Land use and transport: research and policy challenges

In the debate on the impacts of land use on transport two questions are of particular importance: (1) does land use affect travel behaviour and (2) if land use affects travel behaviour, should land-use policies be partly based on (expected or assumed) transport impacts? There is enough evidence to conclude that land use can influence travel behaviour. However, this does not mean that policy-makers should choose land-use alternatives with the lowest level of car use. Possible future land-use and transport plans should be evaluated according to a broad range of factors. Several challenges for research and policy-making related to these aspects are presented here.     

Two types of pattern of specialization of the economic environment of a highly industrialized country in Western Europe

Conclusions The specific pattern of specialization of highly industrialized countries is closely linked to factor endowments, although the correlation coefficients are probably positively biased, because the products have not been weighted with their market shares. The correlation between this pattern and market growth is much weaker. Because of the balance of payments constraint, all countries show products with net exports and with net imports. The shape of the country specific frequency distribution, determined by the specialization coefficients of the products (here called general pattern of specialization), can largely be explained by the country's size, prosperity, and possible EC membership. This general pattern can be regarded as a country specific constraint to its specific pattern. The statistical results of all sections lead to conclusions concerning economic policy.This paper is a summary which focuses on the main conclusions. The complete report, including all empirical results, the comments by the discussant E. Dalgaard (Denmark), references and most data, can be obtained from the Central Planning Bureau. Jeannette Verbruggen carried out the computations. Comments by C. A. Burk, J. G. van Beeck, E. Dalgaard, H. den Hartog, and A. Kusters have been incorporated.     

Why do firms save cash from cash flows? Evidence from firm‐level estimation of cash–cash flow sensitivities

We construct firm‐level estimates for the cash flow sensitivity of cash (CCFS) by modelling heterogeneous slopes in reduced‐form cash equations. This approach allows identifying firms with a high, low or even negative savings propensity. We find that high CCFS firms have higher income variation, suggesting cash buffering is triggered by income shocks. High CCFS firms do not suffer from financing constraints measured by a wide selection of indicators. Our results suggest that the CCFS is not an adequate indicator to capture financing constraints. Rather, a higher CCFS indicates smoothing of income fluctuations by installing a cash buffer that successfully prevents future income shortfall.     

When employee performance management affects individual innovation in public organizations: the role of consistency and LMX

Abstract

Public sector challenges translate in more complex job demands that require individual innovation. In order to deal with these demands, many public organizations have implemented employee performance management. In a multilevel study, we examine when employee performance management affects individual innovation. We contribute by focusing on consistent employee performance management and Leader–Member Exchange (LMX). Based on goal-setting theory, we first argue that employee performance management fosters individual innovation when it entails consistent subpractices. Subsequently, LMX is theorized to function as a moderator in this linkage. We use multilevel data from 68 elderly homes and 1095 caregivers in Flanders to test our hypotheses. The study reveals that individual innovation is related to consistent employee performance management, and that LMX functions as a moderator in this relationship. Our findings contribute to scholars’ understanding of effects from employee performance management in public organizations.     

The Opportunity Cost of Negative Screening in Socially Responsible Investing

This paper investigates the impact of negative screening on the investment universe as well as on financial performance. We come up with a novel identification process and as such depart from mainstream socially responsible investing literature by concentrating on individual firms’ conduct and by studying a much wider range of issues. Firstly, we study the size and financial performance of fourteen potentially controversial issues: abortion, adult entertainment, alcohol, animal testing, contraceptives, controversial weapons, fur, gambling, genetic engineering, meat, nuclear power, pork, (embryonic) stem cells, and tobacco. We investigate an international sample of more than 1,600 stocks for more than twenty years. We then analyze the impact of applying negative screens to a market portfolio. Our findings suggest that the choice for negative screening strategies does matter for the size of the investment universe as well as for risk-adjusted return performance. Investing in controversial stocks in many cases results in additional risk-adjusted returns, whereas excluding them may reduce financial performance. These findings suggest that there are opportunity costs to negative screening.     

Online Music Consumption in Today’s Technological Context: Putting the Influence of Ethics in Perspective

Whereas in the past ‘free’ and ‘illegal’ were nearly synonymous in the music industry, consumers nowadays face a myriad of music platforms with widely different characteristics in terms of business model (advertising supported, fee based, etc.), delivery mode (streaming, downloading, etc.), and others. The current research examines music consumption preferences in this new context. In order to break with the outmoded free-illegal versus paid-legal dichotomy, the present research studies consumer preferences for a broader range of music platform attributes, including free versus paying business models, (il)legality of use, artist revenues, downloading versus streaming, and audio quality. Based on a literature review and a qualitative study with in-depth interviews (N = 92), an online conjoint survey (N = 764) quantifies online music preferences. Results show that consumers of all ages clearly and consistently prefer legal and ethical options if available, but favor different ways of making this economically viable. Youngsters and young adults are more open to advertising, while middle-aged adults are more often willing to pay for advertising-free platforms. Thus, in real-life choices, youngsters may appear to be less ethical and law abiding, but the driving force behind this is mainly economical. Finally, a market segmentation provides deeper insights into online music consumer preferences and leads to recommendations on how to define viable legal and ethical music offerings.