The balance sheet channel of monetary policy: the panel evidence of Egypt

This paper examines the effects of monetary policy on firms’ investments in Egypt using disaggregated data and generalized method of moments (GMM) technique. It develops the neoclassical investment model by adding the interaction between user cost of capital and cash flow (CF). Therefore, monetary policy affects investment through three effects: user cost of capital, CF and interaction between them. Using a sample of 124 firms, the empirical finding supports the relevance of balance sheet channel (BSC) and the heterogeneous effect of monetary policy on investment. This finding signals that monetary authority should take cognizance of the stability of interest rate to stabilize firm-level investment.     

The effect of the regularity of the error process on the performance of kernel regression estimators

This article considers estimation of regression function $f$ in the fixed design model $Y(x_i)=f(x_i)+ \epsilon (x_i), i=1,\ldots ,n$ , by use of the Gasser and Müller kernel estimator. The point set $\{ x_i\}_{i=1}^{n}\subset [0,1]$ constitutes the sampling design points, and $\epsilon (x_i)$ are correlated errors. The error process $\epsilon $ is assumed to satisfy certain regularity conditions, namely, it has exactly $k$ ( $=\!0, 1, 2, \ldots $ ) quadratic mean derivatives (q.m.d.). The quality of the estimation is measured by the mean squared error (MSE). Here the asymptotic results of the mean squared error are established. We found that the optimal bandwidth depends on the $(2k+1)$ th mixed partial derivatives of the autocovariance function along the diagonal of the unit square. Simulation results for the model of $k$ th order integrated Brownian motion error are given in order to assess the effect of the regularity of this error process on the performance of the kernel estimator.     

Individual and contextual antecedents of older managerial employees' willingness to accept intra-organizational job changes

This study examines the respective influence of individual characteristics and contextual factors on employees' willingness to accept major internal job changes – i.e. domestic relocation, international assignment and change of discipline – in their late careers. Data were obtained from a two-wave longitudinal survey of 584 management-level employees from different private-sector organizations located in France. Three separate hierarchical regression equations were run to test the relationships of interest in this study, one for each of the three internal mobility opportunities. The set of attitudinal variables was found to explain a significant proportion of the variance in the willingness to change discipline, but its influence was weak or null respectively in explaining willingness to accept an international posting or domestic relocation. Off-the-job embeddedness and spouse's unwillingness to move were confirmed as strong deterrents to relocation. As for the individual characteristics, openness to experience was identified as a major determinant of all the types of mobility included in this study. The results suggest that a much more dynamic role could be envisaged for late-career managers, at least for respondents corresponding to certain individual and contextual variables.     

Foreign and Domestic Shocks: Macroeconomic Responses of ASEAN-3 Countries

Abstract

The study provides new empirical evidence on the relative importance of foreign and domestic shocks on selected ASEAN-3 (Malaysia, Indonesia, and Thailand) macroeconomic variables. Three structural vector auto regression models are estimated for each country. The focal point is given on the formulation of the sources of foreign factors. The first model uses trade-weighted foreign variables of both US and Japan to represent the foreign factors. The other two models use US and Japan by themselves, respectively, to represent the foreign factors. Two important results are emerged. First, foreign sectors play an important role in influencing macroeconomic variables of each of the ASEAN-3 country, especially in the medium and the long-run horizon. Second, most of the time, the Japanese factors are more dominant than the US factors in influencing domestic output and inflation for each of the ASEAN-3 countries.     

Exchange-rate variability and industry trade flows between Malaysia and Japan

This research investigates the exchange-rate risk sensitivity of Malaysian bilateral trade flows with its important trading partner, Japan. To this end, bounds testing approach to co-integration is applied using industry level data over the monthly period 2000–2013. Findings suggest that above the one-third of the total co-integrated export (43.86%) and import (34.54%), industries experiences the ringgit/yen variability effect in the short run. However, this effect sustains in relatively less number of export (14.03%) and import (32.73%) industries in the long run. It is interesting to note that exchange-rate risk boosts trade flows in the majority of these affected industries.     

