State-led or Capital-driven? The Fall of Bretton Woods and the German Currency Float Reconsidered

This article argues that the lead role of West Germany in the transition from fixed to floating exchange rates sits uneasily with accounts that conceptualise the breakdown of Bretton Woods in terms of hegemonic power politics, the influence of global economic interests or a neoliberal paradigm shift. Short of a convincing explanation, the German currency float seems to be a prime example of states surrendering to financial markets. The article offers an alternative interpretation that focuses on the nexus between state agency and capital accumulation. German authorities were indeed confronted with a destabilising influx of dollars that undermined their available policy options. But as they realised that these inflationary flows emanated from the same export-oriented forces in whose interest they had sought to hold on to an undervalued currency, they chose floating in order to regain command over liquidity and create an anti-inflationary programme that was at the heart of Germany's subsequent ability to better manage the 1970s crisis than its partners. Attention to the particular circumstances and consequences of these ‘structured choices’, I conclude, may offer a more compelling account of financial globalisation as a state-led project than those which generalise from the US context.     

An analysis of irrigated agricultural outcomes under the prior appropriation doctrine: hypotheses and applications

This article measures irrigated agricultural outcomes under the prior appropriation doctrine by developing a model of farmers’ land allocations in response to water supply change. The modelling approach considers the institutional factors of water rights and permits the inclusive determination of water and land allocations. We utilize farm-level data of irrigated agriculture in Water District #1 in Idaho to examine the predictions from our theoretical model. The water rights priority date is consolidated at the farm level and used to differentiate farmers’ responses. We test a set of hypotheses that relate to water supply and crop revenue. Our results suggest that the water rights priority has a profound impact on agricultural outcomes, indicating strong institutional effects and weak influence of market-based approaches. Farmers respond to both long-term and seasonal water supply change and variation, and they respond to seasonal water supply forecasts in varied ways depending on their water rights portfolios, thus signalling a disproportionate distribution of potential impacts of water supply change.     

A managerial model of investment: overlooked alternatives

The long-run purchasing power parity (PPP) hypothesis is tested for nine bilateral sterling exchange rates, using recently developed techniques on cointegration and seasonal integration. The empirical findings show that none of the exchange rates and relative prices contain seasonal unit roots, but all have an autoregressive unit root. The cointegration tests overwhelmingly reject the PPP hypothesis as a long-run equilibrium condition for all countries concerned.     

Joint Venture Conflict: The Case of Thai International Joint Ventures

ABSTRACT

International Joint Ventures (IJVs) have become an important means of market entry for many firms, particularly those seeking entry into Asia (Lin and Germain, 1999 Lin, X. and Germain, R. 1999. Predicting international joint venture interaction frequency in U.S.-Chinese ventures. Journal of International Marketing, 7(2): 5–23. [Web of Science ®] , [Google Scholar]). As such, it is important to understand what causes some IJVs to fail and others to succeed. This study examines the relationship between partners' needs, commitment, control, and conflict between the IJV partners in a developing country of South East Asia. The findings revealed that IJV inter-party conflict was significantly influenced by all three variables, namely, partners' needs, commitment and control thereby providing support for previous research in a different national setting.     

Joint Venture Formation and Internationalization: A Japanese MNEs' Perspective

This article examines relationships among top-management-team composition, group processes, and the effects of those processes on cohesion for international joint venture teams in Thailand. For culturally diverse teams, demographic elements (member age, length of team tenure, level of education, functional expertise) and cultural characteristics (country of education, nationality, affiliation with a parent organization, primary language spoken) define heterogeneity. Overall, demographic heterogeneity had a significant influence on openness among team members and on cohesion when mediated by openness. Cultural heterogeneity had a significant influence on openness and cohesion among team members, with loyalty and openness having a significant influence on cohesion.     

New development: The paradox of outcomes—the more we measure,the less we understand

The use of ‘outcomes’ as a concept to measure the effectiveness of social policy interventions is inherently flawed and creates unwelcome paradoxes. This article explains why, instead of improving the lives of those who receive support, a focus on outcome information distorts both the priorities and practice of organizations who deliver such support, resulting in poorer results for those most in need. It provides an important first stage towards the evolution of new ways of conceptualizing ways to create improvements in social policy delivery.     

