Stress at the top: myth or fact? Causal explanations from a fuzzy-set qualitative comparative analysis (fsQCA)

Stress and its associated health issues are a serious concern, because they not only affect employees but also organizations through related costs. The common perception is that being at the top of a hierarchy is associated with higher levels of stress because of the increased responsibilities, challenges, and demands. The present study examines this perception by applying a fuzzy-set qualitative comparative analysis. The study investigates how the top position, authority, number of subordinates, workload, and a sense of control, alone or in combination, lead to stress or its absence. The results show that there are several recipes for stress and that being (or not being) in the top position is neither a sufficient nor a necessary condition for stress (or absence of stress). One of the recipes, however, indicates that being in the top position might be conducive to stress. This finding shows that the position an individual has in the hierarchy does not determine stress. The present study also shows that the absence of a sense of control is almost always a necessary condition for predicting stress and is present in all recipes for the absence of stress. The results can inform managers about the conditions that cause stress and enable managers to think about solutions that can lead to good mental health in their organizations.     

Beyond environmental management—Perspectives on environmental and management research

In a recent article Richard Welford encouraged discussions about the status and future of environmentally related organization and management-research. The following contribution is an attempt to take up some of the challenges that our field faces. The purpose is to analyse the relationship between, on the one hand, a growing flora of environmental efforts and environmental solutions and, on the other hand, a management research that is developing on its own terms. The author's basic premise is that these two need to move closer to each other. A number of theses are also presented. The author's basic thesis is that organization and management theory does not need yet another new special subject; rather, it is environmental research that needs to more seriously include relevant management research. The second thesis is that there are no objective environmental problems (as most environmental researchers maintain), but that environmental problems are social constructions. The paper finishes with a number of conclusions in favour of a management focused environmental research, that is guided by an intention of ‘soft interventions’. © 1998 John Wiley & Sons, Ltd and ERP Environment.     

Examining green policy and sustainable development from the perspective of differentiation and strategic alignment

The study seeks to explain the influence of green policy on sustainable development from the perspective of differentiation and strategic alignment. The study examined the relationships among a divergent green management strategy, green competencies, and firm performance. The results indicate that a divergent green management strategy is associated with higher firm performance and that such relationship is moderated by green competencies. The study confirms that a differentiation strategy pays off for firms that implement green management. The study also confirms that green policy should consider the strategic alignment between green management strategy and green competencies.     

Augmenting the use of the Rasch model under time constraints

This paper proposes a method for estimating national standardizations of partially speeded tests composed of items from a previously standardized item bank. The model combines two submodels, one for whether the examinee reaches the item, and the second for whether she is successful if she does reach it. The former model is comparable to that for survival analysis using item position in test as a quasi-time parameter (Hutchison 1988). The latter is a straightforward Rasch Model. Combining the two submodels allows for the possibility that ability and drop-out were correlated. The model proposed here is superior that of Bolt et al. (2002), which divides the population into a speeded and a non-speeded group, in that it allows for a range of speededness effects. The model is tested using three UK national standardizations on one outcome and comparing the actual and predicted distributions. It is suggested that the observed discrepancies may be due to differences in the samples drawn, and that in some circumstances the model may actually produce a better estimate than an actual standardization exercise.     

NIT picking: The macroeconomic effects of a Negative Income Tax

I study a revenue-neutral reform of the U.S. income tax and welfare system that involves the adoption of a Negative Income Tax (NIT). The reform is undertaken in a life-cycle economy with individual heterogeneity and uninsurable idiosyncratic labor risk. The optimal NIT consists of a 22% rate and a transfer equivalent to 11% of per-capita GDP. The ex-ante average welfare gain is a 2.1% annual increase of individual consumption. I show that a NIT outperforms a flat tax reform (income tax plus deduction) by a considerable margin. The key consequence of the reform is that high-productivity agents increase their relative importance in the labor supply at the expense of low-productivity agents.     

A literature review of decision-making models and approaches for partner selection in agile supply chains

The paper reviews the literature on supply partner decision-making published between 2001 and 2011, a period that has seen a significant increase in work published in this field. The progress made in developing new models and methods that can be applied to this task is assessed in the context of the previous literature. Particular attention is given to those methods that are especially relevant for use in agile supply chains. The paper uses a classification framework that enables models intended for similar purposes to be compared and tracked over time. It is also used to identify a number of gaps in the literature. The findings highlight an on-going need to develop methods that are able to meet the combination of qualitative and quantitative objectives that are typically found in partner selection problems in practice.     