Perceived HRM practices,organizational commitment,and voluntary early retirement among late‐career managers

Using a sample of 514 French late‐career managers representing a variety of occupations and organizations, we investigated the relations among perceived HRM practices, organizational commitment, and voluntary early retirement. We found that the provision of training opportunities was associated with the most favorable outcomes. It was related to higher affective and high‐sacrifice commitment, lower lack of alternatives commitment, and reduced voluntary early retirement. On the other hand, we found that flexible working conditions and the assignment of older workers to new roles (for example, mentor or coach) did not have the expected positive effects. In addition, our results highlight the importance of disentangling the components of continuance commitment, as high‐sacrifice commitment was associated with reduced likelihood of voluntary early retirement, while lack of alternatives commitment had the opposite effect. These findings suggest that voluntary early retirement should be incorporated as a major outcome in future organizational behavior research. © 2009 Wiley Periodicals, Inc.     

Discovering the entrepreneurial micro‐ecosystem: The case of a corporate accelerator

Faced with a proliferation of initiatives like corporate accelerators, entrepreneurial ecosystems see emerge new spaces that we can call entrepreneurial micro‐ecosystems. A micro‐ecosystem is a local open system interacting with the entrepreneurial ecosystem and driven by an actor or group of actors capable of fostering dynamics of innovation and entrepreneurship. The literature has tended to focus on the macro and meso levels leaving behind the microlevel and the strategies implemented by the actors that could lead to the creation of micro‐ecosystems. In this study, we consider corporate accelerators, still little studied, as entrepreneurial micro‐ecosystems. We propose to take a structural and strategic approach in order to better understand the attributes and the strategies put in place by these actors from a multilevel approach. A qualitative study was conducted on a corporate accelerator and the results reveal the importance of strategic attributes in terms of legitimacy, coopetition, and business model.     

The evolution of aquatic agricultural systems in Southwest Bangladesh in response to salinity and other drivers of change

Aquatic agricultural systems (AAS) in coastal Southwest Bangladesh have evolved in response to a number of stimuli and constraints including improving market access, technological change, and salinization. Farming systems in the region are highly dynamic, and are characterized by the integration of varying combinations of freshwater prawns, rice, fish, vegetables, and brackish water shrimp. This paper examines the developmental history, productivity, and profitability of three distinct AAS: a low-salinity freshwater prawn-dominated system; an intermediate-salinity-mixed prawn and shrimp system, and a high-salinity shrimp-dominated system. Productivity, cropping intensity, and profitability are found to be highest in the diversified low- and intermediate-salinity systems, and lower in the high-salinity system, where cultivation of rice and vegetables is no longer possible. The paper concludes that more diverse integrated systems reduce risk and vulnerability for farming households. Salinization is found to be a double-edged sword – proving a stimulus to diversification at low levels, but reducing agro-biodiversity at higher salt concentrations. While the adaptation strategies in all systems have been successful in maintaining or improving most, though not all, system functions due to high levels of social resilience, support for effective community-based adaptation strategies will enable continued transformation and adaptation to future drivers of change.     

Can Auditors Predict the Choices Made by Other Auditors?

An implicit assumption of prior literature on strategic behavior of auditors is that auditors know the preferences of their colleagues. In this study, we conduct an experiment to investigate the validity of this assumption. In our experiment, we match a manager with a pair of top and mediocre audit seniors, as assessed by their firm. Each auditor predicts the choices that will be made by other auditors on two tasks that differ in their level of ambiguity. Our results show no difference in the accuracy among managers, top seniors, and mediocre seniors when they predict the choices made by specific individual auditors for both tasks. When predicting the number of managers and seniors who will choose a specific option on the high-ambiguity task, managers outperform top seniors, who in turn outperform mediocre seniors. For the low-ambiguity task, we find no difference among managers, top seniors, and mediocre seniors. Our results provide some limited support for models of strategic auditor behavior, and indicate that the ability to predict the choices of others is a dimension of an auditor's expertise.