EXCHANGE RATE MISALIGNMENT IN DEVELOPING COUNTRIES

This article analyzes the theory of equilibrium real exchangerates and defines misalignment as a deviation of the real exchangerate (RER) from its equilibrium level. The role of macroeconomicpolicies is then analyzed under three alternative nominal exchangerate regimes: predetermined nominal exchange rates, floatingnominal rates, and dual or black market nominal exchange rates.This discussion points out how inconsistent macroeconomic policiesoften lead to real exchange rate misalignment. Corrective measures,including nominal devaluations and several alternative approaches,are then evaluated.      

Managing absence in an NHS hospital

Absence studies often pay little attention to institutional settings. This study of a large hospital looks at factors affecting absence, and worker attitudes to time off. It reveals a highly committed workforce, but one with low morale, deeply distrustful of a management initiating rapid changes.     

Managing low‐skill workers: a study of small UK food manufacturing firms

Low‐wage work is of growing significance in the UK. This article tests the model of the low‐skills equilibrium (LSE) through a study of 27 small firms in a sector, food manufacturing, widely identified as being in an LSE. Three hypotheses are tested. (1) There will be a single, fixed equilibrium. We find more variety, reflecting the specific circumstances of firms. (2) An equilibrium is sustained by weak support institutions and a product market dominated by low value‐added goods. The expectation about institutions is supported, but the product market permitted some, albeit weak, opportunities to escape the LSE. (3) Skills will be low, and workplace regimes will be characterised by work intensification. Some firms were developing employee skills. Work intensification was rare, reflecting the absence of Taylorisation and the importance of face‐to‐face relationships. Overall, some firms had the will to escape the LSE, but weak institutional support and a ready supply of labour substantially reduced the incentives to do so.     

'MONEY MEANS NOT MONEY'– REFLECTIONS ON THE MEANING OF MONEY 1909–2009

Hartley Withers' classic book, The Meaning of Money , sees its centenary this year. Although the financial landscape has substantially changed since 1909, Withers' book remains insightful, informative and readable. A symposium is being held in late 2009 to explore what echoes can be heard today.     

Corporate governance,industrial relations and trends in company‐level restructuring in Europe: convergence towards the Anglo‐American model?

This article addresses the issue of how patterns of corporate restructuring are shaped by national systems of corporate governance and industrial relations. Using case studies of three multinationals, it sheds light on the question of whether the way in which restructuring takes place is converging towards the norms characteristic of the Anglo‐American model. It is argued that considerable changes are evident among national systems, but that these changes are not all occurring at the same pace, nor are all countries moving in the same direction. Consequently, the way that multinational companies restructure their activities varies markedly according to both the business system in their country of origin and the various host systems in which they are located.     

The process of internationalization in the operating firm

Two factors have been emphasised as influencing the choice of, and subsequent shifts between, modes of foreign market servicing: (1) market-specific knowledge; and (2) the generalised knowledge from operating internationally. The process-oriented literature on internalisation has tended to emphasise the former over the latter. This article maintains that market-specific knowledge is not the only source of information available to a firm. As firms operate in foreign markets they develop, in addition to networks of institutional arrangements, a knowledge of the process of internationalization. Account therefore has to be taken of the general knowledge from operating internationally in understanding the development of institutional arrangements in foreign markets. Consequently, the appropriate unit of analysis is not the individual market but the operating firm as a whole. This argument is illustrated with reference to an empirical study of the internationalization of 25 UK-based organizations.     

Emotional arousal and entrepreneurial outcomes: Combining qualitative methods to elaborate theory

This qualitative study of innovators in the superyacht industry blends longitudinal content analysis with narrative case vignettes to extend nascent theorizing about the antecedents and consequences associated with the arousal of entrepreneurial emotion. The empirically grounded framework induced through our research offers two key theoretical elaborations. First, it extends the existing set of theorized antecedents by highlighting the overlooked roles played by dramatic performances (staged or improvised) and ambient conditions (project, actor and venue considerations). Second, it calls attention to the consequences of emotional arousal for such entrepreneurial outcomes as generating novel solutions to specific problems encountered during the creation process, developing innovative end products, and fostering a general context for innovation.     

振动应力筛选

本文介绍了振动应力筛选技术,讨论了建立振动应力筛选的益处,应考虑的主要问题以及应牢记的关键因素。