Why the Pound Should be Devalued Inside the ERM

I believe the choice of DM2.95 as a central rate for sterling's entry into the ERM was a major mistake of macroeconomic policy, on a par with monetary targeting and underestimatingtlle late 1980s' consumer-led boom. Indeed it was a belief that we were about to make this mistake that led me to undertake, with colleagues at the National Institute of Economic and Social Research, a detailed and unique study of the choice facing policy makers. I shall have more to say on that study below. Shortly after entry I wrote: "The danger is that the government will attempt to defend the present exchange rate bands at all costs. As a result it may produce, or fail to prevent, a recession on the same scale as 1980-81. (Wren-Lewis, 1990, emphasis added). I fear that much of this has come to pass, but we still have a chance to retrieve something.
To propose a devaluation of sterling within the ERM requires three distinct arguments. The first is that we entered the ERM at a real exchange rate which was above a level required to produce a sustainable current account of the balance of payments. The second is that this matters, and in particular that it has prevented the government from taking steps to counteract the recession. The third is that the gains in adjusting, through a realignment, to a lower rate now outweigh the loss of credibility that would be involved. I shall consider each point in turn.¹     

Values of non-differentiable markets with a continuum of traders

The main result is that in perfectly competitive markets, every value allocation is competitive. The model used is that of a non-atomic continuum of traders, both in a Walrasian and in a transferable utility (monetary) market. No differentiability assumptions are made. The problems of existence of the value and of the converse to the above result (i.e., that every competitive allocation is a value allocation) are also studied.     

MBTI Personality Types of Project Managers and Their Success: A Field Survey

This paper describes a survey of 280 project managers that reveals both their personality types (via Myers‐Briggs personality inventory) and their success in project management. The results show that a project manager's personality is better suited for functioning with partial data and under ambiguity than the rest of the population. These traits were found for both women and men. The conclusion is that project managers (females and males) have a unique personality‐type distribution that distinguishes them from the general population. The findings can contribute to better understanding the traits that characterize the project management population, and their relationship to project success.     

Intangibles and credit decisions: results from an experiment

The question in this paper is whether the inclusion of intangibles is meaningful in a credit decision context. To examine this issue we conducted an experiment with forty loan officers. The loan officers were presented with a situation of a company that required a credit of 5 million Swedish kronor. Half of the loan officers were given a traditional annual statement in which intangibles were treated as costs while the other half received a balance sheet in which brand, R&D and education were capitalized. The loan officers were asked to give their opinion regarding the credit decision and the importance of extra information. They were also confronted with four short cases where extra information about the company appeared. Statistical analysis revealed that none of three hypotheses relating to the statement that ‘accounting for intangibles does not matter’ could be falsified. Still, the acquired qualitative data that emerged from the study makes it possible to suggest another finding. The study shows that accounting for intangibles is accepted if the accounts were seen as reliable. The conclusion is that if it is possible to create reliable data about intangibles, accounting for intangibles is meaningful for credit decisions.     

Control of linear dynamic market systems

This paper introduces and studies a new type of dynamic system that characterizes the behavior of a dynamic market in dynamic eqùilibrium. The system consists of a physical production process operated by a large collection of producers, a group of consumers with a demand function, and a market that provides the dynamic equilibrium as the producers attempt to maximize profit. The paper introduces these dynamic equilibrium systems and discusses some of their basic properties. The concepts of reachability and observability are considered and it is shown that there are extensions of these concepts to equilibrium systems.     

The Determinants and Impact of State Abortion Restrictions

This paper shows that a state's abortion policy is determined by the strength of interest advocacy groups and political forces. The greater the membership in the National Abortion Rights Action League, the percentage of female state legislators and the percentage of Democratic female legislators, the less restrictive a state's abortion policy. The greater a state's population that are Roman Catholics, the more restrictive a state's abortion policy. The paper also estimates the impact abortion restrictions have on a state's abortion rate. The empirical results show that abortion restrictions have no statistically significant impact on a state's abortion rate. A state's abortion restrictions do not significantly increase out-of-state abortions.     

Strategic militancy and the probability of strikes in union-firm bargaining

The paper provides a model that explains the probability of strikes by the union's use of militancy as a strategic tool in bargaining. Militants are useful because they provide a credible threat, hence enhancing the union's bargaining position. Using a multi-stage bargaining game, we show that, in general, militants will be used by the union as a strategic tool. The strategic benefit of militancy is reflected by the fact that the wage and employment level will be higher in a union that uses militants, compared to a union that does not. We use the model to show that the level of militancy and the probability of a strike decrease with the union's power. This suggests that policies that increase the strength of the union will have, at least, a partial positive effect on social welfare. We also show that the model can be viewed as providing an equilibrium of a repeated game, an interpretation that can explain the probability of strikes even in the absence of militants.     

