International comparison of household asset allocation: Micro-evidence from cross-country comparisons

Asset allocation, an important part of household finance, attracts constant attention across countries. Due to the differences between countries, asset allocation presents different characteristics in various countries. This paper compares and analyzes the differences in household asset allocation around the world based on the data of 23 developing and developed countries, such as China, the United States, 20 EU countries, and Australia, at the micro-level. This paper finds that in all of these countries, except for the United States, housing assets often occupy a large proportion of household total assets, which we give the name ‘Valuing Housing’, mainly attributed to the high housing value-to-income ratios (especially in developing countries). Further analysis shows that, with the increase in household income, the proportion of housing assets in most countries presents an inverted ‘U' shape, which first increases and then decreases, and where the inflection point appears in the top 20% of households. Also, with increases in income, China, the United States, and some other countries see an increasing proportion of financial assets. The top 20% of households tend to invest in financial assets. In addition, as the ages of household heads increase, the proportion of housing assets tends to first rise and then level off, and that of financial assets tends to first decrease and then level off. The conclusions of this paper help to better understand the differences in the allocation of household assets across countries and explain the underlying causes.     

浅谈农村集体资产管理的对策

农村集体资产是广大农民多年来辛勤劳动积累的成果,是发展农村经济和实现共同富裕的重要物质基础.管好用好集体资产对于改善农业生产条件,增强集体经济实力,促进农村和农业经济发展,增加农民收入,保持农村社会稳定,均具有十分重要的意义.     

对交通运输企业资产管理问题的思考

交通运输行业是国民经济发展的基础行业,对交通运输企业资产如何有效进行管理,已成为企业管理者面临的首要问题.本文试图在分析交通运输企业资产管理问题基础上,分析了其深层次的影响动因,为能更好的解决问题指明了方向.     

Integrating lifecycle asset management in the public sector

Lifecycle management of assets is essential for cost-effective maintenance and long-term economic viability. Properly maintained infrastructure provides significant economic advantages. Neglecting maintenance leads to lower productivity and imposes costs on users. Furthermore, delayed maintenance significantly increases total costs associated with repair or replacement. Lifecycle asset management should be used in the public sector to manage large-scale assets such as transportation infrastructure in a cost-effective manner. Yet, state governments have had little incentive to provide proactive maintenance. To address the infrastructure capital investment backlog, particularly acute in transportation, government priorities need to be coupled with long-term economic accountability. In addition, funding and financial reporting mechanisms should be created to ensure effective and efficient lifecycle asset management decisions. Public-private partnerships (PPP) also need to be fostered to help address regional deficiencies in infrastructure.     

Changing risk perceptions and food-handling practices of Oregon household food preparers

Results of 1986 and 1995/6 statewide random surveys were compared to assess changes in the risk perceptions and food-handling practices of Oregon food preparers. The 1986 survey revealed that perishable foods (baked potatoes, hard-boiled eggs, sliced turkey and cream pie) were often held at room temperature for longer than 2–3 h. Those who perceived greater food safety risks were significantly less likely to report temperature abuse of cream pie (P < 0·02) and baked potatoes (P < 0·001). Respondents reported serving raw and/or rare animal products (fish, milk, hamburger and pork) in both surveys. More food preparers perceived that serving undercooked foods was a ‘high’ risk in 1995/6 than in 1986. More (88%) also perceived that serving raw hamburger was a ‘high’ risk in 1995/6 than in 1986 (52%), possibly because of media coverage linking under-cooked hamburgers to the E. coli 0157:H7 outbreak in the Pacific Northwest. Those who perceived a ‘high’ risk were less likely to serve raw fish (P < 0·038) and raw milk (P < 0·002). Significantly more females perceived raw milk to be a ‘high’ risk (P < 0·003). The risks of consuming both raw fish and raw milk were more likely to be underestimated, however. Food safety education is therefore needed to help food preparers to identify ‘high’ risk foods and to motivate them to minimize risks.     

