Evolution of FDI flows in the global network: 2003–2012

As one type of international capital flow, FDI maintains its important role in globalization. This article attempts to investigate the evolution of the FDI flows from a network perspective. Based on the bilateral FDI flows data between countries from 2003 to 2012, we construct the global FDI flows network for each year and thus quantify network measures (such as flow volumes and connections); further by analysing the tendency and changes of these network measures during the past 10 years, we delineate the features and dynamics of the FDI flows in the global network. We have the following findings: (a) the flows network changes during and after the crisis, i.e. flow volume fallen down and recovered, and flow connection restructured with more diversity; (b) the global FDI flows network is getting more loosely connected; (c) individual countries vary in different patterns.     

Cost comparison of continued anticoagulation with rivaroxaban versus placebo based on the 1-year EINSTEIN-Extension trial efficacy and safety results

Aims: The EINSTEIN-Extension trial (EINSTEIN-EXT) found that continued treatment with rivaroxaban for an additional 6 or 12 months (vs placebo) after 6–12 months of initial anticoagulation significantly reduced the risk of recurrent venous thromboembolism (VTE) with a small non-significant increased risk of major bleeding (none fatal or in critical site). This study aimed to compare total healthcare cost between rivaroxaban and placebo, based on the EINSTEIN-EXT event rates.

Methods: Total healthcare cost was calculated as the sum of treatment and clinical event costs from a US managed care perspective. Treatment duration and event rates were obtained from the EINSTEIN-EXT study. Adjustment on treatment duration was made by assuming a 10% non-adherence rate. Drug costs were based on wholesale acquisition costs. Cost estimates for clinical events (i.e. recurrent deep vein thrombosis [DVT], recurrent pulmonary embolism, major bleeding, clinically relevant non-major bleeding) were determined from the literature. Results were examined over a ±20% range of each cost component and over 95% confidence intervals (CIs) of event rate differences in deterministic (one-way) and probabilistic sensitivity analyses (PSA).

Results: Total healthcare cost was $1,454 lower for rivaroxaban-treated (vs placebo-treated) patients in the base-case, with a lower clinical event cost fully offsetting drug cost. The cost savings of recurrent DVT alone (–$3,102) was greater than drug cost ($2,723). Total healthcare cost remained lower for rivaroxaban in the majority (73%) of PSA (cost difference [95% CI]?=?–$1,454 [–$2,396, $1,231]).

Limitations: This study was conducted over the 1-year observation period of the EINSTEIN-EXT trial, which limited “real-world” applicability and examination of long-term economic impact. Assumptions on drug and clinical event costs were US-based and, thus, not applicable to other healthcare systems.

Conclusions: Total healthcare costs were estimated to be lower for patients continuing rivaroxaban therapy compared to those receiving placebo in VTE patients who had completed 6–12 months of VTE treatment.     

Effects of individual resources and team-member exchange on service quality

While workplace resources are generally viewed as positively affecting performance, some studies indicate that not all resources increase performance. This study addresses the controversial disparate effects of workplace resources on performance by exploring functionally classified workplace resources in self-managing service teams and their relative impacts on team service quality. Considering membership dynamics and consequences between members, a field experiment was conducted in a cafeteria, with data collected through a working diary for workplace resources and a customer survey to evaluate service quality. Results suggest that efficacy-resources in self-managing teams should be controlled with caution as they may adversely affect team service quality. Supporting the person–situation interactionism perspective, workplace resources interact dynamically with individual employees and with situations. Esteem-resources were found to increase team service quality, while team-member exchange not only improved team service quality but also moderated the impact of esteem-resources on team service quality.     

Does ethics improve stock market resilience in times of instability?

This paper compares the resilience of ethical (Islamic and socially responsible) indexes among five developed (US, UK, Japan, Canada, Australia) and three emerging markets (Brazil, India, South Africa) during the period following the 2008 subprime crisis. It relies on a multivariate CAPM-EGARCH model that accounts for sudden changes in volatility through the application of an iterated cumulative sums of squares (ICSS) algorithm on daily data over the sample period 2008–2014 to model time-varying volatility and ensure reliable estimates. The study confirms the lower systemic risk associated with Islamic indexes during the bearish period and reports that SRI, despite being more subject to systemic risk, offered higher alphas in highly integrated markets, while Islamic indexes performed better in less integrated ones. The evidence also reveals a very limited increase in the models’ predictability power from the integration of sudden changes in volatility into the EGARCH models during the full sample period. This limit is more marked during the bearish sub-period. Our findings have important implications for international investment and portfolio diversification perspectives in times of financial downturn.     

