Can no competition policy be better than some competition policy?

This paper examines how the market structure is likely to evolve in a situation of multi-stage oligopolistic production. The decision to merge across or within stages of production is treated as endogenous. It is shown that when firms at a particular stage of production are relatively dominant, simultaneous merger decisions are conducive to competitive vertically integrated outcomes while sequential decisions are not. The persistence of non-integrated market structures may be explained by the existence of equally dominant firms which make merger decisions sequentially. The credible threat of retaliatory merger may deter both socially desirable and undesirable forms of merger. Inferences are drawn for the design of competition policy.     

A behavioral approach to strategy—what's the alternative?

The strategy field has generally been viewed as somewhat fragmented with the primary ‘fault line’ stemming from the divide between economic and behavioral approaches. It is argued here that this is a false divide as any but the most trivial problems require a behavioral act of representation prior to invoking a deductive, ‘rational’ approach. In this sense, all approaches are behavioral. Once we recognize rationality as a process, then the pragmatic question becomes which among the imperfect mechanisms to guide choice and behavior may be more or less preferred. Such a viewpoint not only serves to help span the chasm of behavioral and economic approaches, but it may also connect the applied normative frameworks and approaches within the field to more theoretically grounded approaches. Copyright © 2011 John Wiley & Sons, Ltd.     

Implementing an exemplar-based approach in an interaction design subject: enhancing students’ awareness of the need to be creative

In higher education effective teaching includes making learning goals and standards clear to students. In architecture and design education in particular, goals and standards around assessment are often not well articulated. There is good evidence that when teachers engage students before an assessment in marking exemplars, and explain why the exemplars received the grades they did, students’ performance in their written assessment is consequently enhanced. However some teachers are concerned that exemplars may discourage students from being creative; this concern is particularly important in design education. In this small-scale mixed methods study we explore interaction design students’ perceptions of the effect of an exemplar-based teaching approach on their work in a design task. Our quantitative and qualitative results show that students developed their understanding of task criteria and standards; far from discouraging their creativity, most students perceived that their experience of the approach enhanced their awareness of the need to produce an original design. The exemplar-based approach used in this study complements the studio-based teaching approach in design education, and helps to make clear the design goals and standards that teachers expect their students to strive for.     

Regional differences in business ethics in the People’s Republic of China: A multi-dimensional approach to the effects of modernisation

This paper investigates the influence of modernisation on the moral judgements of 211 managers in the People’s Republic of China, based on their responses to a series of vignettes depicting potentially unethical behaviour in organisations. Since modernisation can take many forms, this paper takes a multi dimensional approach to examining levels of modernisation in different provinces in China. Three different measures are used, believed to represent different aspects of the modernisation process. These include the level of industrialisation of various provinces, the level of marketisation, or progress toward a market-based economy, and a new measure of Westernisation, or the extent to which individuals adopt aspects of Western lifestyle and materialism. This latter measure is developed and tested in the present study. Statistically significant associations between these three measures of modernisation and managers’ moral judgements were observed and the implications of these findings are discussed.     

On the dual-stacking transition to IPv6: A forlorn hope?

The assumption that IPv6 will inevitably replace IPv4 as the dominant network layer protocol on the Internet is almost universal. A failure of IPv6 to diffuse is thought to have far-reaching and long-lasting economic and social consequences, yet there have been no prior analyses of the dual-stacking transition mechanism by which IPv6 diffusion is expected to be achieved in order to understand whether it is likely to succeed. Guided by economic theory, this paper presents such an analysis, and concludes that the dual-stacking transition strategy is unlikely to work, leaving the Internet with no workable means of achieving migration to IPv6. The paper concludes with a number of recommendations for regulatory and policy bodies, end-user organisations and network operators.     

Examining the performance effects of post spin‐off links to parent firms: should the apron strings be cut?

Little research has examined the performance implications of the parent‐child relationship post spin‐off. Although the parent provided oversight of the child prior to the spin‐off, effects of post spin‐off links to the child remain unclear. Applying transaction cost and agency theories, our study of 142 firms spun‐off between 1986 and 1997 examines how oversight and ownership by the parent firm influence stock market performance post spin‐off. We find that while child firms benefit from some links to the parent, having too many links is negatively related to performance. The findings suggest that there is a balance between having too much parental involvement and not enough. Our study extends understanding of post spin‐off child firm performance and provides valuable insights for both parent and child firms. Copyright © 2011 John Wiley & Sons, Ltd.     

