If they overpriced them, the tax payers were on the hook for everything. Three hundred-fifty billion dollars later, underpricing these assets should not be a concern. It seems justifiable for the government to buy them at rock-bottom prices as a way to recover some of the funds expended on these massive bailouts.

How long do you think a recovery will take?

Matsuda: Well, I’m optimistic. But I’m prepared in terms of my

investment strategies to go through the entire 2009 with the economy still contracting. In my opinion, it will not be until the first quarter of 2010. It will take time for the economic stimulus to kick in.

McClough: With declining prices in oil, there could be

contractions in the production of oil, which will drive up the price of oil just as we are trying to get out of this recession. That could create stagflation. So I can see the recession continuing through 2009 very easily.

Matsuda: One thing is certain: The economy will recover sooner or later.

Heinfeldt: Short term, meaning the next year or so, I think it will be rough. Long term, we’ll be on the move again.

Are you making any adjustments to your course material at ONU in light of the economic situation?

McClough: This is what we do; it shows up in the first

sequence of Econ classes. These economic issues are laid out, and the details and technicalities are explained to students to help them understand what they are hearing about in the news. This gives us high-profile examples.

Matsuda: Everything I’ve said today is something I’ve already said in one of my classes.

Heinfeldt: It’s a perfect teaching moment. There is a real-world

case every day. The business college provides each business student with access to The Wall Street Journal. I tell my students to bring the paper to class. Every day I go over real-world examples. It is right there, every day.

Matsuda: This severe recession makes it much more interesting to teach economics and finance. When the economy is doing well, who cares about economics? Right now, it is so much more exciting.

This is the moment economics professors have been waiting for! (laughter)

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RESEARCH

Faculty Research Professors in The James F. Dicke College of Business Administration are making important contributions to the body of knowledge in the business field.

Test Your Ethical Judgment; Making the Right Choices Can Sometimes Be Difficult KAY ZEKANY, PH.D., ASSOCIATE PROFESSOR OF ACCOUNTING Zekany’s article appeared in the Nov. 1, 2007, issue of Strategic Finance. She provides a summary of her article below.

Accounting ethical lapses associated with financial shenanigans were in the spotlight earlier this decade, tarnishing the reputation of all accountants. But now, our focus has turned to economic concerns, giving accountants an opportunity to improve their reputation.

In my article, I challenge accountants to test their ethical judgment regarding 14 scenarios pulled directly from the events leading up to the massive WorldCom fraud.

My interest in accounting ethics is long standing. But, my interest in the WorldCom fraud was sparked by two students: Luke Braun, BSBA ’05, and Zachary Warder, BSBA ’04, who asked me if I would guide them in studying the fraud as an honors project. At the time, The Wall Street Journal was reporting on the scandal daily.

As the weeks and months passed, FindLaw (a leading provider of free online legal information) collected quite a large set of resources on WorldCom, providing an insiders’ view of the activities surrounding the fraud.

These resources included a special report drafted

by WorldCom’s post-scandal board of directors, two separate interim reports from their bankruptcy court examiners, indictments, testimony and so much more.

The result of Braun and Warder’s Honors Project was a case study written by the three of us that was published in Issues in Accounting Education in 2004. This case, “Behind Closed Doors at WorldCom: 2001,” will continue to be used by accounting students around the globe at both the graduate and undergraduate level for many years to come.

Striving to offer the same insight to practitioners, I distilled the case into an article published in Strategic Finance. As John Urbon, controller of Goodyear Luxembourg Operations, wrote, “I found your article … to be extremely beneficial. It is simple and straightforward, and the 14 questions address business situations that all of us who operate in the business, banking and investing world can attest. I took the liberty to hand the article to my staff for further discussion.

Your article is a service to practicing accounting professionals.”

The WorldCom scenarios in this article illustrate that: (a) intense pressure from the CEO can distort one’s objectivity, (b) excessive pay, well above the company’s up-to-date guidelines, can erode one’s integrity, and (c) a lax audit committee can give senior management too much power over internal audit.

Dr. Kay Zekany was recognized at the Annual Institute of Management Accountant’s Conference with a certificate of merit for “excellence in contributing to the literature for the advancement of management accounting and financial management.”

The actions that WorldCom’s environment produced are unimaginable. Very capable CPAs, for example, knowingly committed and encouraged fraud, thinking that the need to make their promised numbers through fraud would never return. But it did. Then, both the CFO and CEO distracted internal audit from their assigned duties by first reprioritizing sensitive audits and then by keeping their audit team busy with a time-intensive project.