Executive career advancement in career moves across employers: the role of organization-level predictors

This paper examines the career moves of executives between different organizations and looks at the characteristics of executives employing organizations as a predictor of the outcome of the moves. The paper uses a retained executive search firm's proprietary data set that contains information on the career paths of executives in the financial services industry. The results show that the perceived operational excellence of executives employing organization has a significant signalling power for other employers and strongly impacts the success of executives' moves across different organizations. The data also reveal that executives may use their employment spell at large-sized organizations that are perceived as excellent as a conscious career-building mechanism and accept smaller promotions to join such organizations.     

On the effect of fiscal zoning on land and housing values

The note is a comment on and extension of “The Effect of Zoning on Land Value,” by J. C. Ohls, R. C. Weisberg, and M. J. White. It is suggested that some of the results of that paper are very sensitive to the way in which the market for urban housing and the market for urban land are modeled. In the context of a more general model, it is shown that a major result of that paper, that land values may rise or fall, in a metropolitan area, in response to zoning, still holds, although the mechanism underlying the process is very different in the more general model. Furthermore, it is shown that the effect of such a zoning change on housing prices and consumer welfare is unambiguous; the former rises and the latter falls. Finally, it is proved that zoning by a small municipality within a metropolitan area will cause land and housing values to fall.     

Hedge funds,fund attributes and risk adjusted returns

We use proprietary data to examine factors that lead hedge fund managers to offer hurdle rates and investigate relative hedge fund performance based on risk-adjusted returns. Using data from 3,571 hedge funds over a 15 year period, we find that funds that do not offer a hurdle rate outperform those that do. Funds offering a high watermark charge substantially higher performance fees. Further, emerging market, fixed income, and funds of funds are significantly more likely to offer a hurdle rate than other types of funds. Performance fees have a positive impact on the likelihood of offering a hurdle rate. Fund leverage and management fees are negatively associated with hurdle rates. The cross-sectional regressions show that funds, which offer a hurdle rate, underperform those that do not. Funds that charge a high performance fee appear to outperform those that charge a relatively low fee. The results are consistent with the view that those managers who wish to improve risk-adjusted returns should not focus on hurdle rates.     

Determinants of local housing growth in a multi-jurisdictional region,along with a test for nonmarket zoning

In the State of New Jersey, two rural preservation tools are paramount: (1) Zoning that sets a floor on the size of residential lots; and (2) the outright acquisition of open space or its development rights by government and nonprofit entities. The present study explores the effects of these two policies on the number of building permits issued across 83 municipalities in northern New Jersey. The empirical work is based on a widely-used urban development model that uses both monocentric and polycentric factors to allocate growth across a set of suburban communities. The study also develops a growth-based test for binding minimum-lot-size zoning, leveraging the fact that the 83 communities are in a single housing market and must serve the distribution of home and lot-size demand collectively, not individually. The study finds strong evidence of excess large-lot zoning, leading to the suppression of short-term housing growth in communities that specialize in this particular “product.” No firm evidence is found that residential development is attracted to the amenities that flow from either large-lot zoning or open space set asides.     

Deep learning for modeling the collection rate for third-party buyers

This study evaluates a wide range of machine learning techniques such as deep learning, boosting, and support vector regression to predict the collection rate of more than 65,000 defaulted consumer credits from the telecommunications sector that were bought by a German third-party company. Weighted performance measures were defined based on the value of exposure at default for comparing collection rate models. The approach proposed in this paper is useful for a third-party company in managing the risk of a portfolio of defaulted credit that it purchases. The main finding is that one of the machine learning models we investigate, the deep learning model, performs significantly better out-of-sample than all other methods that can be used by an acquirer of defaulted credits based on weighted-performance measures. By using unweighted performance measures, deep learning and boosting perform similarly. Moreover, we find that using a training set with a larger proportion of the dataset does not improve prediction accuracy significantly when deep learning is used. The general conclusion is that deep learning is a potentially performance-enhancing tool for credit risk management.     

Sectoral sources of metropolitan growth

The paper proposes a method for identifying sectoral sources of metropolitan employment growth The key feature of the VAR is the set of (over)identifying restrictions which do not require a causal ordering to be developed among industries to create orthogonal sectoral shocks. The simulations for four cities indicate that local sectoral shocks are more important than national counterparts, and that among local shocks, the overall evidence indicates that manufacturing, service and public sector employment shocks account for a substantial portion of employment growth variation, a conclusion that seems roughly consistent with export-oriented models of metropolitan growth.