Who's going to provide the funding for high tech start‐ups? A model for the analysis of determinants with a fuzzy approach

The aim of this paper is to understand which factors influence the financial structure of Italian young, high‐tech, innovative firms, and to attempt to formulate a predictive model to determine the ideal financial strategy for a given entrepreneurial project. Venture capital is the most relevant form of financing for high‐technology start‐ups in the United States and is frequently cited as crucial in the technological leadership of the US economy. However, banks are also moving toward establishing a role in capital provision, making innovative offers to meet the financial needs of start‐ups, especially in bank‐centric countries such as Italy. Is it possible to build a robust and ordered set of determinants of the financial strategy of new technology‐based firms? Is it possible to gather them in a model that allows a rigorous analysis? Is it possible to summarize the analysis in a synthetic value of orientation to one or other form of financing? Through a systematic review of the literature and comparison between investors, we have taken the first step toward answering these questions. This work develops a methodology to solve the problem and builds a provisional fuzzy‐set based tool to permit the rationalization of the relevant information and effectively support the reduction of qualitative evaluation of complex phenomena into simple and measurable dimensions. The structure of the model is hierarchical but simple. We consider, as the first level of main determinants (sub‐dimensions), the figure of the entrepreneur, the nature of the project, the financial scenario, and the market characteristics. For each of these, we provide deep insights about their relation with finance. We have verified the value of this approach in the context of ten business cases, by matching the financial strategies undertaken by entrepreneurs and the obtainable conclusions with the fuzzy tool. However, the definition of a robust, predictive model requires more consistent empirical validation, which we intend to develop from this work.     

Can local telecommunications be self-policing?: A proposed discovery procedure

To discover whether markets for local telecommunication services can be competitively self-policing, this paper advocates a comprehensive approach to policy making as opposed to a more piecemeal approach. The problem with a piecemeal approach is that the merits of particular policies are difficult to assess without reference to the total program in which they are embedded. What seems reasonable when considered along with other complementary policies may be unreasonable if undertaken in a different context. We describe the necessary conditions for an illuminating experiment that will both insure a fair test of competition's viability and afford adequate protections to the consuming public.     

The use of variance decomposition in the investigation of CEO effects: How large must the CEO effect be to rule out chance?

Variance decomposition analysis is often used to examine the degree to which CEOs influence their companies' performance (the so‐called CEO effect). Such studies play an important role in a body of literature that investigates the effect of leadership on organizations. In this paper, I argue that these previous studies have an important underlying flaw. Empirically, these studies wrongly attribute the performance effect of randomness—of chance—to the CEO. I demonstrate how randomness can affect the measured effects in a variance decomposition analysis, and I show that this is especially problematic for the measurement of CEO effects. I demonstrate how this results in a greatly inflated CEO effect and develop an approach to correct for it. Copyright © 2013 John Wiley & Sons, Ltd.     

A behavioral theory of governments’ ability to make credible commitments to firms: The case of the East Asian paradox

An expansive literature exists linking institutional constraints, credible commitments, and economic growth. Yet, this literature runs into difficulty when it tries to explain the East Asian “paradox:” rapid economic growth achieved by countries with low levels of formal constraints on government discretion. We use a behavioral theory of commitment to argue that the characteristics of the salient actors (governments) and their actions (policies) affect the credibility of their behaviors in ways independent of the structural underpinnings of a country’s political institutions. This behavioral theory of commitment provides a distinct but complementary lens through which to view the apparent paradox presented by these East Asian countries, and more generally provides an alternative theoretical mechanism to explain and predict governments’ ability to credibly signal their commitment to a course of action to investing firms. The success of East Asian countries in encouraging investment from both domestic and foreign firms implies that firms interpret governments’ actions as credible signals of their intention to honor their commitments to firms, consistent with the behavioral theory of commitment.     

Who Gets up or Gets out?——A joint circular to urge textile industry to be restructured and upgraded

Ten governmental organizations recently issued a joint circular (No.762-2006, State Development & Reform Commission) to guide Chinese textile growth in the next five years (2006-2010). The circular, seriously taken as guideline policy, is given out amid aggravating factors for resources, environment, trade disputes, structural problems and other challenging issues that Chinese textile industry is supposed to address in the     

International experience in the executive suite: the path to prosperity?

Attention is increasingly focused on the potential individual career and firm‐level benefits of international experience for upper level executives. This research examines the relationships between CEO international experience, CEO tenure, firm internationalization, succession events, and corporate financial performance. Results indicate a significant interactive effect between CEO tenure and outside succession on CEO international experience. In addition to a relationship with CEO international experience, there are two additional interactive effects in the examination of corporate financial performance: (1) CEO international experience and the degree of firm internationalization, and (2) CEO international experience and CEO succession. These interactive effects are evident in accounting and market indicators of corporate financial performance. Copyright © 2000 John Wiley & Sons, Ltd.     