While 2001 is quickly becoming a distant memory, we must never forget the lessons learned. Fraud at WorldCom, Enron and others brought our stock market prices down, tarnished the reputations of all accountants, felled a global accounting firm that was once known as the “gold standard” of accounting firms, revealed gaping flaws in U.S. GAAP, and eventually brought about the rise in International Financial Reporting Standards. In short, it changed our world.

Let us all never forget what led a team of CPAs to make the wrong choices. The very efficiency of our capital markets, and thus the wealth of our nation, rests on the integrity of corporate financial statements.

A Historical Perspective on the Sarbanes-Oxley Act PAUL GOVEKAR, PH.D., ASSISTANT PROFESSOR OF MANAGEMENT Govekar’s article appeared in the 2008, Issue 3 of Journal of Management History. He provides a summary of the article below.

This paper provides a historical perspective to help understand the forces that resulted in the SarbanesOxley Act and provides a historical vindication of the taxonomy developed by Charles Conrad. The paper applies a framework developed by Conrad (2003) to explain the events that led to the corporate meltdown in 2002-03 and compares it to a similar scandal in the insurance industry at the beginning of the 20th century.

A number of parallels were found between the two incidents. Lessons for practicing managers, domestic and international, are presented along with avenues for possible future research. Also, the paper provides a perspective on the probable effective life of the Sarbanes-Oxley Act.

A Tale of Two Fires: Igniting Social Expectations for Managers’ Responsibility MICHELE GOVEKAR, PH.D., ASSOCIATE PROFESSOR OF MANAGEMENT & PAUL GOVEKAR, PH.D, ASSISTANT PROFESSOR OF MANAGEMENT The Govekars authored an article that appeared in the 2006, Issue 1 of Journal of Management History. They provide a summary of the article below.

In March 1911, the worst industrial accident in the history of the United States, in terms of loss of lives, occurred at the Triangle Shirtwaist Company in New York City. One hundred forty-six workers perished in a fire. Eighty years later, in Hamlet, N.C., the secondworst industrial accident in the history of the U.S., in terms of loss of lives, occurred. This time, 24 employees and one route worker lost their lives in a fire. Were there any parallels between these two incidents that separated both time and distance?

Using contemporaneous and modern sources, this paper explores this question and attempts to find some lessons for management in these two tragic events.

Do You Blush Often? Questions on Integrity and Personality Tests That Legally Embarrass Employers DEXTER WOODS, BSBA ’79, JD ’82, LLM, PROFESSOR OF BUSINESS ADMINISTRATION & DAVID SAVINO, ASSOCIATE PROFESSOR OF MANAGEMENT. Woods and Savino co-authored an article that appeared in the summer 2007 edition of Employee Relations Law Journal. They provide a summary of the article below: Integrity testing has become a very important selection tool for organizations seeking employees who meet predetermined qualifications at various levels.

Companies that routinely give integrity, personality or psychological tests to their job applicants and existing employees (and companies that offer such tests) should be aware of the numerous ways that such tests can be legally challenged. This article provides a balanced analysis as to the pros and cons of integrity testing and associated implications of usage. The article discusses the usage, types and effectiveness of integrity and personality testing. It also discusses state and federal legal challenges to such testing and provides recommendations to management. While the use and reported results of these types of tests may continue to be contested by job candidates, it is in the best interest to use whatever means necessary to protect company assets and its culture and minimize risks in the hiring process.

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Alumni Spotlight

Jason Duff receives 2008 William L. Robinson Young Alumni Award Jason Duff, BSBA ’05, received the 2008 William L. Robinson Young Alumni Award in October 2008. Named in honor of Bill Robinson, BSEd ’61, Hon. D. ’05, H of F ’05, this award recognizes Duff’s commitment to Ohio Northern, his profession and the community.

Duff is an acclaimed speaker, real estate developer and award-winning entrepreneur. He is the founder and CEO of Community Storage & Properties Ltd. and COMSTOR Outdoor Advertising Ltd. Duff was the recipient of the prestigious 2005 Global Student Entrepreneurship Social Impact Award. He also received the “20 Under 40 Business Award” from The Business Journal of West Central Ohio and has appeared as keynote speaker at various local, state and national organizations. He was featured in the November 2008 and January 2009 issues of the entrepreneurship magazine Inc. and on Inc.’s annual list of the 500 fastest-growing private American companies, the Inc. 500.

Outstanding Service Award Bob Smith, BSBA ’75, president and CEO of Spero-Smith Investment Advisers, Inc., became the first recipient of The James F. Dicke College of Business Administration Outstanding Service Award.

This award, which will be given annually at Homecoming, honors individuals who have provided sustained and outstanding service to the college and whose contributions have positively impacted the college.

Smith exemplifies the qualities of the award with more than 20 years of service to the University and college. He is currently the chairman of the ONU board of trustees and has also served on the business college’s advisory board.