Optimal bank asset and liability management with financial futures

This paper presents a model for optimal bank asset and liability management with financial futures. This model is a multiperiod linear programming model based on Markowitz portfolio theory. Given the bank's initial position, its economic forecasts, and the constraints under which it operates, the model can help a bank's senior executives determine the current and expected future balance sheet composition and financial futures position which will minimize the bank's operating risks and which will meet the bank's expected profits goal with the minimum possible profits risk. By parametrically varying the expected profits goal, the model will generate the set of risk-return efficient decisions. Bankers need then examine only the set of efficient decisions to choose their optimal solution. A simplified example is used to illustrate the application of our model and to demonstrate that banks that use financial futures in asset and liability management can obtain better results than banks that do not use financial futures.     

加强资金管理是做好财务管理的中心环节

资金管理处于财务管理的中心地位是人们在生产经营实践中逐渐认识并遵循的客观规律.在明确财务管理要以资金管理为中心的基础上,努力探讨加强资金管理的有效措施,提高资金运作的效益与效率是财务管理工作的重中之重.     

Consumer credit card ownership and usage practices: empirical evidence from Sri Lanka

Knowledge that has been accumulated through research efforts concerning credit card ownership and usage behaviour has been confined to Western societies. Given the importance of cross‐national application of consumer marketing concepts and propositions for academic and practical reasons, investigations are needed to test whether consumer credit card usage patterns that are assumed to exist in the West also exist in non‐Western parts of the world, especially in Asia. Therefore, objectives of this research were to explore credit card ownership and usage practices in Sri Lanka, and to explore the relationship between credit card ownership and usage practices, and demographic and socio‐economic characteristics of credit card users. The findings offer implications for researchers and practitioners.     

Financial rewards and company ownership: An examination of reward practices in Ireland

This article examines the influence of company ownership on the level at which pay is determined in Ireland and on the kinds of payment systems used. U.S. and U.K. multinational companies (MNCs), the two largest foreign investors in Ireland, are the focus of the analysis. Although the evidence points to the national level as the key level at which pay is determined, U.S. and U.K. MNCs operating in Ireland tend to follow the practices of their headquarters, rather than those of the host country. Evidence also suggests that foreign MNCs are much more likely to utilize nonstandard, variable payment systems than indigenous organizations. © 1995 John Wiley & Sons, Inc.     

Confucian ethics and Japanese management practices

This paper proposes that an important method for understanding the ethics of Japanese management is the systematic study of its Confucian traditions and the writings of Confucius. Inconsistencies and dysfunction in Japanese ethical and managerial behavior can be attributed to contradictions in Confucius' writings and inconsistencies between the Confucian code and modern realities. Attention needs to be directed to modern Confucian philosophy since, historically Confucian thought has been an early warning system for impending change.Dr. Marc J. Dollinger is an Assistant Professor of Management at Indiana University. He received his Ph.D. from Lehigh University in 1983. His current research is focused on the strategic management of small firms and entrepreneurship     

Adoption rationales of new management practices

This study considers that multiple and diverse rationales, including rational, emotional and socially conditioned responses can influence the adoption of management practices. The study includes four case studies in order to subject the adoption rationales that Sturdy (2004) posits to empirical inquiry and to explore the impacts of these differing rationales on characteristics of the subsequent adoption. The findings show that five of the six rationales Sturdy proposes are empirically identifiable. The findings also suggest that, subject to the exploratory nature of the study, earlier adoption of management practices is associated with political and psychodynamic rationales, consistent with notions of being seen to adopt new ways of working. The findings also suggest that the political and dramaturgical rationales are associated with more rapid adoption due to influential individuals or groups acting as champions. Whilst Sturdy proposes his rationales as a simple list, the findings of this study suggest a more complex relationship between the rationales. The study contributes to the growing body of literature that addresses the important topic of management practices, particularly those that provide an expository consideration.     

Equity ownership and management control in Sino-foreign joint venture hotels

This article investigates the ownership-control relationship among China international joint ventures in the hotel industry. The findings indicate that equity ownership by foreign partners strongly affects their control over staffing and strategic management activities. This relationship is robust among hotels of different size and star ratings. However, these relationships, though they are not as strong as suggested, can be mediated by country effect. Foreign partners from Hong Kong, Singapore and Japan tend to acquire higher level of ownership and control on joint venture hotels in China, whereas foreign partners from the United States, Canada, and Europe are not.     

浅谈水表出户改造工程造价管理

在水表出户改造项目中分析项目参与各方造价管理目标、内容、时间阶段以及利益机制基础上,就业主方如何依据自身特点,在水表出户全过程的各个阶段造价管理方面发挥控制的核心作用,提高水表出户改造投资效益进行了实务分析和总结.     