Review: Consumption-stage food waste reduction interventions – What works and how to design better interventions

Food waste prevention has become an issue of international concern, with Sustainable Development Goal 12.3 aiming to halve per capita global food waste at the retail and consumer levels by 2030. However there is no review that has considered the effectiveness of interventions aimed at preventing food waste in the consumption stages of the food system. This significant gap, if filled, could help support those working to reduce food waste in the developed world, providing knowledge of what interventions are specifically effective at preventing food waste.This paper fills this gap, identifying and summarizing food-waste prevention interventions at the consumption/consumer stage of the supply chain via a rapid review of global academic literature from 2006 to 2017.We identify 17 applied interventions that claim to have achieved food waste reductions. Of these, 13 quantified food waste reductions. Interventions that changed the size or type of plates were shown to be effective (up to 57% food waste reduction) in hospitality environments. Changing nutritional guidelines in schools were reported to reduce vegetable waste by up to 28%, indicating that healthy diets can be part of food waste reduction strategies. Information campaigns were also shown to be effective with up to 28% food waste reduction in a small sample size intervention.Cooking classes, fridge cameras, food sharing apps, advertising and information sharing were all reported as being effective but with little or no robust evidence provided. This is worrying as all these methods are now being proposed as approaches to reduce food waste and, except for a few studies, there is no reproducible quantified evidence to assure credibility or success. To strengthen current results, a greater number of longitudinal and larger sample size intervention studies are required. To inform future intervention studies, this paper proposes a standardised guideline, which consists of: (1) intervention design; (2) monitoring and measurement; (3) moderation and mediation; (4) reporting; (5) systemic effects.Given the importance of food-waste reduction, the findings of this review highlight a significant evidence gap, meaning that it is difficult to make evidence-based decisions to prevent or reduce consumption-stage food waste in a cost-effective manner.     

Does it pay to be really good? addressing the shape of the relationship between social and financial performance

Building on the theoretical argument that a firm's ability to profit from social responsibility depends upon its stakeholder influence capacity (SIC), we bring together contrasting literatures on the relationship between corporate social performance (CSP) and corporate financial performance (CFP) to hypothesize that the CSP‐CFP relationship is U‐shaped. Our results support this hypothesis. We find that firms with low CSP have higher CFP than firms with moderate CSP, but firms with high CSP have the highest CFP. This supports the theoretical argument that SIC underlies the ability to transform social responsibility into profit. Copyright © 2012 John Wiley & Sons, Ltd.     

Not enough money or not enough time to satisfy the Thrifty Food Plan? A cost difference approach for estimating a money–time threshold

Food production at home requires money and time. Food assistance programs focus exclusively on the money cost, while ignoring the time cost. This one-dimensional focus could undermine the effectiveness of food assistance programs. In the spirit of Vickery (1977), this paper uses a cost difference approach to develop a money–time threshold, and several related metrics, to determine whether money or time is the most limiting resource in reaching the Thrifty Food Plan (TFP) target. In our empirical analysis we find that when time is ignored, single headed households spend on average 35% more than required to meet the TFP target. However, when time is included, these households spend on average 40% less than required to meet the TFP target. In addition, we find that when time is ignored, 62% of single headed households on average spend enough money to reach the TFP target, but when time is included, only 13% of single headed households spend enough on average to reach the TFP target. Our empirical results suggest that time is more constraining than money in reaching the TFP target. These results imply that metrics solely focusing on money could severely underestimate the gap between actual expenditures and those required to reach the TFP target.     

Sketching: Friend or Foe to the Novice Designer?

Previous research by one of the authors showed that novice designers do not use sketching as a way to generate, develop and communicate design proposals, but move immediately to three-dimensional modelling. Neither do they generate multiple solutions. The follow-up study described here addressed the questions: Does teaching two-dimensional modelling enable Grade 7 pupils to better express their ideas and organize their thoughts? What role does discussion play in pupils' attempts to generate a design proposal? Does the use of contextualising items make a difference to pupils' success with designing? Eight Grade 7 pupils were drawn from each of two classes. One class had received instruction in sketching; the other served as a control group. Each group of eight pupils was divided into single-sex dyads. The eight dyads were videotaped while producing a solution to a common design brief. Analysis of the data has provided insights into the effects of instruction on the proposals produced by pupils. Additionally, their ability to generate, develop and communicate design ideas is enhanced by both the dynamic relationship between pupils' talk and 3D modelling and the way the task is contextualised. This revised version was published online in July 2006 with corrections to the Cover Date.