In addition, he has hired ONU business interns at his firm and supported the college’s job placement efforts.

Elshoffs express gratitude and assist students with their gift “We get to see the benefit of our gift and know it’s going where we want it to go”

The Kenneth R. and Lea A. Elshoff and the Ohio League of Financial Institutions Scholarship was established in 1997 to recognize the strong foundation that Ohio Northern University gives its students.

Kenneth Elshoff served as an ONU trustee for 14 years, and his scholarship helps worthy students attend The James F. Dicke College of Business Administration.

In addition, the Elshoffs have made a significant bequest provision that will, one day, add to the existing scholarship endowment.

“We get to see the benefit of our gift and know it’s going where we want it to go,” says Kenneth Elshoff. “It’s very gratifying to receive letters from the students thanking us personally. But the bequest provision is perhaps more important because it allows us to leave something that will have a lasting impact.”

“We’ve been very successful, and we want to help students attend Northern,” says Lea Elshoff. “We are fortunate to have the opportunity to make a difference.”

ONU applauds the generous donors who invest in the future and help students attend the Dicke College of Business Administration.

You, too, can touch many lives with a gift to fund a scholarship endowment.

For more information, contact Kenneth Block, executive director of development at Ohio Northern University. Call him toll-free at 866-ONU-Give (668-4483), or e-mail k-block@onu.edu

866-ONU-Give (668-4483) | www.onu.edu/plangive

Student Perspective

MAKING

Business Majors MORE

Marketable

The headlines bleed with bad news: jobs slashed, wages cut, companies tumbling. Despite the grim forecast, students in The James F. Dicke College of Business Administration are armed with the tools they need to face the job market.

“Students cannot let these negatives affect their job-seeking mentality, otherwise it becomes a self-fulfilling prophesy,” says Matthew Lambdin, director of experiential learning.

“This is a tough time, but students should remember that there is always someone hiring. If an industry leader goes under, someone else is there to pick up the slack,” Lambdin explains.

“Plus, young professionals have options – they are oftentimes more mobile, they are not yet locked into one particular career path, and they are willing to try new things.”

Lambdin specializes in helping business students find internships and jobs.

He says that job-seekers always face traditional factors: competition from other universities and preparation sites, transitioning workers looking to change careers, and their own personal limiting factors, such as geographic preference.

Matt Lambdin

From a pragmatic stance, new graduates also must be aware of the economic situation, the effects of which could linger for the next 18 to 36 months, according to Lambdin.

“Employers are laying off, and they are not hiring like they normally would.

Also, entry-level salaries may be shaved anywhere from 10 to 30 percent.”

Even in the face of job adversity, graduates need to remain confident and remember the skills they bring to the market.

“The Dicke College of Business Administration (DCBA) is dedicated to strong academic preparation, and the faculty integrates real-world situations and projects into the curriculum,” Lambdin says. “The administration is invested in career preparation, and students have access to a vast network of ONU alumni and friends of the University.”

The DCBA Strategy The college has a multi-faceted approach for increasing a student’s chances of finding employment upon graduation.

Foremost, the college is revamping the idea of networking, of which Lambdin says, “Our primary focus is to capture

our community resources and put them in direct contact with the most-prepared candidates, whether those resources are seeking interns or full-time employees.”

Rather than a standard career fair, where employers must weed through hundreds of candidates, networking events cut to the chase.

Lambdin also is responsible for the new Career Planning and Development class, a three-credit-hour course required of sophomores.

“The class follows the job continuum, from search to interview to employment,” he explains. “We tackle résumés, cover letters, appropriate dress, networking using Web sites like LinkedIn, interview strategies (one-on-one, panel, phone), traditional interviewing and behavioralbased techniques, and how to fit into the company culture.”

Beginning with the 2009 entering class, every College of Business Administration student will be required to complete an internship, regardless of major. The rationale behind requiring internships is simple, says Lambdin. “Students who do internships are 50 to 75 percent more likely to get a job offer.”

Finally, the University constantly brings in speakers and people who are experts in their fields. Students then have the opportunity to interview for jobs, a tactic the college has worked hard to implement.

“We’re trying to change the traditional mentality and bring the employers here, where they can meet qualified candidates and conduct the interview onsite,” Lambdin explains.

It’s crucial that applicants follow up on job leads.

Simply sending in a résumé is not a viable strategy.

Suggestions for Students In addition to the college’s actions, students need to be proactive about their futures, which means starting early and avoiding common pitfalls. Creating a strong résumé is a foundational step. While Lambdin encourages students to show their well-roundedness, he cautions against putting too much on a résumé.

“Candidates need to make sure their résumés are current and that there’s nothing irrelevant to their professional goals.” He adds that students should continuously update their documents, networks, resources and job possibilities.

