Markovian equilibrium in a class of stochastic games: existence theorems for discounted and undiscounted models

Summary We study a strategic version of the neoclassical growth model under possible production uncertainty. For a general specification of the problem, we establish (i) the existence of stationary Markov equilibria in pure strategies for the discounted game, and (ii) the convergence, under a boundedness condition, of discounted equilibrium strategies to a pure strategy stationary Markovian equilibrium of the undiscounted game as the discount factor tends to unity. The same techniques can be used to prove that such convergence also obtains in all finitestate, finite-action stochastic games satisfying a certain full communicability condition. These results are of special interest since there are well known examples in the literature in which the limit of discounted equilibria fails to be an equilibrium of the undiscounted game.We are grateful to Marcus Berliant, M. Ali Khan, Mukul Majumdar, and an anonymous referee for helpful suggestions, and to Bonnie Huck for technical assistance. The first author acknowledges research support from the Columbia University Council for the Social Sciences.     

Ownership structures of U.S. joint ventures in the 1980S

A firm's choice between sole and joint ventures in a foreign market is subject to various market-specific and firm-specific influences. This study draws upon the transaction cost and bargaining power theoretical frameworks to identify and measure some of these influences. A logistic regression model was employed to examine the relative influences of the main and interaction effects of the independent factors on ownership structures employed for new foreign subsidiaries by U.S. firms in the 1980s.     

Firm location choice in cities: Evidence from China,India, and Brazil

This paper contributes to the industrial location literature by examining why industry locates or refrains from locating in large, medium and small cities of India, China and Brazil using firm-level data from the World Bank. Results from ordered logistic regressions indicate that capital cities are not attractive for firms to locate, when they are large. In India and China, labor intensive firms do not locate in large cities. Proximity to inputs has a positive impact on firm location in China. While availability of inputs has a positive impact on firm location in India, the availability of raw materials has a negative impact on firm location in Brazil. Firms established in post-reform period in India tend to locate in large cities; in China, these firms avoid medium and large cities. The implications for urban governance in these countries are discussed.     

A study of co-authorship and collaborative research among Indian space technologists

The paper sets out the methodology adapted and the sample studied, analyses the productivity of space scientists and engineers in terms of number of papers published with full as well as fractional authorship credits, discusses in detail the pattern of collaboration of space technologists in publishing papers, and lastly, identifies nonintersecting informal communication groups and 'communication stars' based on collaboration.     

Workplace Spirituality as a Precursor to Relationship-Oriented Selling Characteristics

Very few studies have looked upon the construct of workplace spirituality in sales organization context. This paper integrates workplace spirituality with sales literature. The paper points out that self-interest transcendence is a common aspect in the workplace spirituality concept which emerged a decade ago and in most of the relationship-oriented selling characteristics—customer orientation, adaptability, service orientation, and ethical selling behavior. Based on the common aspect of self-interest transcendence, we propose that workplace spirituality could be a causal precursor to relationship-oriented selling characteristics. We present guidelines for future research, implications for practice and a few potential downsides of workplace spirituality in sales organization.     

Can good marketing carry a bad product? Evidence from the motion picture industry

We examine the relative roles of marketing actions and product quality in determining commercial success. Using the motion picture context, in which product quality is difficult for consumers to anticipate and information on product success is available for different points in time, we model the effects of studio actions and movie quality on a movie’s sales during different phases of its theatrical run. For a sample of 331 recent motion pictures, structural equation modeling demonstrates that studio actions primarily influence early box office results, whereas movie quality influences both short- and long-term theatrical outcomes. The core results are robust across moderating conditions. We identify two data segments with follow-up latent class regressions and explore the degree of studio actions needed to “save” movies of varying quality. We finally offer some implications for research and management.     

Market-based capabilities and financial performance of firms: insights into marketing’s contribution to firm value

While there is recognition that market-based capabilities contribute to a firm’s financial performance, the exposition is largely conceptual (Srivastava et al. Journal of Marketing 62:2–18, 1998; Journal of Marketing 63:168–179, 1999). Using a resource based view of the firm, the present study proposes that (1) market-based assets and capabilities of a firm impacts (2) performance in three market-facing business processes (new product development, supply-chain and customer management), which in turn, influence (3) the firm’s financial performance. It develops related hypotheses and tests the framework empirically. The study also examines for the first time the interrelationship among the three business processes and their impact on the market value of firms. Further, the study examines the moderating influence of two organizational variables—size and age of the firm. Overall, the major contribution of the study is that it offers a process linkage between capabilities, process performance and financial performance. The results of this research will provide strategic insights to managers on optimal customer management, product development and supply chain strategies.