Distribution Channel Relational Cohesion Exchange Model: A Small‐to‐Medium Enterprise Manufacturer's Perspective

This study investigated the influence of dealers' expert, referent, and legitimate sources of power on small‐to‐medium enterprise manufacturers' relationship commitment in distribution channel systems. A theoretical model drawing on the relational cohesion theory and the extant marketing literature is developed and tested empirically using a sample data set of 452 from Zimbabwe. In this model, expert, referent, and legitimate powers are the predictors, whereas trust, cooperation, and relationship satisfaction are the mediators, and relationship commitment is the outcome variable. Analysis reveals that these three powers positively influence the mediators and outcome variable in a significant way, except for legitimate power to cooperation relationship. Managerial implications and future studies are suggested.     

Nutritional labelling information: Utilisation of new technologies

Abstract

The increase in food-related diseases in society has led to a variety of public policy and private sector initiatives, such as the use of nutritional labels. Although nutritional labels have been shown to be broadly effective in terms of informing food choice, their influence is moderated by a variety of factors, such as how information is conveyed and processed by consumers. Recent advances in technology might overcome these limitations. Using a choice experiment, this paper examines consumer preferences for alternative technological devices that may aid consumer processing of nutritional information on food packaging. The results show which attributes of the technology consumers prefer, and identifies three distinct segments of consumers (‘information hungry innovators’, ‘active label readers’, and ‘onlookers’), and differences between them in relation to their preferences, demographics, and psychographic characteristics. The identification of segments is a novel aspect of this research, and highlights the importance of finding more customised solutions to the communication of nutritional information – an issue to which technology can contribute.     

Analysis of rural activity spaces and transport disadvantage using a multi-method approach

Current knowledge about the relationship between transport disadvantage and activity space size is limited to urban areas, and as a result, very little is known about this link in a rural context. In addition, although research has identified transport disadvantaged groups based on their size of activity space, these studies have, however, not empirically explained such differences and the result is often a poor identification of the problems facing disadvantaged groups. Research has shown that transport disadvantage varies over time. The static nature of analysis using the activity space concept in previous research studies has lacked the ability to identify transport disadvantage in time. Activity space is a dynamic concept; and therefore possesses a great potential in capturing temporal variations in behaviour and access opportunities. This research derives measures of the size and fullness of activity spaces for 157 individuals for weekdays, weekends, and for a week using weekly activity-travel diary data from three case study areas located in rural Northern Ireland. Four focus groups were also conducted in order to triangulate quantitative findings and to explain the differences between different socio-spatial groups. The findings of this research show that despite having a smaller sized activity space, individuals were not disadvantaged because they were able to access their required activities locally. Car-ownership was found to be an important life line in rural areas. Temporal disaggregation of the data reveals that this is true only on weekends due to a lack of public transport services. In addition, despite activity spaces being at a similar size, the fullness of activity spaces of low-income individuals was found to be significantly lower compared to their high-income counterparts. Focus group data shows that financial constraint, poor connections both between public transport services and between transport routes and opportunities forced individuals to participate in activities located along the main transport corridors.     

The Effect of Conference Calls on Analysts' Forecasts – German Evidence

This study examines whether conference calls provide additional information to analysts. For a large sample of conference calls, hosted by German firms between 2004 and 2007, our results show that conference calls improve analysts' ability to forecast future earnings accurately. This suggests that additional information is released during conference calls. The reduction in forecast error is economically significant and larger in magnitude when compared to results for the US (Bowen et al., 2002). These findings are consistent with the notion that committing to additional disclosures is likely to yield greater effects in a less stringent disclosure system (Verrecchia, 2001). Since the majority of our sample firms conduct conference calls as closed calls, the evidence of this paper suggests that conference calls may contribute to an information gap between call participants and non-invited parties. Our findings should be of substantial interest to European regulators seeking to level the informational playing field for all investors.