Additionally, job-seekers need to be in constant contact with people who can employ them. With job openings narrowing, one position may draw thousands of applicants.

If an employer already knows that a student is a great candidate, it increases the chances of making the cut.

“Employers do not want to conduct large-scale job searches. They’re costly, unproductive and often a last resort,” Lambdin explains. “It’s crucial that applicants follow up on job leads. Simply sending in a résumé is not a viable strategy.”

Proving that it is never too early to start preparing, the Dicke College of Business Administration students compose résumés and start building professional networks as freshmen. In addition to taking the career-planning course, sophomores are encouraged to start meeting professionals and trying to job shadow.

“Interviewing someone in an ideal career position tells students what the job entails and the steps to take.

Plus, it puts them in contact with professionals early on, and they can tap into these resources later.”

A Continuing Commitment The college’s assistance does not end with graduation, however. “Once a Polar Bear, always a Polar Bear,” says Lambdin. Graduates are encouraged to keep in touch and actively participate in the alumni process.

Keeping a strong network helps build a security net in the face of layoffs and career changes.

In conjunction with Ohio Northern’s Homecoming 2009, the DCBA, the office of career services, and the office of alumni affairs are sponsoring a career fair featuring business alumni.

This fair will put students into contact with alumni and give transitioning alumni a chance to look for new opportunities.

The DCBA is doing everything in its power to help students, but Lambdin says it is up to students to take ownership of their job situation.

“Students may enter the workforce expecting to hit it big right away, but in these circumstances, that just may not be feasible. They will have to pay their dues, so to speak, even if that means taking a pay cut or a slightly different path initially. The most important thing is to keep working at it and not get discouraged.”

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DCBA Events

Jeff Sa l

hal

asc Monte P

ay

Karla Geise

“How I Found My (First) Great Job” T

hree 2007 graduates of the The James F. Dicke College of Business Administration returned to campus on Oct. 16, 2008, to share insights on how to land a great job after graduation. The panelists were Karla Geise, BSBA ’07, assistant director of alumni affairs at ONU; Monte Paschal, BSBA ’07, supply chain management at Sikorsky Aircraft Corporation in Connecticut; and Jeff Salay, BSBA ’07, auditor at KPMG in Cleveland. They advised the large gathering of business students at the event to start early and work hard to find a job in today’s economy.

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blish ship. erien intern als and esta sroom exp t organin a n i s o e-cla er g gage tuden 1. En e your care . Outside-th ities and s tun st job. aid refin lists s road oppor way to a fir e n é a p the the y-ab résum s stud elp to pave . “Get résumé is a é h m c u u s s h ré f ur s, also lp! Yo ffice o inning zation mé he ed ONU’s O sute a w u a s e é r r c t end f ré e to , ge comm reds o ke tim é help 2. Ta , get résum hal, who re views hund n’t tell me Pasc help ho re id, “Do uld illus,” said lay, w irs, sa golden ervices. Sa llege job fa résumé sho r co rS Caree his firm at ow me. You les.” p h to r s o m f ; a e afraid més don ith ex n’t be n,” said o you’ve perience w D t “ a . h s w ill x lf atio cial sk your e herse nvers trate tice so nitiate a co ntroduced c a t r n p e di ipm and she i n Equ ody an n dent, twork 3. Ne oach someb w, as a stu CEO of Crow onversatio o c r h d p r n g e p a a H in recall irman mpus. rown.

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Tales from the Corporate Boardroom K

aren Bohn, president and CEO of Galeo Group LLC, addressed a standing-room-only crowd on the topic of corporate governance on Dec. 11, 2008. She told the students to be open to what the future may hold for them. “When I was in your shoes, I never would have imagined that I would someday serve on multiple boards of directors. I was a music and psychology major with a minor in French.” Bohn’s company, based in Minnesota, provides strategic management resources to senior management teams and individual executive officers.

In her address, Bohn explained the purpose of corporate boards of directors, how boards are structured and ways boards can maximize effectiveness. “The goal of governance is to add significant value on significant issues in ways that advance the organization’s mission and vision,” she said, quoting her favorite definition.

Bohn also speculated on the impact of the current U.S. economic crisis on corporate governance. “Move over CEO, here come the directors,” she said, predicting that boards will gain power and there will be an increased emphasis on the professionalism and performance of boards. She added that regulation will increase and executive compensation will become an important issue.

Finally, boards will seek more diverse membership. “You need to be prepared,” she told the students. “Volunteer for task forces, establish networks; there may be opportunities open that you never would have imagined.”

“The lecture was beneficial because Ms. Bohn explained how corporate governance has changed. If you want to sit on a corporate board of directors in today’s world, you have to be engaged and can’t just sit back and watch the company run itself.”

