The impact of institutional ownership on corporate operating performance

This paper examines the relation between institutional investor involvement in and the operating performance of large firms. We find a significant relation between a firm’s operating cash flow returns and both the percent of institutional stock ownership and the number of institutional stockholders. However, this relation is found only for a subset of institutional investors: those less likely to have a business relationship with the firm. These results suggest that institutional investors with potential business relations with the firms in which they invest are compromised as monitors of the firm.     

Finite sample properties for the semiparametric estimation of the intercept of a censored regression model

Financial support for this paper was provided by a C.A. Anderson Fellowship of the Cowles Foundation. I wish to thank Donald Andrews, Moshe Buchinsky, Oliver Linton, and Peter Robinson for helpful discussions. I also wish to thank three anonymous referees for their comments and suggestions. I am, of course, responsible for any remaining errors. A popular two-step estimator of the intercept of a censored regression model is compared with consistent asymptotically normal semiparametric alternatives. Using a root mean squared error criterion, the semiparametric estimators perform better for a range of bandwidth parameter choices for a variety of distributions of the errors and regressors. For error distributions that are close to the normal, however, the two-step parametric estimator performs better.     

The incidence of wrongdoing,whistle-blowing,and retaliation: Results of a naturally occurring field experiment

The present study examined two general research questions pertaining to the passage of a law designed to encourage whistle-blowing: (a) Has the incidence of perceived wrongdoing, whistle-blowing, anonymous whistle-blowing, or retaliation changed following the passage of the law? (b) What variables predict the comprehensiveness of retaliation that identified whistle-blowers claim to have experienced? One questionnaire was mailed to members of 15 organizations affected by the law in 1980 (n=8500) and a second was administered in 1983 (n=4700). There was some evidence that the law had beneficial effects; specifically, the incidence of perceived wrongdoing declined and whistle-blowing increased. Unfortunately, identified whistle-blowers were just as likely to experience retaliation in 1983 as they were in 1980. The predictors of the comprehensiveness of the retaliation experienced were generally the same in both years. The results tentatively suggest that more legal and organizational encouragement of whistle-blowing is needed.     

Das Paradox der Medienwirkungsforschung

Results of empirical studies on media effects differ considerably, depending on whether they are derived from individual or aggregate analyses. All in all, the more precise analyses on the individual level lead to weaker evidence of media effects than analyses on the aggregate level. This can be called the paradox of media effects research. It can be explained by ecological fallacies or by the fact that analyses on the individual level are too complex and exclude the effects of interpersonal communication occurring after people were exposed to media messages. In the first step, this article argues that individual and aggregate analyses are implicitly based on different definitions of media effects. Combining a content analysis of television news and a six wave panel survey, it then shows that aggregate analyses are more fruitful when media content is consonant, and individual analyses are more fruitful when media content is dissonant. The causes of these results and their consequences for media effects research are discussed.     

Attitudinal Barriers to Women's Career Progression in Accounting in Australia

The literature on women's career progression in the professions has suggested a number of categories of factors that may explain the observed gender differences. This study uses data from a survey of Australian accountants to show the extent of differences between male and female accountants in their attitudes towards their careers. There are some differences between the genders in their ideas about requirements for promotion (although these are generally small) and in aspects of job satisfaction. Males aged more than 30 have higher levels of ambition and place more emphasis on career planning than do females over 30.     

On induced economic change in precapitalist societies

This essay explores a number of properties of a general growth model of induced economic change in precapitalist societies which incorporates both the insights of Ester Boserup and Thomas Malthus. Responses to diminishing returns include changes in work intensity and population growth. Some important variants of the model are also examined which focus on the transfer of production to non-producers and on alternative processes by which change is induced. The results are used to generate some parameters influencing the political stability of non-working elites; to criticize some previous, less general, growth models; and to suggest some fruitful lines fot future empirical research on economic development in the long run.     

Green consumers and their identities: how identities change the motivation for green consumption

This research aims to fill the gap in green consumption literature from the perspective of values as types of intentions and identity‐based motivation. In two studies, we examine how the salience of personal and social identities can change the relationship between types of intentions and green consumption. The results demonstrate that when personal identity is salient, self‐transcendence intentions influence green consumption more than self‐enhancement intentions. This is because personal identity (compared with social identity) increases the positive effect of congruent intentions (self‐transcendence) on green consumption. However, when social identity is salient, self‐transcendence and self‐enhancement intentions have a similar impact on green consumption. This is because social identity (compared with personal identity) reduces the negative effect of self‐enhancement intentions on green consumption. Finally, we discuss theoretical and managerial implications for values as types of intentions, identity‐based motivation and green consumption.