Proposing and Testing an Intellectual Capital-Based View of the Firm

abstract    This study examines one specific aspect of the resource-based view, intellectual capital, and its three knowledge components – human, organizational, and social capital. We hypothesize that the impact of each component on financial performance is contingent upon the values of the other components, and that these leveraging effects are themselves contingent upon the industry conditions in which a business operates. Our hypotheses are supported using line-of-business survey and FDIC data (within-industry/within-geographic region) from two non-competing resource niches of the banking industry (personal and commercial banking).     

Employers' Flexibility and Employment Volatility

A bstract .   Previous analyses of the strong secular growth in personnel supply employment have focused primarily on the relative impacts of demand and supply factors. This industry's dramatic growth has tended to mask its high degree of volatility, which may be more useful in understanding employers' motivations for hiring temporary employees. This article examines alternative explanations for the volatility of employment in the temporary supply industry from 1972 to 2000. Using a seemingly unrelated time-series estimator, we compare the volatility of temporary employment to that of regular full-time employment. We find that quarterly changes in temporary employment are more sensitive to the business cycle than regular full-time employment are and argue that temporary employment is likely to have a number of disadvantages as a reemployment strategy during a recession, since temporary employment typically declines during that time. Additionally, employment growth during this period is better explained by employers' efforts to achieve numerical rather than wage flexibility.     

The Welfare Effects of the National Cooperative Research Act (NCRA) of 1984 and the National Cooperative Production Amendments (NCPA) of 1993

A bstract .   Cooperative R&D and production joint ventures may enable firms to achieve significant cost efficiencies. However, they can also be a means of controlling industry output and raising product prices. A review of the literature on the welfare implications of allowing rival firms to cooperate in the R&D and production stages indicates that the issue is controversial from a theoretical perspective. There is need to examine the motivations of R&D and production joint ventures in order to assess the welfare implications of the National Cooperative Research Act (NCRA) of 1984 and National Cooperative Production Amendments (NCPA) of 1993, which relaxed the antitrust treatment of R&D and production joint ventures. Using samples of 127 cooperative R&D joint ventures and 342 cooperative production joint ventures announced by U.S. domestic firms during 1979–1999, this article finds that these endeavors do not meet the criteria for collusive behavior specified by the market power doctrine. We interpret these findings as suggesting that cooperative R&D and production joint ventures are motivated by cost efficiencies and are, therefore, welfare enhancing. Our results pose some challenges to the doctrine that antitrust actions by regulatory authorities are always welfare improving.     

中国节事旅游发展初探

随着中国经济的发展,旅游在人们的日常生活中已经占有非常重要的地位。人们对于旅游的品质要求也在不断提高,单纯的游玩活动已经不能满足游玩者的要求。节事旅游,正因为其特色鲜明,文化参与性强等特点越来越受到大家的喜爱。本文将对于中国节事旅游的发展做综合性的研究,侧重从宏观上分析中国的节事旅游活动。     

Tournament Rituals, Category Dynamics, and Field Configuration: The Case of the Booker Prize

abstract    In this article we theorize the ways in which tournament rituals, in the form of prominent industry award ceremonies, configure organizational fields. We review field theory to distil four criteria to which field-configuring mechanisms should conform. We undertake an archival study of the Booker Prize for Fiction to explore how this tournament ritual has configured the field of contemporary English-language literature by championing the distinctive category of post-colonial fiction.     

The effect of takeover defenses on the dividend decision

Many firms have sought protection from hostile takeovers by passing defensive amendments to their corporate charter and/or lobbying their state legislatures for statutory protection. Agency theory would suggest that any such takeover defenses alter the principal-agent relationship. A consequence of such a change may be a change in corporate decision making. The objective of this research is to test the effect that passage of antitakeover amendments has on a firm's dividend policy. We use six alternate measures of dividend activity: total dividends paid, dividends per share and dividends relative to earnings, cash flow, market value, and book value. Our results indicate that firms that adopt antitakeover amendments, when compared to an industry control sample, tend to have a slower rate of growth in dividend payout as measured by the proxy variables. These results suggest that entrenchment is not a likely outcome of such amendments.     