– Kathleen Sponseller, sophomore, management and marketing major from Payne, Ohio

Teva in the Pharmaceutical Industry William S. Marth, president and CEO of Teva North America, discussed the future of Teva in the pharmaceutical industry before a crowd of 173 at Ohio Northern University’s Freed Center for the Performing Arts on Jan. 22, 2009.

Marth’s presentation, titled “Teva in the Pharmaceutical Industry – 2009 and Beyond,” explained the role of generic pharmaceutical companies in the pharmaceutical and health care industries and their future in the industry.

Marth described Teva as a successful global company that “has parts all over the world, and those parts work together seamlessly.” Teva continues to grow by making acquisitions from other pharmaceutical companies and challenging patents that should no longer be held by brand pharmaceutical companies. Marth explained that Teva and other generic companies breaking

“As a literature and political

these patents encourage innovation by taking the profit of the brand drug away and forcing the brand company to develop new drugs to bring in revenue.

science major, I rarely have the

Teva Pharmaceutical Industries Ltd., of which Teva North American is a subsidiary, is a global pharmaceutical company based in Israel that specializes in the development, production and marketing of generic and proprietary branded pharmaceuticals, as well as active pharmaceutical ingredients.

Before becoming president and CEO of Teva North America, Marth was president and CEO of Teva USA from 2005 to 2008 and held other executive roles in Teva and Bristol-Myers Squibb.

their relationship in the global

inclination to care about generic pharmaceutical companies and pharmaceutical market. Mr. Marth’s lecture was extremely informative and illustrated the role of generic companies in lowering costs of health care and stimulating innovation of new and better brand name drugs.”

!Denise Jansen, senior, literature major from North Royalton, Ohio

The James F. Dicke College of Business Administration has adopted a student honor code.

The honor code underscores the college’s commitment to developing global leaders by instilling the values of integrity, leadership, teamwork, continuous improvement and community service.

A committee of two business professors and four students formulated the student honor code over the course of the summer, and the business faculty formally approved the ethics code in September 2008.

In October 2008, Ohio Supreme Court Justice Robert Cupp, BA ’73, JD ’76, presided over a swearing-in ceremony in which all freshmen in the college committed to the honor code.

“I highly commend the students and faculty for establishing this honor code,” Cupp said. “I am confident the students will adhere to these high ideals and standards, and it will benefit them as they make their way through school and in pursuing a career.”

BUSINESS EXCHANGE

17

Faculty Profile Profiles

Tradition.

Commitment.

Service.

Few professors have been at Northern long enough to witness the many changes The James F. Dicke College of Business Administration has undergone in the past 30 years. In that time, the college received accreditation from the Association to Advance Collegiate Schools of Business (AACSB), moved into a custom-built, state-of-the-art facility and renamed itself The James F. Dicke College of Business Administration. The opportunities to witness such growth and change have been the highlights of the careers of economics professors and administrators Drs. Roger Goldberg and Richard P. Meininger.

“Dr. Roger Goldberg and Dr. Rich Meininger both started at ONU around the same time and have spent their entire careers at this one institution,” says Dr. James W. Fenton, dean of the Dicke College of Business Administration (DCBA). “As I encounter business college alumni in my travels, invariably they will ask about these two wonderful people. They tell me stories, sometimes harrowing ones, about economics courses with Dr. Goldberg and Dr. Meininger. The alumni always end by saying that they are better people and professionals for the experience.”

This September, Goldberg will celebrate his 40th year at Northern. He was hired in 1969 to instruct economics and develop a statistics course for the business college. At that time, there were only four economics courses a quarter, and Goldberg taught three of them.

“It’s been wonderful to watch the steady advancement of the University, especially watching the business college grow into an accredited college and modern facility,” says Goldberg, now the associate vice president of academic affairs.

In July 1992, Goldberg took the position of assistant vice president of academic affairs at the invitation of former ONU President DeBow Freed and Dr. Anne Lippert, vice president of academic affairs. He was promoted to his current position in 1995 and now is in charge of summer school, Honors Day, international student matters, and oversight of academic scheduling and assessment.

While he no longer teaches, Goldberg believes that modern amenities have changed classroom instruction for the better.

“The technology that is available today makes classes much more interactive,” he explains. “When I began here, it was mostly lecture and then later somewhat interactive case studies.”

Although administration has presented new challenges, Goldberg still misses teaching and watching students grow from freshmen to seniors to successful alumni. “I’ve had about 5,000 students over the years,” he says thoughtfully. “It is so rewarding to know success stories of individuals who often come back after graduation and play key roles at ONU.” “There are very few professors who have such impact on you that you never forget them,” says Stephen A. Malbasa, BA ’75, ONU trustee and vice president of American Funds in Cleveland, Ohio. “One of the things I appreciate the most about Dr. Goldberg is that he took a complex subject, economics, and helped me understand it, although it was very challenging. Once I got over the fear, he made complex subjects interesting and fun to learn.”