关于行政事业单位固定资产管理模式的研究

行政事业单位固定资产,具有种类繁多、数额庞大、使用分散、难于管理等特点.这就使行政事业单位固定资产的核算管理工作产生疏于管理,基础工作薄弱、数据不准确的现象.这些情况严重阻挠和抑制了行政事业单位的发展,并影响着国有资产保值增值,成为国有资产流失的一大隐患.国家财政部委托开发的<全国行政事业单位固定资产清查报表管理系统>,实现了该工作的信息化处理,虽能对管理工作有些改观,但仍存在难于管理、维护困难、更新迟缓等诸多问题,更无法做到资源的合理高效利用.通过搜集大量资料,经调查研究和讨论,开发一套B/S(浏览器/服务器)结构的管理系统,可有效提高固定资产管理工作的效率.     

Franchise management capabilities and franchisor performance under alternative franchise ownership strategies

Franchising is a key entrepreneurial growth strategy, but a well-known downside is franchisee free-riding. Drawing upon alliance capabilities research, we describe franchise management capabilities and suggest that they are one way franchisors reduce free-riding and thus enhance performance. We also submit that these capabilities are especially helpful for “plural form” franchisors who own outlets in parallel with franchisees. Using a sample of 229 franchisors, we show that franchise management capabilities relate positively to franchisor performance among plural form franchisors. For “turnkey” franchisors who franchise all, or almost all, outlets these capabilities relate indirectly to performance through lower opportunism and improved brand reputation. Franchise management capability is therefore an important new theoretical construct linking franchising to franchisor performance.     

Project management practices: Then and now

This article uses the results of a survey of 56 American construction project managers to identify some risks and improvement opportunities pertaining to the practice of effective project management. In the process, the most and least important project management variables are identified and ranked. Next, the extent of knowledge, extent of use, and extent of relevance to project success are examined for project managers with and without international project management experience. Results of these analyses suggest improvement opportunity for business and higher learning in terms of training and educating future project managers. Based on the results of this study, it is concluded that both higher learning and business must approach the art and practice of project management from a global open system perspective. © 2002 Wiley Periodicals, Inc.     

Effects of family ownership and management on small business equity financing

Equity financing is important in financing growth but its special features in small business have not been well addressed in the finance or entrepreneurship literature. Since many small firms have family involvement and research shows that family firms have both advantages and disadvantages in managing agency costs, how family involvement and agency issues interact to affect equity financing in small business is an important topic of research. This study examines the effects of family ownership and management on two dimensions of small business equity financing, the use of equity financing and the use of public equity financing within the agency theory of financing. The results show that family involvement and agency issues interactively and separately influence equity financing in small business.     

Consumer credit,household financial management,and sustainable consumption

Over the past decade, sustainable consumption has emerged as an issue of growing international prominence. Policy initiatives to facilitate more environmentally and socially preferable household provisioning have typically emphasized materials and energy efficiency. While this approach holds the prospect for some notable short‐term gains, experience suggests that longer‐term improvements are likely to fall short of expectations and trigger unanticipated rebound effects. Effective policy programs need to acknowledge the social and financial dimensions of consumer decision making and become more attentive to the role of households as catalysts of production. From this perspective, consumer payment systems take on special significance. In particular, the prevalence of credit cards and the accumulation of consumer debt in the USA and other advanced countries have been important drivers of economic growth in recent years. This paper highlights the linkages between consumer credit and sustainable consumption and discusses the structural changes in lending practices that account for the popularity of this payment system. While unsatisfactory conceptual models and inadequate data make it difficult to advance any definitive assessment of this relationship, it is possible to outline the basic elements of a research agenda in this area.     

The sources of management innovation: When firms introduce new management practices

Management innovation is the introduction of management practices new to the firm and intended to enhance firm performance. Building on the organizational reference group literature, this article shows that management innovation is a consequence of a firm's internal context and of the external search for new knowledge. Furthermore the article demonstrates a trade-off between context and search, in that there is a negative effect on management innovation associated with their joint occurrence. Finally the article shows that management innovation is positively associated with firm performance in the form of subsequent productivity growth.