The shape of post-bubble Japanese business: Preparing for growth in the new millennium

The Japanese economy, the second largest in the world and the lead economy in fast growing Asia, was in a major and structural recession in the first half of the 1990s. Changes necessary for Japan to renew its economic growth must reflect not only the effects of the post-bubble recession of the early 1990s, but also the end of the cold war and the new social values, demographics, and politics in Japan. This article is an analytical review of postwar economic growth in Japan that led to the early 1990s recession, and an assessment of the shape of post-bubble Japanese business as it prepares for growth in the new millennium, and the implications of these changes on Japanese and non-Japanese firms.     

Modelling the dynamics of Bitcoin and Litecoin: GARCH versus stochastic volatility models

We examine and compare a large number of generalized autoregressive conditional heteroskedastic (GARCH) and stochastic volatility (SV) models using series of Bitcoin and Litecoin price returns to assess the model fit for dynamics of these cryptocurrency price returns series. The various models examined include the standard GARCH(1,1) and SV with an AR(1) log-volatility process, as well as more flexible models with jumps, volatility in mean, leverage effects, t-distributed and moving average innovations. We report that the best model for Bitcoin is SV-t while it is GARCH-t for Litecoin. Overall, the t-class of models performs better than other classes for both cryptocurrencies. For Bitcoin, the SV models consistently outperform the GARCH models and the same holds true for Litecoin in most cases. Finally, the comparison of GARCH models with GARCH-GJR models reveals that the leverage effect is not significant for cryptocurrencies, suggesting that these do not behave like stock prices.     

Adaptive capacity to technological change: A microfoundational approach

Research summary> : W e take a microfoundational approach to understanding the origin of heterogeneity in firms' capacity to adapt to technological change. We develop a computational model of individual‐level learning in an organizational setting characterized by interdependence and ambiguity. The model leads to organizational outcomes with the canonical properties of routines: constancy, efficacy, and organizational memory. At the same time, the process generating these outcomes also produces heterogeneity in firms' adaptive capacity to different types of technological change. An implication is that exploration policy in the formative period of routine development can influence a firm's capacity to adapt to change in maturity. This points to a host of strategic trade‐offs, not only between performance and adaptive capacity, but also between adaptive capacities to different forms of change . Managerial summary : W hy are firms differentially effective at adapting to technological change? We argue that firms differ in the adaptive capacity of the routines that underlie their capabilities. These differences arise well before change occurs, and result because firms build routines that are differentially responsive to signals of performance decline associated with technological change. Thus, early managerial efforts to build superior productive efficiency must be complemented by efforts to build superior adaptive capacity. Our theory suggests that managers can prepare for technological change by implementing policies, in the formative period of organizational development, that promote individuals' exploration of novel actions. However, there are trade‐offs because preparation aimed at building adaptive capacity to one type of technological change may limit adaptive capacity to other types of change . Copyright © 2016 John Wiley & Sons, Ltd.     

The state of research on technological uncertainties, social uncertainties and emerging markets: A multidisciplinary literature review

The objective of this research work is to study the progress of research on technological uncertainties, social uncertainties and emerging markets and outline and identify the key disciplines, journals, articles and authors. For this the author studied the existing literature from the various fields in which technological uncertainties, social uncertainties and emerging markets research work have been published using ISI Web of Knowledge database. The paper finds that there is increasing research work on technological uncertainties, social uncertainties and emerging markets and the bibliographical search resulted in ninety-one documents written by one-hundred-sixty-one authors in eighty-four journals in seventy-two disciplines. The five major disciplines and their underlying journals are business and economics, agriculture, psychology, public administration, and environmental sciences and ecology accounting for majority of publications. In journals the most prolific, measured by number of articles published are Harvard Business Review, Social Science and Medicine, World Development, and Higher Education; and most influential, measured by the global citation received, are Harvard Business Review, Social Science and Medicine and Sociological Review. The top 10% of the journals are responsible for 23% of all publications but 85% of all global citations received. This highlights that despite the high, diverse and increasing number of journals; only few are dominating and shaping the research arena of technological uncertainties, social uncertainties and emerging markets. Further, in the ten most cited articles, no author appears more than once.     

Effects of age, need for cognition, and affective intensity on advertising effectiveness

This paper explores how individual characteristics of age, need for cognition (NFC), and affective intensity (AI) interact with each other and with advertising appeal frames (i.e., rational, positive-emotional, negative-emotional) to influence ad attitudes, involvement, and recall. The mixed design study reveals that younger adults recall emotional messages, especially negative ones, better than rational ones, but recall does not differ for older adults across appeal frames. Older adults prefer rational and positive messages to negative-emotional messages but ad attitudes do not differ among younger adults across appeal frames. Finally, age interacts with AI, but not NFC, to influence ad responsiveness. Both age and AI influence ad attitudes such that older adults exhibit the most positive ad attitudes across all appeal frames.     

What is a multinational corporation? Classifying the degree of firm-level multinationality

The degree of firm-level multinationality is a key dimension that spans all theoretical frameworks, levels of empirical analysis and domains of investigation in international business research. There is, however, no agreed approach to defining or measuring firm-level multinationality. This is reflected in inconsistent approaches to sample selection and empirical testing, and it has curtailed the advancement of the discipline. We propose that instead of searching for the elusive, all-encompassing definition of an MNC, international business scholars should instead agree on a classification system for the degree of firm-level multinationality. We illustrate the advantages of this approach by constructing a simple classification system that takes into account the firm's breadth and depth of multinational engagements. We illustrate our matrix of firm multinationality by classifying a novel sample of over 1000 firms from seven countries, and we demonstrate how it can guide theory development and empirical testing. We also provide examples of potential future research directions.     

Strategic Bundling of Development Policies with Adaptation: An Examination of Delhi's Climate Change Action Plan

A growing number of cities in the global South are taking proactive action on climate change. Their plans provide insights into the potential for strategically bundling long‐term development policymaking with the climate agenda. In this article I study the case of Delhi, the first city in India to adopt a climate change action plan. Drawing on the literature on urban ecological security, I examine: (1) the adaptation challenges that Delhi faces; (2) the multiple motivations that underlie early action; (3) the key actors, strategies, and associated action domains outlined in the plan; and (4) the extent to which the plan seeks to bring about systemic change. Proactive action at the city level serves multiple strategic goals. Delhi's case is significant in illustrating how it has leveraged emergent opportunities to advance its short‐term development agenda, given the tight fiscal constraints and governance challenges it faces. The plan has been strategically formulated to enhance competiveness, facilitate image‐building, garner support for pet projects and access alternative sources of funding. But the short‐term orientation of the plan and its limited mechanisms for citizen engagement have severely restrained its capacity to address underlying social vulnerabilities or bring about transformative change.     

Value-added annual shareholders meetings: reflections on people''s capitalism at Wal-Mart

Most shareholder annual meetings are relatively dull. This is a case study of how a large successful company, Wal-Mart, uses its annual shareholder meeting to motivate and spread best practices among other stakeholders including vendors and employees. In doing so, it makes it a value-added event and also livens up what may be a relatively dull annual shareholder meeting.