Goldberg believes that ONU offers business students an exceptional facility with curriculum evolution and an integrated core that offers unique opportunities to apply their classroom knowledge. The University, he explains, provides a climate centered on concern for students and big opportunities on a small scale.

Meininger will celebrate his 36th year at ONU this fall. “I came on what was supposed to be a one-year appointment and ended up staying a bit longer,” he explains with a smile.

He moved into administration about 15 years ago when he became assistant dean of the Dicke College of Business Administration and was later promoted to the position of associate dean.

Since moving to administration, Meininger misses teaching but says that working in the dean’s office keeps him busy enough that he does not get much time to think about it.

He credits the students as one of the best parts of his time

at ONU. “The students and my colleagues have been the highlights of my time here,” he explains. “The business college is truly a community within a community.”

“As one of my core economics professors – I took every course he offered – Dr. Meininger deeply influenced the way I think about economics, especially in a historical context. He also influenced the way I teach economics, showing through his example that true passion for the subject can be the best inspiration to a student,” says Mark D. White, BSBA ’93, associate professor in the department of political science, economics and philosophy at the College of Staten Island and The Graduate Center, CUNY.

"There are very few professors who have such impact on you that you never forget them."

— Stephen A. Malbasa, BA ’75

Meininger believes the small class sizes and the interactive teaching methods of professors foster a sense of tight-knit community among students and faculty of the college and are features that only ONU offers students. “There is a sense of community here,” he explains. “There are close relationships and interactive teaching.”

Both Meininger and Goldberg say they would not want to have spent their careers anywhere else. “The continuity here is amazing,” says Meininger proudly. “So many students come back to visit after they graduate, and it’s just great to hear about their successes.”

Though both have had long and fulfilling careers at ONU, neither expresses any desire to retire immediately. For various reasons, they plan to stay and enjoy a few more years at the institution they have come to love. Meininger, however, has some plans in the meantime: to continue traveling the United States and Europe with his wife. However, after retirement, “We just might finally go to Australia,” he says.

Fenton believes that Meininger and Goldberg’s contributions to the University have helped make it the institution it is today. “We are a much better institution for having these able economists and caring administrators work their wonders for many years,” he says. “I speak for the ONU community when I say to them, ‘Thank you for all your great years of service to ONU!’” BUSINESS EXCHANGE

19

Faculty Profile

Roger Young Visiting Professor of Accounting Quick to share a funny story, and quicker still with a laugh or grin, Roger Young, visiting professor of accounting, has a delight for life that’s contagious. A legendary Northern professor, Young is back on campus this year touching the lives of a new generation of Northern business students.

Young retired from ONU in 1998 after a 34-year career teaching accounting and serving as vice president of finance from 1989 to 1994. Shortly after retiring, however, he realized the slower pace didn’t suit his personality. “I flunked retirement,” he says, with a laugh.

Missing the students, he went back to work as an accounting professor at Bluffton University. After eight years at Bluffton, he was lured back to ONU by the opportunity to teach his granddaughter, Emily Cingolani, an ONU sophomore majoring in accounting.

In the classroom, Young is known for his sense of humor and exuberance. He remembers once getting so wound up explaining FIFO and LIFO that he lost his balance and fell from a three-foot-high platform right into the lap of a young lady sitting in the front row! He has a stockpile of interesting anecdotes about his past experiences in the accounting field that he shares with students. “His lectures are entertaining, and I always look forward to going to his class,” says Katie Whitney, a senior accounting major from Gahanna, Ohio. “His love for auditing and accounting permeates through his lectures and has gotten me excited about starting a career in auditing.”

Young’s teaching philosophy is simply stated for students on each course syllabus: “There is nothing more important in my academic life than your success in this class.” Radiating warmth and care, he always has time to assist students and colleagues. “I think of how many hundreds of times I would walk into his office and plop down with a question. No matter how busy he might have been, he never, and I mean never, let on,” says Randall Ewing, associate professor of marketing. “His teaching style is a lot like our friendship. He is always there for the students. When students have questions or concerns that can’t be answered in class, you’ll find Roger sitting with them in his office going over the material. He earns their respect very quickly and creates an environment where they want to learn.” Young even admits that he prays for the students in his class. “I thought about praying that they all get A’s, but I don’t think they all deserve A’s,” he jokes.

Young received his bachelor’s degree from Miami University of Ohio and his MBA from Xavier University. A devoted family man, Young and his wife, Betty, have four children, 11 grandchildren, and four great-grandchildren. In his free time, he “attends a lot of grandchildren events.” He’s also a tough racquetball competitor who jokingly challenges students to play for their grade.

