When two cultures meet: new industrial relations at Japanco

This article addresses the question of the responses of British workers to Japanese management practices through a detailed case study of Japanco, a UK Japanese implant. The argument challenges the abstract ‘ideal type’ view of Japanization, by stressing the pragmatism of Japanese management, and its willingness to adjust to the contingencies of economic pressures and British industrial culture, over time. The introduction, outlining the main themes of the Japanization debate, is followed by a brief profile of Japanco. The main empirical body of the article is divided between an analysis of the start-up characteristics of Japanco, followed by a consideration of developments several years later, based on interviews and questionnaire material. The conclusion suggests that, like Ford of a previous generation, Japanco is being changed by its British industrial culture, just as this has been shaped in recent years by Japanese influence and example.     

International capital structure differences among the G7 nations: a current empirical view

Historical research domestically and internationally suggests that differences in capital structures exist for industry classification, firm size and nationality. However, the data for most of these previous studies are based on book values, include a limited number of countries, are not up-to-date, and specifically do not cover the period of the late 1980s when there were important developments in the globalization of financial markets. In addition, no single study specifically compares all seven of the world's major industrial nations (G7 Nations). Financial theory would suggest that in an efficient global market the capital structure of identical firms in different nations would be the same. If international market imperfections still exist through the 1980s, current capital structures and costs may be different among similar firms in different nations; and business advantages (or disadvantages) may provide profits (or costs) to firms incorporated in different countries. The intent of this research is empirically to update the literature with recent international data on both a book value and market value basis and to include for the first time in a single study all the G7 Nations. The results suggest significant financial structure differences still exist among the G7 countries. Specifically, on a market value basis France, Italy and Germany tend to use a higher proportion of total debt, US, UK, Canada and Japan tend to use less debt, and France, Italy and Canada tend to use a higher proportion of institutional debt (non-spontaneous funds) than the US, UK, Japan and Germany.     

Corporate Taxes and Financing Methods for Taxable Acquisitions*

We examine the influence of corporate taxes on U.S. firms' financing methods for taxable acquisitions of 100 percent of a target corporation's stock. We conduct tests of acquirer firms' use of debt or internal funds as the funding source for these acquisitions over the period 1987‐97. Our results provide the first empirical evidence that U.S. firms' use of debt to fund acquisitions significantly declines as foreign tax credit limitations reduce the marginal tax benefits received from borrowing. This finding is consistent with earlier speculation that U.S. foreign tax credit provisions could materially affect the capital costs of U.S. companies in debt‐financed acquisitions. We also find that these firms are generally high‐tax‐rate corporations whose financing choices are not significantly influenced by whether they acquire target‐firm tax loss carryovers. Our findings contribute to the accounting literature on the influence of taxes on the structure and financing of corporate acquisitions.     

Technological change and the governance of joint-stock enterprise in the early nineteenth century: The case of coastal shipping

Recent studies of the innovation process have viewed it as the outcome of organizational dynamics rather than as the product of technological developments exogenous to the governance of firms. We apply this approach to our examination of British coastal shipping companies during the early nineteenth century as they grappled with the problem of making a successful transition from sail to steam technology. Within the industry there were contrasting responses to this transition, but also common elements in the decision-making process. Before the 1840s, there remained a widespread assumption of shareholder involvement in this sector as in others. The evidence suggests that shipping company directors were generally able to determine resource-allocation decisions, but not without first taking into account governance relations.     

Inside your social media ring: How to optimize online corporate reputation

Although it is well accepted that corporate communication has a direct impact on corporate reputation, little is known about the link between firms’ social media communication strategies and the formation of firms’ reputations in an online environment. This article contributes to this body of knowledge by studying the impact of social media communication strategies on firms’ reputations. The setting for our study is the hotel industry. The results offer insights regarding the challenges of developing online communication strategies that affect corporate reputation.     

