The efficiency of small and medium enterprises in informal metal manufacturing in Zimbabwe: Implications for stakeholders in the agricultural sector

This study uses the structure–conduct–performance framework to examine the structure and efficiency of small and medium enterprises in the informal metal manufacturing sector in Zimbabwe. Small and medium enterprises provide a lifeline to the country's resource-poor farmers, whose numbers increased exponentially after the agrarian reform in 2000. The study utilises nationally representative, enterprise-level data from five major towns (Harare, Chitungwiza, Bulawayo, Mutare and Rusape) in Zimbabwe. Various performance measures are applied at the industry level to assess efficiency, profitability and competitiveness; these include the Herfindahl–Hirschman index, concentration ratios, average yearly profits and Tobin's q ratio. The results indicate that small and medium enterprises in Zimbabwe are modestly efficient, profitable and competitive. These findings highlight the need to integrate informal metal fabrication activities into Zimbabwe's national economic development plans.     

You May Not Reap What You Sow: How Employees’ Moral Awareness Minimizes Ethical Leadership’s Positive Impact on Workplace Deviance

Although a growing body of research has shown the positive impact of ethical leadership on workplace deviance, questions remain as to whether its benefits are consistent across all situations. In this investigation, we explore an important boundary condition of ethical leadership by exploring how employees’ moral awareness may lessen the need for ethical leadership. Drawing on substitutes for leadership theory, we suggest that when individuals already possess a heightened level of moral awareness, ethical leadership’s role in reducing deviant actions may be reduced. However, when individuals lack this strong moral disposition, ethical leadership may be instrumental in inspiring them to reduce their deviant actions. To enhance the external validity and generalizability of our findings, the current research used two large field samples of working professionals in both Turkey and the USA. Results suggest that ethical leadership’s positive influence on workplace deviance is dependent upon the individual’s moral awareness—helpful for those employees whose moral awareness is low, but not high. Thus, our investigation helps to build theory around the contingencies of ethical leadership and the specific audience for whom it may be more (or less) influential.     

Socio-economic developmental strategies as retail performance indicators: A balanced scorecard approach

This research analyses the commitment to and use of ‘balanced scorecards’ by retailers in generating sustainable profitability, whilst contributing to socio-economic development in South Africa. An international literature review of scorecard frameworks, plans and reports by major retail companies and semi-structured dialogic interviews with a purposive sample of retail business stakeholders and government officials formed the methodology. By contrasting the literature and empirical insights, a summary of findings was generated, which conclude that most retailer scorecards (formal or informal) seek to balance financial with ‘cause-related marketing’ targets, but implementation differs according to factors such as company size, developmental maturity and managerial competence. Furthermore, collaboration between retailers and state institutions in scorecard management is not a reality, as has been achieved in other industries. It is therefore recommended that a Retail Charter scorecard framework be considered, to promote public/private-sector knowledge-sharing and socio-economic development.     

Increasing pay transparency: A guide for change

The gender pay gap is an important issue today in the U.S. The lack of transparency surrounding pay in businesses is viewed as one cause of this gap. The first section of this article explores the origins of the gender pay gap and presents a brief history of pay transparency. Then, I propose a framework built from three continua that breaks the concept of pay transparency into types and levels. Using this framework, I offer guidance to organizations that want to increase pay transparency. The article concludes with a discussion of the risks associated with increased pay transparency and suggestions for future research.     

Does Interindustry and Intraindustry Information Help Predict Financial Distress?

This study investigates whether and how the accounting ratios of peer firms within the same industry (the industry peers) or firms within the industry of their customers (the downstream peers) help improve the predictability of sample firm financial distress. We document that the Z‐score factors of the companies with high correlation in stock returns help predict financial distress. The results show that accounting‐based ratios of the industry peers and the downstream peers enhance the accuracy of early warnings of financial distress, especially when prior returns of peer firms are highly correlated with the sample firm.     

The European origins of economic development

Although a large literature argues that European settlement outside of Europe during colonization had an enduring effect on economic development, researchers have been unable to assess these predictions directly because of an absence of data on colonial European settlement. We construct a new database on the European share of the population during colonization and examine its association with economic development today. We find a strong, positive relation between current income per capita and colonial European settlement that is robust to controlling for the current proportion of the population of European descent, as well as many other country characteristics. The results suggest that any adverse effects of extractive institutions associated with small European settlements were, even at low levels of colonial European settlement, more than offset by other things that Europeans brought, such as human capital and technology.     

Price determinants of bred heifers: Do reputations matter?

Replacement brood cows are among the most significant investments for cow-calf operations, thus crucial to profitability. Many cow-calf producers find it cost effective to purchase replacements from a reliable replacement heifer seller, though by doing so they increase risk of reproductive inefficiency due to unknown characteristics of the heifers. When important information about a product is missing to buyers, a seller can build a reputation over time that acts as signal for quality. Previous work has explored reputation effects in feeder cattle markets, but to our knowledge we are the first to explore reputation effects in bred replacement cattle markets. Using data from an annual replacement heifer sale, we analyze the values of heifer characteristics and test for premiums from reputation development. After controlling for reproductive practices, breed, and other characteristics, we find reputation does not play the role that Shapiro theorized. In this sale, the lot order is strategically chosen and may indicate bred heifer quality to buyers, replacing the need for reputation as a signal. This study highlights the importance of quality signals and regional preferences in bred replacement cattle marketing and lays the empirical groundwork for future studies to test Shapiro's theory.