“Roger Young had a major influence on my professional life as well as the lives of many of my contemporaries. He was an outstanding professor who not only taught accounting, but provided a great deal of insight that has been helpful to us in our careers.”

- Bob Smith, BSBA ’75, president and CEO of Spero-Smith Investment Advisers, Inc., and chairman of the ONU board of trustees

Young says he’s enjoying his return to Northern, especially the beautiful new Dicke Hall. He appreciates having the rare opportunity to teach his granddaughter and the family members of former students. “I have had students tell me that their dad or uncle told them to say ‘hi’ to me. I am waiting for someone to tell me their grandfather says ‘hi,’” he says, with a laugh and a twinkle in his eye.

P H

W

hen Pamela Hershberger, BSBA ’87, joined the Toledo office of the public accounting firm Ernst & Young LLP right out of college, she thought it would be a pit stop on her career path. “I had planned to stay for two years and then figure out what I wanted to do for the rest of my life,” she says, with a chuckle. But two years turned into 22 years, and today, Hershberger, a partner in the firm, couldn’t imagine a more fulfilling career. “Public accounting is a wonderful learning ground,” she says. “The teaching aspect of my work is what has kept me in the profession for so long.”

As an office managing partner, Hershberger oversees the professional development of the Toledo office’s 100 employees.

She guides interns and

at ONU (Roger Young and Rodney Rogers in particular) to several Ernst & Young partners. “I had great mentors at Ernst & Young— all of them were male, but they never saw gender as an obstacle. They were focused on inclusiveness,” she says.

When a partner retires, Hershberger is reminded of the impact they’ve had on her life, and the special opportunity she has to make a similar impact on the lives of others as the Toledo office’s first female partner.

In addition to people development, Hershberger’s other responsibilities at Ernst & Young include ensuring the other partners in the Toledo office follow a common strategy to grow the office and serve clients in a high quality manner. “We work hard as auditors to make sure that the investor or banker can rely on the

Alumni Profile Rubber Company, Champion Enterprises, and HCR ManorCare. The Toledo office also provides tax and risk advisory services.

“There’s no such thing as a typical day,” Hershberger says, with a laugh. Whether she’s responding to a barrage of emails, reviewing work papers onsite, interacting with clients, mentoring employees, or keeping up-to-date on technical changes in the

industry, Hershberger loves every minute of each fastpaced day. “As an auditor, I work with companies in a wide-range of industries.

I play a part in client transactions, like mergers or buy-outs. I truly work in the heart of business.”

In her free time, Hershberger enjoys playing golf, reading and spending time with friends and family. She also serves on several not-forprofit boards, where her accounting expertise is highly valued, including the Greater Toledo Chapter of the American Red Cross, Junior Achievement of Northwest Ohio and the Toledo Symphony. And, she’s a former member of the advisory board for The James F. Dicke College of Business Administration.

“Giving back to the community is important,” she says. “It is timeconsuming, but I enjoy it.”

As an auditor, I work with companies in a wide-range of industries. I play a part in client transactions, like mergers or buy-outs. I truly work in the heart of business. seasoned accountants alike as they develop new skills and map out their futures.

“Working with people at all different stages and learning points in their careers is what I enjoy the most,” she says.

Hershberger is grateful for the mentors she encountered on her path to success, from her accounting professors

appropriateness of our clients’ financial statements,” she says. “We provide public confidence that there is an independent eye to challenge management on assumptions and judgments.” She oversees the firm’s accounts with several publicly-owned and privately-held companies, including Cooper Tire and

BUSINESS EXCHANGE

21

Business College Advisory Board

Mr. Paul Carbetta II BSBA ’90 Financial Advisor Ameriprise Financial Services Inc. 150 E. Wilson Bridge Road Suite 100 Worthington, OH 43085 Mr. Phillip Caris BSBA ’82 Vice President, Sales & Marketing Cooper Tire & Rubber Co. P. O. Box 550 Findlay, OH 45840 Mr. Jason S. Duff BSBA ’05 President/CEO Community Storage & Properties Ltd. COMSTOR Outdoor Ltd. 9016 State Rt. 117 Box 151 Huntsville, OH 43324

Mr. George Atkinson BA ’72, BSBA ’06 President Hartzell Fan Inc. P.O. Box 919 Piqua, OH 45356

Mr. Thad R. Eikenbary BSBA ’91 Vice-President & Treasurer Central Insurance Companies 800 S. Washington St. Van Wert, OH 45891

Mr. Lawrence C. Barrett BA ’71, H of F ’04, BSBA ’06 Regional Vice President Sagemark Consulting 28601 Chagrin Blvd.

