The First and Second Stage Pass‐through of Exchange Rates: A Developing Country Perspective

This paper investigates the validity of the conventional wisdom that, unlike in developed countries, exchange rate pass‐through (ERPT) should be ‘complete’ for developing economies. To test this hypothesis, we construct new variables as well as original data sets, which are not readily available in the literature, and employ an alternative error correction model technique for a typical small open developing economy—Bangladesh. The transmission of exchange rate movements to import prices is found to be ‘complete’; however, the ‘second stage pass‐through’ is ‘partial’ both in the short and long run. The response of traded goods prices to exchange rate shocks is found to be significant and larger in the long run compared with the short run. Trade liberalization is also a significant phenomenon for ERPT. The analysis has wider applicability to other small open economies.     

A GAME THEORETIC FOUNDATION OF COMPETITIVE EQUILIBRIA WITH ADVERSE SELECTION

We construct an extensive form game that captures competitive markets with adverse selection. It allows firms to offer any finite set of contracts, so that cross‐subsidization is not ruled out. Moreover, firms can withdraw from the market after initial contract offers have been observed. We show that a subgame perfect equilibrium always exists. In fact, when withdrawal is costless, the set of equilibrium outcomes may correspond to the entire set of feasible contracts. We then focus on robust equilibria that continue to exist for small withdrawal costs. We show that the Miyazaki–Wilson contracts are the unique robust equilibrium outcome.     

Network position and identity: A language-based perspective on strategizing

This article explores processes of strategizing within business networks by showing how managers employ sensemaking to cope with network paradoxes. It takes the linguistic turn to analyze how participants discursively construct their organizations' identities and positions within a ‘designed’ network context. In doing so, the paper attempts to answer the research question posed so provocatively over a decade ago by Håkansson and Ford (2002): by exploring how companies interact in business networks. Our contribution is to show how firms interact by taking a language-based perspective on strategy to help understand the links between network, organizational and micro-levels of social construction. An in-depth discussion of a case study is presented, with particular emphasis on the identity-constructing processes affecting (and affected by) the positioning and strategizing of various network actors. We conclude by reflecting on the theoretical and practical contributions of our analysis, the latter focusing on tensions in Indigenous business development.     

Using Choice Experiments to Value the Environment

This paper we outline the “choice experiment” approach to environmental valuation. This approach has its roots in Lancaster's characteristics theory of value, in random utility theory and in experimental design. We show how marginal values for the attributes of environmental assets, such as forests and rivers, can be estimated from pair-wise choices, as well as the value of the environmental asset as a whole. These choice pairs are designed so as to allow efficient statistical estimation of the underlying utility function, and to minimise required sample size. Choice experiments have important advantages over other environmental valuation methods, such as contingent valuation and travel cost-type models, although many design issues remain unresolved. Applications to environmental issues have so far been relatively limited. We illustrate the use of choice experiments with reference to a recent UK study on public preferences for alternative forest landscapes. This study allows us to perform a convergent validity test on the choice experiment estimates of willingness to pay.     

Training evaluation: perspectives and evidence from Canada

This article examines the issue of training evaluation in Can‐ada; the difference between what academics have suggested should be done, and what practitioners are actually doing. This article first presents the academic perspective of training evaluation. Then, through a survey, determines how Canadian organisations are evaluating their training programmes, at both the management and non‐management level. The practitioner perspective is presented as a supporting rationale for the survey results. The article provides insight as to how a dialogue between practitioners and academics could lead to more effective and meaningful research and practice.     

The construction of managerial knowledge in business networks: Managers' theories about communication

In this article we regard managers' knowledge as a nuanced construction of reality that produces particular ‘espoused theories’ about the self as a practitioner and the environment in which they practice. Everyday managerial practices take place within the context of these theories. We argue that a subtle analysis of managerial talk can enhance the study of inter-firm relationships by revealing the espoused theories on the basis of which boundary spanners act. To demonstrate the construction of managers' knowledge, we introduce and explore materials collected in interviews with marketing and purchasing managers in several industrial contexts. We restrict our focus to talk about instances of communication to explore in depth how this talk establishes perceived ‘facts’ about inter-firm communicative work. We identify key discursive repertoires that are deployed to establish the range of communicative work, the difficulty in managing the directionality of communication and the complexity of managing in sometimes ambiguous situations — managerial ‘facts’ that are absent in some communication research. At the same time, discursive repertoires are deployed to establish the self as an able practitioner and a capable participant in communication. Our study has implications for boundary spanners and their organizations. We consider how boundary spanners' understandings of communication may be better deployed by the organizations that employ them and also in management education and training.     

An analysis of management buy-out failure

Management but-outs are an important aspect of corporate restructuring. In order to understand their longer-term impact there is a need to examine their effects in recessionary conditions. In this context, the paper analyses the factors which lead to management buy-out failure using both financial and non-financial information. The evidence is consistent with the view that some mechanisms introduced to deal with agency cost problems, particularly management incentives and undertaking restructuring activity in a timely fashion are associated with a lower probability of failure. Excessive leverage and delays in restructuring are associated with a higher probability of failure.     

Synergies in destination image management: a case study and conceptualisation

This paper addresses the question of how operators and destination authorities work within a destination region, illustrating a method by which the problems resulting from different geographical scales and objectives of business units can be tackled through co‐operative marketing within a strong destination image. Following a review of the literature, a case study covering the research underpinning a cooperative marketing programme involving hotels in Port Douglas, Tropical North Queensland (TNQ) is presented. The research methodology is outlined. The policy implications of the findings for the State Tourist Organisation and for organisations involved in destination image management are considered, and a conceptual model of cooperative marketing at the destination level is proposed. Copyright © 2002 John Wiley & Sons, Ltd.     

BEYOND THE TRIAGING OF NEGLECTED THINGS: Connecting Place and Participation Across an Urban System

What is the relationship between top-down governance reform and place-based participatory and deliberative spaces? In this article I argue that in Toronto, an urban system of public participation and deliberation is intimately interwoven into partisan scalar restructuring processes, as well as enduring tensions over the ways and means by which the public can have authoritative input on solving local issues. Regardless of top-down political manoeuvring, the public mobilizes in various spaces across the city, but the urban system remains disconnected and geared towards triaging. This means that the public must work autonomously across the city and within the crevices of city processes, prioritizing how to make gains on issues that they feel are important. I discuss how to move beyond this by building on deliberative systems theory and findings from interviews with local city staff and residents, and through an analysis of public deputations at the official Special Committee on Governance. Ultimately, there is a need for spatially integrated opportunities for more people to come together and assemble in different ways. Some of these will align with autonomous activities, some are liminal and woven within institutional partners, and others are more about geographical bridge building.