Risk assessment for public–private partnership projects: using a fuzzy analytic hierarchical process method and expert opinion in China

Public–private partnerships (PPP) have been widely used in China to procure public facilities and services. Complicated problems in PPP projects in China arise because of a variety of risk factors. A proper risk assessment model is needed to identify risks and provide risk response strategies for future Chinese PPP projects. The fuzzy analytic hierarchy process (F-AHP) method provides the ability to solve complex risk assessment of PPP projects. Current risk assessment models are limited to PPP projects in specific countries and do not consider unique risks in China, especially political, economic, social, and legal risks. This paper designed a risk evaluation index system for PPP projects based on the Delphi expert investigation method, and then established an optimized risk evaluation model for PPP projects in China using the F-AHP method. The risks identified are confirmed by interviewing experts from Chinese local government departments, private enterprise, third-party intermediary consulting and regulatory agencies, and academic organizations. The results show that the risks that ranked among the top ten are closely related to China’s political and economic policies and relationships among stakeholders. It can be concluded that government authorities play a critical role in providing a favorable political, social, and economic environment and an effective institutional framework for PPP projects. Furthermore, it is also important to deal with relationships among stakeholders based on the public–private ‘win–win’ principle. This study provides risk response strategies, addressing key issues from eight aspects: an impeccable legal and regulatory framework; a central coordinating and regulating PPP authority; supportive governmental authorities; institutional capacity-building; favorable economic conditions and viability; community, partner, and moral accountability; clear division of responsibilities through contracts; and effective advisory management. These effective measures may be useful in reducing the adverse effects of risk for PPP projects in China.     

The impact of maize price shocks on household food security: Panel evidence from Tanzania

Using three waves (2008/09, 2010/11, 2012/13) of the Tanzanian National Panel Survey, this study investigates the impact of maize price shocks on household food security. Between 2008/09 and 2012/13, calorie intake stagnated for urban households, yet sharply deteriorated for rural households. The latter was driven by a significant decline in the consumption of the major staple maize which showed strongest price hikes among all major food items. Fixed-effects regressions indicate a clear negative relationship between maize prices and average household energy intake. Almost all population groups were found to be negatively affected by maize price shocks, with rural landless households being the most vulnerable group. In particular, a 50 percent rise in maize prices decreases caloric intake for rural (urban) households on average by 4.4 (5.4) percent, and for rural landless households by 12.6 percent. Results further indicate that subsistence agriculture can act as an effective strategy to insure against food price volatility.     

Spatial dynamic analysis of productivity growth of agri‐food companies

This study analyzes the spatial dynamics in productivity growth and its components for a sample of agri‐food companies in Murcia (Spain) over the period 2005–2014. We find that productivity growth of a company is related to productivity growth of neighboring companies, in both the short and long term. The marginal effects of the different factors on productivity growth are stronger in the short run rather than in the long run. Land characteristics and economic territorial conditions have the largest marginal effect on productivity growth and its components. This study contributes to the existing literature by including spatial interactions in the analysis of productivity growth.     

Models of static and dynamic technical efficiency of municipal libraries in the Czech Republic

This article deals with the modelling of the static and dynamic technical efficiency under conditions of municipal libraries of municipalities with 1000–5000 inhabitants. The aim of this article is to determine the level of the technical efficiency and the factors that influence the results of modelling of the static and dynamic technical efficiency of 34 selected municipal libraries for the years of 2011 and 2015. The first model tests the technical efficiency of conventional services of public libraries. The second model tests the technical efficiency of municipal libraries’ operation. The third model tests the technical efficiency of the key revenues and expenditures. The results in the static models estimate the average technical efficiency of municipal libraries in the interval (0.691–0.759) for the input-oriented models, and in the interval (1.413–2.005) for the output-oriented models. In the dynamic models, the majority of municipal libraries in 2015 showed lower technical efficiency and productivity in comparison with the year of 2011. The factors influencing the level of efficiency and its course include the inputs and the outputs, and their combinations within individual models.     

阿莫西林克拉维酸钾片含量测定方法的改进

为解决实际应用中克拉维酸钾峰与后相邻杂质的分离度达不到要求的问题,建立了一种同时测定阿莫西林克拉维酸钾片中阿莫西林和克拉维酸钾含量的新方法,采用反相高效液相色谱法(RP-HPLC),Ultimate AQ-C_(18)色谱柱(4.6mm×250 mm,5μm),以pH值为4.4的0.05 mol/L磷酸二氢钠缓冲液为流动相,柱温为35℃,流速为1.0mL/min,检测波长为220nm。结果表明:阿莫西林和克拉维酸钾两主峰与相邻杂质得到完全基线分离,分离度大于1.5;克拉维酸钾对照品溶液质量浓度为0.050 0~0.500 1mg/mL时与峰面积的线性关系良好(r=0.999 8),平均回收率(n=9)为100.14%,RSD值为0.24%;阿莫西林对照品溶液质量浓度为0.100 0~1.000 1mg/mL时与峰面积的线性关系良好(r=0.999 9),平均回收率(n=9)为100.45%,RSD值为0.17%。与原有的《中华人民共和国药典》方法相比,新的阿莫西林克拉维酸钾片含量测定方法专属性好,准确度高,操作简便快捷,结果可靠,可作为一种质量控制方法。     

The impact of purchasing strategy-structure (mis)fit on purchasing cost and innovation performance

The organizational design literature strongly supports the notion of “structure follows strategy”, and suggests that a misfit between the two has a negative effect on performance. Building on this line of argument, we examine to what extent the (mis)fit between purchasing strategy and purchasing structure impacts purchasing performance. We focus on cost and innovation purchase category strategies, and examine how the deviation from an ideal purchasing structure defined along three dimensions (centralization, formalization, and cross-functionality) impacts purchasing performance. Analysing data collected from 469 firms in ten countries, we demonstrate that a strategy-structure misfit negatively impacts purchasing performance in both cost and innovation strategies. We also find that purchasing proficiency is a mediator in this relationship between misfit and performance. Our findings aid managerial decision making by empirically validating the necessity of having the right purchasing structure for successfully executing different purchasing strategies.