Corporate Lobbying of the International Accounting Standards Committee

The paper investigates corporate lobbyists of the International Accounting Standards Committee (IASC). This exploratory study was done in order to better understand the characteristics of corporations that lobby the IASC and to empirically test the applicability of U.S.-based lobbying theories in this international context. Corporations that submitted comment letters about 17 Exposure Drafts and three Draft Statements of Position from 1989 to 1994 were analyzed. Overall, the 100 lobbying corporations were quite large. In the U.S. and in 10 of the 12 other countries examined, lobbying corporations were larger than nonlobbying firms in terms of revenue, income, and assets. Eighty-four percent of all lobbying corporations were listed on at least one foreign stock exchange, and 78% of non-U.S. lobbying corporations had equity securities traded in the U.S. Finally, in 10 of the 12 non-U.S. countries, a higher percentage of lobbying firms than nonlobbying firms had their stock traded in the U.S. Overall, corporations lobbying the IASC tend to be very large both globally and in terms of their country of domicile, listed on at least one foreign exchange, and traded in the U.S. Support is found in this international context for ideas originating in the U.S.-based lobbying literature.     

The Timing of International Expansion: Information, Rivalry and Imitation Among Japanese Firms, 1980–2002

abstract    Sociological-based information theory and economics-based competitive rivalry theory operate as the dominant theories of interorganizational mimetic behaviour. Recent work has sought to integrate the ideas in these theories, or determine which has greater explanatory power. In this study, we juxtapose the concepts in these two theories, to illustrate the complementary nature of information-based and rivalry-based theories of mimetic behaviour. Specifically, we consider how the predictions of information-based theories are moderated by the home competitive context of the industry of a firm making an international expansion. Using a 1980 to 2002 sample of 4949 manufacturing plant entries made into 71 foreign countries by 783 publicly-listed Japanese manufacturing firms, we find that the competitive context in the home industry influences the propensity of a focal firm to imitate the actions of rival firms. Our results support our contention that the two theoretical approaches are complementary, with the complementarities extending from the limitations of each approach.     

Testing a Hazard Model for the Housing Market in New Orleans

A bstract .   The article presents a search-theoretic approach to investigate the relationship between probability of a sale and market duration in the housing market. Using a hazard model to study duration dependence, the article, on the basis of data from New Orleans, provides empirical evidence that houses do exhibit duration dependence.     

Factors for succeeding in ISO 14001 implementation in Italian construction industry

The main aim of this research is to find the most relevant factors for a successful ISO 14001 implementation in the construction industry. Thousands of companies, including those in the construction industry, are interested in an ISO 14001 environmental management system (EMS). Italy holds one of the largest databases of ISO 14001 certified organisations; in this database, the construction industry represents the second largest sector. Using a questionnaire, the research tested six potential factors that affect the success of an ISO 14001 EMS implementation. Moreover, the quantitative results were discussed together with qualitative notes left by respondents. The results showed that only three out of the six factors really affect ISO 14001 EMS implementation in the construction industry: involvement of employees, top management commitment, and development of environmental technical skills. It seems that the respondents perceived that economic and financial results, identification of environmental aspects and impacts, and the involvement of stakeholders have a limited or null effect on ISO 14001 implementation. Particular issues concerning developing workers' awareness, evaluating all the environmental impacts, and obtaining real economic advantages were raised in the respondents' comments. Conclusions highlight specific contributions for practitioners and other stakeholders involved in EMS.     

Calculating Cumulants of a Taylor Expansion of a Multivariate Function

A method, which we believe is simpler and more transparent than the one due to McCullagh (1984) , is described for obtaining the cumulants of a scalar multivariate stochastic Taylor expansion. Its generalisation is also suggested. An important feature, previously not reported, is that the expansion of every cumulant of order ≥ 2 is made up of separate subseries.
In order to handle certain frequently occurring sums over permutations of members of compound index sets, we introduce a new notation  [ m ]_*,  where   m   is a positive integer.     

A Springtime Journey to the Soviet Union: Postwar Planning and Policy Mobilities through the Iron Curtain

This article builds upon a relatively small but growing literature in geography, planning and cognate disciplines that seeks to understand the variegated geographies and histories of policy mobilities. The article uses a case study of an exchange trip between town planners in the Soviet Union and the UK between 1957 and 1958. It focuses on the experiences of the British planners in the Soviet Union and sets the tour within the wider context of a fluctuating and sometimes turbulent history of Anglo‐Soviet politics, travels and connections. In doing this, the article makes three arguments: first, there is much to be gained by bringing together the geography‐dominated policy mobilities literature with that on exchanges and visits by architects, engineers and planners. Secondly, the greater sensitivity to the histories of policy mobilities allows contemporary studies to be contextualized in the longer history of organized learning between different urban professions. Thirdly, despite the long history of policy mobilities, what differentiates the current era from previous eras is the prominent ‘knowledge intermediary’ roles now played by consultancies and think tanks. As the article will demonstrate, it was branches of government and professional bodies, rather than consultancies and think tanks, that tended to dominate such roles previously.     

