Instrument rules in monetary policy under heterogeneity in currency trade

We embed different instrument rules into Galí and Monacelli’s new Keynesian model for a small open economy that is augmented with technical trading in currency trade to examine the prerequisites for monetary policy. Specifically, conditions for a determinate and least squares learnable REE are in focus. When a contemporaneous data specification of the rule is used in policy-making, the degree of trend following in currency trade does not affect these conditions, except in case of an extensive use of trend following, whereas a forward expectations specification makes it less likely to have a determinate and learnable REE when the degree of trend following is increasing. We allow for interest rate inertia in the analysis.     

Developing Pharmacy Services: a Customer-driven Interaction and Counselling Approach

In recent years, many traditional businesses have been facing demands to extend their core product and incorporate a substantial service element. The transition from traditional business to service enterprise cannot be accomplished without considerable attention being given to ways of fulfilling cus- tomer needs. This study looks at the pharmacy business and asks what kind of pharmacy services different customer groups want, how these groups can be distinguished and what the implications are for pharmacy service development. It identifies four customer groups - the contented, phormacist- dependent customer, the independent customer, the infor- mation seeker and the discontented customer -and concludes that the future success of the pharmacies depends on how much they take the desires of these groups into consideration in developing their services.     

Firms,public good provision and institutional uncertainty: Evidence from Russia

Enterprises in post-socialist and transition economies often participate in providing infrastructure and social services to the surrounding community which in the Russian legal setting should be local authorities’ responsibility. We propose that this bundling of social and infrastructure goods provision with firm's core operations is a fully rational choice in an uncertain institutional environment. A unique survey data suggest that this manifests itself through more reliable infrastructure, stronger employee attachment to the firm and, most interestingly, through better relations with the authorities. Relationship with authorities is a two-way game where the firm gains from the arrangement but on the other faces sanctions if it decided to depart from it. Firm's participation in the arrangement is clearly enhanced by inherited fixed capital assets from the Soviet era.     

International network extension processes to institutionally different markets: Entry nodes and processes of exporting SMEs

This article is about how SMEs reduce their liability of network outsidership in the process of establishing a network insider position in foreign business networks. By examining how SMEs establish insidership positions in institutionally different business networks, the authors contributes to the network approach to firm internationalization. From a detailed longitudinal and retrospective case study of four SMEs from mature market entering emerging country markets and four SMEs from such immature markets entering mature markets, the authors develop propositions based on intra-group and inter-group analysis. The propositions concern the parties to which the exporter initiates and develops relationships when plugging into the foreign network (the entry node), and how the firm reaches an insider position in this network (the entry process). Three distinct network types are identified along this entry process: the exposure network, the formation network and the sustenance network.     

Participation in Green Consumer Policies: Deliberative Democracy under Wrong Conditions?

In policy debates about reducing environmental and social harms, political consumerism is often called for by actors from a broad political spectrum. This paper examines traits of deliberative democracy in cases where instruments of political consumerism (eco-labelling, certificates and standards) are developed. The empirical cases are processes surrounding eco-labelled, standardised forestry, food and electricity in Sweden. In green forestry certification, deliberative processes have taken place close to deliberative democracy ideals. Yet, these processes have been made possible because of equal power levels, although power, according to deliberative theory, should be irrelevant. In organic food labelling, a smothering consensus climate has enabled deliberation, although such a policy condition is at odds with certain deliberative democracy ideals. In electricity labelling, its deliberative processes were embraced by everyone, although the problem scope was narrowly defined, whilst fundamental problems were not addressed. If deliberative democracy researchers become involved in critical frame reflection in consumer-oriented policy making, changes can be made that help reduce environmental harms and strengthen public engagement in political consumerism.     

Generative Mechanisms of the Adoption of Logistics Innovation: The Case of On‐site Shops in Construction Supply Chains

Empirical studies of logistics innovations have focused on the innovation process, bypassing much the innovative artifact or solution design itself. Focusing on the artifact and solution design in a case study, we contribute to the emerging theory of logistics innovations through articulating the generative mechanisms of the adoption of logistics innovation, that is, the mechanisms through which the design of the solution enables its adoption. We study On‐site Shop, a rare example from the construction industry of a logistics innovation that has successfully migrated from a limited number of pilots to common practice. The case study is based on insights from participation in the design of the solution, and on 55 interviews conducted in a relationship triad consisting of three groups: (1) construction site users, (2) the solution designers, and (3) the suppliers. We propose that standard and efficient solution set‐up is the key enabler of logistics innovation's adoption at temporary construction sites. Communication and operating rules facilitate adoption in the triad, whereas internal and external integration further advance adoption by creating links between the innovative logistics solution and other activities. Finally, trilateral collaboration and congruent technological frames in the relationship triad sustain adoption over time.     

The effect of takeovers on the fundamental value of acquirers

This paper develops a new methodology to examine the financial impact of acquisitions, designed to address whether takeovers yield a positive net present value for the acquiring company. Specifically, we employ the residual income valuation method to compare the fundamental value of the acquiring company before acquisition with the fundamental value after acquisition.We apply this methodology to 303 UK acquisitions completed during 1985–1996, and compare the results with the effects of takeover on profitability and short‐ and long‐run share returns. We find that the impact of acquisition on fundamental value is slightly negative but statistically insignificant. This result differs from the effect of takeover on profitability, which is significantly positive, and the effect of takeover on share returns, which is significantly negative.     

The Cultural Dimension of Technology Management: Lessons from the History of the Automobile

This article criticizes traditional innovation strategies for focusing too one-sidedly on technological matters. By applying the concept of 'cultural ambience', the authors attempt to show that new technologies stand a larger chance of being introduced on a large scale if, on the one hand, they can be made to fit into existing organizational networks and legal structures and, on the other hand, they are compatible with firmly established routines and perceptions. Regardless of the degree of novelty aimed at, engineers and managers have to pay attention to non-technical factors. Technology management is always cultural management. The thesis of the article is supported by brief narrative analyses of four so-called alternative automobile projects: the NSU rotary-engine car, GM's EV1, a Norwegian electric vehicle and the recently launched Smart car.     

Intra- and interorganisational learning processes: an empirical comparison

The organisational learning literature has so far focused primarily on intraorganisational learning processes. However, during the last 10 years or so, a growing number of organisational learning studies have focused explicitly on interorganisational learning. So far this literature has concentrated on the requirements for such learning. Little attention has been devoted to examining the potentially unique dynamics of interorganisational learning processes. Consequently, few if any studies have examined whether interorganisational learning processes differ from traditional intraorganisational learning and, if so, in what respects. The purpose of this paper is to make an empirical comparison between intra- and interorganisational learning processes by drawing on a longitudinal qualitative case study of experiential learning processes within and between a business organisation and its partners, continued over a period of 3 years.