Suite 300 Cleveland, OH 44122

Mr. Jeff Gillson, CLU, CFP BSBA ’92 Partner New York Life 1336 Woodman Drive Suite 100 Dayton, OH 45432

Ms. Deeann Beatty BSBA ’91 Bank Examiner Federal Reserve Bank of Cleveland East 6th St. & Superior Ave. Cleveland, OH 44144

Mr. Mark Henschen BA ’77 President Minster Bank 95 West 4th Street Minster, OH 45865

Mr. John Bishop BA ’72, BSBA ’06 Chairman, President, CEO The Motorists Insurance Group 471 East Broad Street Columbus, OH 43215-3861 Mr. Shawn Bogenrief BSBA ’82 Partner/Director Gardner & White 5925 Wilcox Place, Suite D Dublin, OH 43016 Mr. Larry Boord BA ’71, JD ’75, BSBA ’06 Principal Jacob, Haxton & Boord, LLC 100 W. Old Wilson Bridge Rd. Worthington, OH 43085

Mr. Paul Kramer BA ’76, BSBA ’06 President Kramer Enterprises 116 East Main Cross Street Findlay, OH 45840

Ms. Deann Newman BSBA ’83 Partner Deloitte & Touche 600 Renaissance Center Detroit, MI 48243

Mr. Lee Lemke BSBA ’84 Senior Vice President Fee Income Director The Huntington National Bank 7575 Huntington Park Dr. – HM3210 Columbus, OH 43235

Mr. Michael D. Swick BSBA ’80 President and CEO Lima Memorial Hospital 1001 Bellefontaine Ave. Lima, OH 45804 Ms. Karen Swinehart BA ’94 Associate Director of Product Marketing ATT&T Business Marketing 350 N. Orleans St., Floor 3 Chicago, IL 60654

Mr. Rob Lydic BS ’97 Principal Structured Innovations 903 S. Latson Rd. #228 Howell, MI 48843

Mr. Mark White BSBA ’85 President Vancrest 120 W. Main St., Suite 200 Van Wert, OH 45891

Mr. Jay Molter Vice President, Marketing and Sales Glasstech Inc. 995 Fourth St. Perrysburg, OH 43551 Ms. Candada Moore BA ’78, JD ’81 Senior Vice President, Product Group Manager for Corporate Trust Huntington National Bank Corporate Trust Department 7 Easton Oval - EA4E63 Columbus, OH 43219

Ms. Molly Shoup Hofmann BSBA ’90 Customer Solutions Manager Kraft Foods Global Inc. Grocery Sector – Growth Channels GV 805 1 Kraft Court Glenview, IL 60025 Mrs. Betty Kemper President The Kemper Company 10307 Detroit Ave. Cleveland, OH 44102 Ms. Carol Kline BSBA ’86 Executive Vice President and Chief Information Officer Tele Tech Holdings Inc. 751 International Isle Drive Castle Rock, CO 80108

FOR RESERVATIONS, PLEASE CALL

866-713-4513 www.onu.edu/inn

ONU BUSINESS GRADUATES: You know where they have been.

NOW HELP DETERMINE WHERE THEY ARE GOING. This spring, a new class of more than 100 business professionals graduate ready to enter the workforce. They’re knowledgeable, prepared and eager to succeed.

As graduates of The James F. Dicke College of Business Administration, these graduates have prepared for the fast-paced and dynamic business world with special majors and programs in entrepreneurship, business planning, forensic accounting and pharmaceutical business. They’ve forged strong relationships with knowledgeable, experienced and

Save the date!

dedicated professors. They’ve gained invaluable practical experience through internships at large corporations and small businesses. Some have studied abroad, exploring the world and experiencing different cultures.

Others have been active in Northern’s award-winning student organizations, attending regional and national conferences for competitions and networking.

For more information about providing job or internship opportunities to students in the Dicke College of Business Administration, contact Matt Lambdin, director of experiential learning, at 419-772-2609 or m-lambdin@onu.edu

ONU business graduates stand apart from other applicants. DCBA alumni understand this better than anyone. So act on what you know.

Hire an ONU business grad.

The James F. Dicke College of Business Administration Career Fair Homecoming weekend: Friday, Oct. 9, 2009

THE JAMES F. DICKE COLLEGE OF BUSINESS ADMINISTRATION OHIO NORTHERN UNIVERSITY 525 S MAIN ST ADA OH 45810-1599

“Be Your Own Boss” Entrepreneurship Camp July 12-17, 2009

Part of ONU’s Summer Honors Institute Open to gifted high school sophomores and juniors

For more information, call 419-772-2331, visit www.onu.edu/a+s/summerinstitute or e-mail summerinstitute@onu.edu