现代休闲服务业发展动力机制研究

从历史发展格局和产业组织发展的视角,基于休闲服务业发展基础,依托成都市休闲服务业发展基础资料,本文在发展的动力机制上,分析现代休闲服务业发展策略,重点探讨酒店业及配套服务的具体问题,提出了现代休闲服务业发展的循环动力机制观点。     

Astroturf: Interest Group Lobbying and Corporate Strategy

We study three corporate nonmarket strategies designed to influence the lobbying behavior of other special interest groups: (1) astroturf , in which the firm covertly subsidizes a group with similar views to lobby when it normally would not; (2) the bear hug , in which the firm overtly pays a group to alter its lobbying activities; and (3) self-regulation , in which the firm voluntarily limits the potential social harm from its activities. All three strategies reduce the informativeness of lobbying, and all reduce the payoff of the public decision-maker. We show that the decision-maker would benefit by requiring the public disclosure of funds spent on astroturf lobbying but that the availability of alternative influence strategies limits the impact of such a policy.     

A political economy model of immigration quotas

The paper examines a model in which the number of immigrants allowed into a country is the outcome of a costly political lobbying contest between a firm and a union. The union and the firm bargain over the wage of natives after the number of immigrants that will be permitted is known. I assume that the lobbying contest is an all-pay auction (i.e., the lobbyist with the higher effort wins with certainty). Comparative statics results are derived to show how the reservation wage of immigrants, the price of the firms product, the size of the union and the cost of lobbying affect immigration quotas and the post-immigration wage of natives.Received: 4 June 2003, Accepted: 23 June 2004 JEL Classification: D72, D73, J5, J61I thank the editor, Amihai Glazer, Don Devoretz, Dan Usher, and three anonymous referees for helpful comments. My thanks are especially due to Doug Allen and Gordon Myers who supervised this work as part of my doctoral thesis at Simon Fraser University, Canada. An earlier version of this paper was circulated as RIIM working paper #00-01, Simon Fraser University, Canada and also presented at the 2001 meetings of the Canadian Public Economics Study Group in Montreal, Canada.     

Merchants of doubt: Corporate political action when NGO credibility is uncertain

The literature on special interest groups emphasizes two main influence channels: campaign contributions and informational lobbying. We introduce a third channel: providing information about the credibility of political rivals. In particular, nongovernmental organizations (NGOs) often aim to communicate scientific knowledge to policymakers, but industry‐backed groups often attempt to undermine their credibility. We extend a standard signaling model of interest‐group lobbying to include fixed costs of policymaker action and show that these costs make possible two mechanisms for creating doubt about the value of policy action. The first uses Bayesian persuasion to suggest the NGO may be a noncredible radical. The second involves creating an opposition think tank (TT) that acts as a possible radical, not a credible moderate. We show that the TT cannot always implement the Bayesian persuasion benchmark, and we characterize how optimal TT design varies with exogenous parameters.     

基于灰色理论的重庆市现代物流业影响因素分析

利用灰色系统理论,对重庆市现代物流业的影响因素进行分析,进而得出各个影响因素与物流业发展的关联程度,通过对关联度的分析说明地区生产总值、社会消费零售总额、农业总产值与重庆物流业发展存在着较大的关联度,并据此提出一些发展措施。     

The impact of the Gramm-Leach-Bliley act on the financial services industry

This paper examines the impact of Gramm-Leach-Bliley Act across three main sectors of the financial services industry: commercial banks, insurance companies, and brokerage firms, taking account of the wealth effect associated with the announcement. We find that the law has a differential impact across the financial services industry. All three industries have gained due to this law with commercial banks benefiting most, followed by the insurance industry. Further, the results show that larger firms benefited more in both the banking and insurance industries and exposure to systematic risk was reduced for all sectors of the financial services industry after this regulation passed.     

锅炉燃烧计算机控制系统的优化与研究

针对锅炉燃烧控制系统具有强耦合、多干扰、典型非线性的特点,文章提出一种理论+经验的混合智能控制优化方法,将传统PID控制、前馈控制、专家控制相结合,把3种方法的简便性、可靠性、抗扰动快速性、灵活性融为一体,发挥各自的长处,为工业控制开辟了一种新途径,该系统成功应用在湖南省零陵无线电厂20t/h锅炉控制系统。     

浅谈烟草商业企业如何开展第三方物流

烟草行业经过长期持续不断的努力,已经建立了以电子商务、现代物流为特点的卷烟供应链体系,实现了从传统商业向现代流通的转变。文章首先探讨了烟草商业企业开展非烟物流的目的,分析了烟草商业企业进行非烟物流的优势,最后提出了烟草商业企业开展非烟物流的思路,对烟草行业商业企业进行第三方物流工作具有一定的借鉴意义。