The Phasing of Fiscal Adjustments: What Works in Emerging Market Economies?

This paper investigates the political and economic determinants of successful fiscal adjustment in 25 emerging market economies from 1980 to 2001. The results show that large and back‐loaded fiscal adjustments have the highest likelihood of success. Fiscal consolidations based on expenditure cuts increase the probability of approaching and achieving fiscal sustainability but are insufficient to maintain it unless accompanied by revenue reforms. Adjustment episodes launched in countries where governments enjoy a parliamentary majority and do not face imminent elections, are found to be more successful. Fiscal consolidations undertaken under IMF‐supported programs also have a higher probability of success.     

Network formation with heterogeneous players

This paper extends the connections model of network formation by allowing for players who are heterogeneous with respect to values as well as the costs of forming links. Our principal result is that centrality and short average distances between individuals are robust features of equilibrium networks.     

An exploration of the moderating role of buyer corporate culture in industrial buyer-seller relationships

In this study, the authors examine industrial buyer-seller relationships, exploring the influence of buyer perceptions of their relationships on their repurchase intentions. In particular close relationships as opposed to pure transactions, are examined. Using data collected from buyers of industrial goods and services, the authors examine the association between buyers' perceptions of relationship quality and repurchase intentions and the moderating effect of the corporate culture of the buying firms. The results suggest a significant relationship between buyer perceptions of the relationship and their repurchase intentions, as well as a significant moderating effect of buyer firm corporate culture. The implications of these findings for the study of marketing relationships, as well as for marketing practice, are also offered. Kelly Hewett is an assistant professor of marketing at Winthrop University. Her research focuses on the management of relationships between buyers and sellers as well as between headquarters and foreign subsidiaries in managing the marketing function globally. Her research has been published in theJournal of Marketing, Journal of International Marketing, andPsychology and Marketing. R. Bruce Money is an associate professor of international business at the Moore School of Business, University of South Carolina. His research interests include international aspects of business-to-business marketing, word-of-mouth promotion, services marketing, and negotiation. His research has been published in theJournal of Marketing, Journal of International Business Studies, andSloan Management Review. Subhash Sharma is a professor of marketing and the Charles W. Coker Sr. Distinguished Foundation Fellow at the Moore School of Business, University of South Carolina. His research interests include research methods, pricing, CRM, and e-commerce. His research has been published in major marketing and related journals, and he serves on the editorial review board of theJournal of Marketing, Journal of Marketing Reserch, andJournal of Retailing.     

Consumer ethnocentrism: A test of antecedents and moderators

This article identifies theoretical antecedents of consumer ethnocentricity and the effect ethnocentricity has on evaluations toward importing products. Hypotheses pertaining to the relationship between the identified antecedents and consumer ethnocentricity are developed based on an extensive review of the ethnocentrism and country-of-origin literatures. Also identified are factors moderating the effect of ethnocentric tendencies on consumers’ attitudes toward importing products. The hypotheses are subjected to an empirical test using data collected in Korea. He has published inJournal of Marketing, Journal of Marketing Research, Marketing Science, Management Science, and elsewhere. He has published inJournal of Consumer Research, Journal of Marketing Research, Journal of Marketing, and elsewhere. He received his Ph.D. in marketing from the University of South Carolina.     

CORPORATE BOARD SIZE, COMPOSITION AND CORPORATE FAILURES IN RETAILING INDUSTRY[1]

In recent years some activists have advanced proposals to reform corporate boards, notably their structure and process, to assure desirable corporate governance. the empirical question, however, is whether such formal board changes would guarantee good governance. This paper examines this issue by studying the differences in the board size and board composition of 21 pairs of failed and non-failed firms. the results suggest that the non-failed retailing firms, as compared to failed ones, tend to have bigger boards within the size range suggested by the activists. the differences in the percent of outsider directors and multiple offices held by C.E.O.s between the failed and non-failed firms were not significant. Implications of the results for the evaluation of board reforms are discussed.     

Scale variable specification in a money demand function for Malaysia

We investigate what scale variable is most appropriate in the money demand function for Malaysia. Candidates include income, consumption, disposable income, and domestic absorption and these are considered for simple sum M1 and M2 and for Divisia M1 and M2. Non-nested tests and other model selection criteria such as R² are used. The non-nested tests for the M1 aggregates are inconclusive but more support is given for income as the scale variable for the M2 aggregates, especially for Divisia M2. The other procedures also show that income is preferred for M2 and some support is also given for income for the M1 aggregates.