The impact of corporate governance on employment relations in South Korea: the shareholder versus stakeholder perspectives

This study empirically examined the impact of corporate governance on employment relations outcomes utilizing a comprehensive data set drawn from 214 Korean firms. The study contrasted the stakeholder and shareholder perspectives of corporate governance in investigating the impact of corporate governance on employment relations outcomes. The results showed that the stakeholder corporate governance orientation (as compared to the shareholder orientation) had positive relationships with education/training expense, the level of average employee tenure and industrial relations climate, and had a negative association with number of strikes. Overall, the results implied that the stakeholder orientation of firms led to more beneficial effects for employees and more consensual relations with labor unions than the shareholder orientation did.     

Ownership, exit and voice after mass privatizationEvidence from Mongolia

Exit (owners selling their shares) and voice (owners active in corporate activities) are important ingredients in the process by which mass privatization changes managerial behaviour in transition countries. We examine the structure of ownership and the extent of exit and voice in one such country, Mongolia. We document the size of ownership changes since privatization (through mergers, spin-offs, and stock sales) and examine which owners are changing in importance. We scrutinize enterprise governance, examining patterns of violations of companylaw and deviations from reasonable criteria for effective governance. We show that ownership changes and the quality of governance are correlated.
JEL classification: P11, P21, O53, H70, H20.     

西安市城市形象感应分析

文章在分析了城市形象感应分析研究的重要性的基础上,以西安市为例,通过走访与调查表的形式,运用区域形象理论、系统动力学、地理学、社会学的理论方法,对西安市城市形象感应进行分析,并提出西安帝发展的目标值,及解决城市形象问题途径。     

利奥波德的自然价值观

从分析、梳理利奥波德的自然价值观提出的缘由及其内涵入手．深入而全面地探求其自然价值观的真谛。     

港口区位价值理论探析

港口作为现代交通综合运输链的重要节点，正在成为开放带动型区域经济竞争优势的重要来源之一。港口的发展客观上受到发展与运营环境、需求环境、生产要素环境、支持环境、机会与政府六大要素的影响。充分考虑到港口区位、资源与能力及要素环境的改善，初步探讨了港口区位价值的内涵、影响因子体系、港口能力与竞争优势、港口区位价值金字塔模型等基本理论问题。     

沪市不同行业间信息的溢出效应研究

通过向量自回归模型和多元GARCH-BEKK模型对沪市工业、商业和地产行业之间的均值过程和条件方差过程的信息溢出效应分析发现,三个行业间存在收益过程的单向溢出效应,且除工业类对商业类股价波动的溢出效应不明显之外,其它均存在显著的波动双向溢出效应。     

The Inverted-U hypothesis for the effect of uncertainty on investment: Evidence from UK firms

Abstract

This paper offers the first attempt to test the inverted-U hypothesis for the effect of uncertainty on investment, implied by a number of recent theoretical studies, using a panel of UK firms. It is found that the effect of uncertainty on corporate investment is indeed approximated by an inverted-U shaped relationship: at low levels of uncertainty the effect is positive, but it becomes negative at high levels of uncertainty. This result represents the first empirical verification of the hypothesis with respect to UK firms.     

The green globe programme: Developing a greener future for travel and tourism

This paper examines the concept of sustainable tourism planning in New Zealand and its relationship to the Resource Management Act. The paper considers the public sector planning responses towards tourism development issues within the context of New Zealand's Resource Management Act, and the ability of these organisations to respond to tourism issues. It argues that the absence of a national vision for tourism is a major constraint on achieving sustainable tourism options at the regional and local level because the Resource Management Act s principles of sustainable planning are not guided by any national policy or strategy. By using a postal questionnaire, the paper provides the first in-depth analysis of planners responses to tourism and their ability to integrate tourism into the planning process within New Zealand. The paper also expands the arguments initially developed by Dredge &; Moore (1992) on the lack of integration in relation to tourism and planning.     

Estimation of tail‐related risk measures in the Indian stock market: An extreme value approach

The purpose of the study is to estimate tail-related risk measures using extreme value theory (EVT) in the Indian stock market. The study employs a two stage approach of conditional EVT originally proposed by McNeil and Frey (2000) to estimate dynamic Value at Risk (VaR) and expected shortfall (ES). The dynamic risk measures have been estimated for different percentiles for negative and positive returns. The estimates of risk measures computed under different quantile levels exhibit strong stability across a range of the selected thresholds, implying the accuracy and reliability of the estimated quantile based risk measures.