Formal mining investments and artisanal mining in southern Madagascar: Effects of spontaneous reactions and adjustment policies on poverty alleviation

The main political concern in the southern areas of Madagascar is poverty alleviation. To alleviate poverty in the area, the government has chosen to enforce adjustment policies of the World Bank Group. According to the World Bank Group's argument, while artisanal mining is supposed to create significant economic, social and environmental problems, large-scale mining investment results in economic and social prosperity. This paper focuses principally on a re-analysis of the debates regarding the relationship between artisanal and large-scale mining and poverty alleviation in developing countries. Further, the paper offers an alternative viewpoint on these issues based on the example of Madagascar. In the last decade, Madagascar has experienced a significant increase in mining activity. Towards the end of the 90s, informal and artisanal mining emerged as one of the most important economic activities of the area with the development of the Ilakaka frontier. At the same time, foreign investments began to benefit from adjustment policies implemented by the government, and large-scale mining operations also commenced. As the local socio-economic system was deeply affected by these developments, it is wise to monitor the effects of each type of mining operation on poverty alleviation. On the one hand, it appears that governance insufficiency has hampered possibilities for broader economic prosperity through large-scale mining investments. On the other hand, while artisanal mining is frequently condemned by scholars, the negative comments seem to be overly pessimistic, as this activity can be demonstrated to provide considerable economic opportunities for both the native and migrant populations.     

Financial constraints and corporate investments during the current financial and economic crisis: The credit crunch and investment decisions of Slovenian firms

We investigate the effect of financial constraints on the investment decisions of Slovenian firms during the current financial and economic crisis. By estimating the error-correction model and the Euler-equation specification, we found that corporate investments were significantly affected by financial constraints during the crisis. The effect of financial constraints intensified in 2009 and alleviated slightly in 2010, although still being significantly more intense than before the crisis hit the economy. By estimating a switching regression model with unknown sample separation that enabled us to address the problem of judgemental sample separation, we were also able to estimate the error-correction model separately for financially constrained and financially unconstrained firms. The results indicate that financial constraints have a significant effect on both financially constrained and financially unconstrained firms, although corporate investments were more severely affected in financially constrained firms.     

《企业税收实务》考试方式改革的必要性研究

《企业税收实务》课程是管理类专业的一门涵盖了税收理论与实务的重要课程。课程的枯燥及考试手段的单一,使学生只注重于考试的结果,而对学习过程缺乏兴趣。采用支持教考分离的大型题库以及对学生的知识、能力及素质进行多样化多角度的考核,能够促使学生从被动学习变成主动学习,有效地提高教学效果,从而适应新形势下对创新型税务人才的需求。     

Fragmentation and heterogeneity in the euro-area corporate bond market: Back to normal?

We assess the degree of market fragmentation in the euro-area corporate bond market by disentangling the determinants of the risk premium paid on bonds at origination. By looking at over 2400 bonds we are able to isolate the country-specific effects which are a suitable indicator of the market fragmentation. We find that, after peaking during the sovereign debt crisis, fragmentation shrank in 2013 and receded to pre-crisis levels only in 2014. However, the low level of estimated market fragmentation is coupled with a still high heterogeneity in actual bond yields, challenging the consistency of the new equilibrium.     

Standardized food governance? Reflections on the potential and limitations of chemical-free shrimp

Multilayered conformity-assessment systems (MCASs) are becoming an increasingly prominent governance mechanism in food and agriculture. MCASs maintain their legitimacy through the use of scientific norms and practices, as well as multiple tiers of oversight. The purported outcome is standardized conformity-assessment practices, and thus, standardized food and production practices regardless of location or producer. This article examines the ability of MCASs to enforce one form of zero tolerance standards: organics (i.e., zero-synthetic chemicals). The focus is on the governance of organic standards in the rural Indonesia, where the idea of zero tolerance is historically foreign. Drawing on a case study of an organic shrimp project in Indonesia, the ways that the social, economic, and cultural conditions of the global South affect the operations of a MCAS and the capacity of the MCAS to adapt to such conditions are examined. My findings raise questions as to the capability of MCASs to ensure standardized food governance globally.