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1.
This article investigates the effect of incorporating human capital—an expansion of the investment opportunity set—into the analysis of portfolio investment decisions. The “production function” of human capital displays decreasing returns to scale. The return on human capital is a product of two factors: a “market” return and return unique to each individual. Financial equilibrium results are derived and tested empirically using U.S. data and an international sample. The main findings are that demand for financial assets relates positively to human capital risk and negatively to financial capital risks.  相似文献   

2.
For the UK, the 1980's was Margaret Thatcher's decade; the 1990's may be the decade of Europe. Thatcher's policies and her philosophy still have an impact on social and economic life. An examination is made of demographic changes, economic development, changes in consumption, changes in social attitude and changes in marketing channels that are taking place.Wealth has become more evenly spread throughout society although the bottom is worse off. The UK consumer is becoming more cosmopolitan with increased preference being shown for food and drink from mainland Europe. Another shift is towards increased amounts of both time and money being spent on leisure and in the rapid adoption of new classes of consumer good. There is evidence of the “greening” of the economy but individuals only seem willing to take individual action to “green” their lifestyle for a financial incentive.  相似文献   

3.
International entrepreneurship is defined in this study as the development of international new ventures or start-ups that, from their inception, engage in international business, thus viewing their operating domain as international from the initial stages of the firm's operation.One hundred and eighty-eight new venture firms in the computer and communications equipment manufacturing industries are classified according to the percentage of their sales in the international market. Ventures with no sales derived from international activities are considered “domestic” new ventures, and ventures with sales from international activities comprising greater than 5% of total sales are considered “international” new ventures.The strategy and industry structure profiles of international new ventures are significantly different from domestic new ventures. The internationals pursue much broader market-based strategies, seeking a strategy of broad market coverage through developing and controlling numerous distribution channels, serving numerous customers in diverse market segments, and developing high market or product visibility. The internationals also emphasize a more aggressive entry strategy, building on outside financial and production resources to enter numerous geographical markets on a large scale. Securing patent technology is also an important component of their strategy. This suggests that the internationals compete by entering the industry on a large scale, seeking to penetrate multiple markets, with the recognition that external resources are necessary to support such an entry.Whereas both the domestics and the internationals characterize domestic competition as being relatively intense, the international new ventures compete in industries with higher levels of international competition. It is not clear from this research whether the new venture selects an industry with a high degree of international competition and therefore responds with an international orientation or, because the new venture has an international orientation, it perceives or recognizes a higher degree of international competition. Another industry structure difference is the internationals' perceived higher degree of restrictiveness due to government regulation. It is unclear whether this restrictiveness motivates new ventures to seek less-regulated international environments or if it indicates that when competing internationally, the new venture is confronted with increased regulatory requirements.Domestic new ventures are distinguished by their emphasis on a production expansion strategy and customer specialization strategy. The production specialization strategy consists of focusing on limited geographical markets, maintaining excess capacity, and pursuing forward integration. The customer specialization strategy incorporates the production of a specialty product that is purchased infrequently. Thus, for both of the domestic strategies, a consistent “closeness” between the producer and consumer is implied. This may be an important basis underlining the new venture's decision to compete in an exclusive domestic context.This study offers initial support for the notion of international entrepreneurship by its findings that there are significant differences between new venture firms competing domestically and new ventures choosing to also enter international markets.  相似文献   

4.
Joint industrial policies undergird Japanese international growth. That policy of “unite and conquer” already has caught on in other Asian countries and in Europe. American companies, although hamstrung by laws that equate “big” with “bad,” are doing their utmost to remain competitive by pursuing Japan's cooperative strategies.  相似文献   

5.
This paper addresses a gap in the international literature aimed at understanding the impact of the marketing mix on choosing and upgrading business-to-business financial services dealers. This study involves two important financial services markets (foreign exchange and bonds) in two leading countries in financial services (the United States and the United Kingdom). It provides a comparative analysis of the effectiveness of marketing mix variables (“price”, “product”, and “promotion” in this case) in determining (a) choice of dealers and (b) how a utilized dealer may achieve the sought-after status of being among the top three dealers of a customer. The impact of the marketing mix variables on the choice of dealer is significantly greater in the US relative to the UK. However, a two-stage analysis shows no significant country differences in the impact of the marketing mix on how a dealer is upgraded to a top three status with a customer. Further, the effects of the individual marketing mix variables are more nearly equal in the determination of whether a utilized dealer is among the top three dealers relative to the choice stage. Finally, consistent with our hypothesis, the bond market is more price sensitive relative to foreign exchange and the foreign exchange market is more product sensitive than the bond market.  相似文献   

6.
The dynamics of exchange rate regimes: Fixes, floats, and flips   总被引:1,自引:0,他引:1  
The impermanence of fixed exchange rates has become a stylized fact in international finance. The combination of the “mirage” view that pegs do not really peg with the “fear of floating” view that floats do not really float generates the conclusion that exchange rate regimes are, in practice, unimportant for the behavior of the exchange rate. This is consistent with evidence on the irrelevance of exchange rate regimes for general macroeconomic performance. Recent studies, however, show that the exchange rate regime matters. This can be understood by considering the dynamics of exchange rate regimes. We demonstrate that the “mirage” view is somewhat misleading and incomplete. Pegs frequently break, but many do last. Also, there is a high degree of flipping, that is, the re-formation of pegs that have broken. Thus, a fixed exchange rate today is a good predictor that one will exist in the future. We also investigate the quantitative effect of fixed exchange rates. While the “fear of floating” view suggests little actual difference in fixed and floating rates with respect to exchange rate volatility, we show that fixed exchange rates exhibit considerably greater bilateral exchange rate stability than flexible rates, both today and in the future.  相似文献   

7.
Does self-employment reduce unemployment?   总被引:2,自引:0,他引:2  
This paper investigates the dynamic relationship between self-employment and unemployment rates. On the one hand, high unemployment rates may lead to start-up activity of self-employed individuals (the “refugee” effect). On the other hand, higher rates of self-employment may indicate increased entrepreneurial activity reducing unemployment in subsequent periods (the “entrepreneurial” effect). This paper introduces a new two-equation vector autoregression model capable of reconciling these ambiguities and estimates it for data from 23 OECD countries between 1974 and 2002. The empirical results confirm the existence of two distinct relationships between unemployment and self-employment: the “refugee” and “entrepreneurial” effects. We also find that the “entrepreneurial” effects are considerably stronger than the “refugee” effects.  相似文献   

8.
We show that governments in developing countries have an incentive to play the “confidence game” — wherein the need to win the confidence of the international capital market ‘can actually prevent a country from following otherwise sensible policies and force it to follow policies that it would normally consider perverse’. This incentive arises because of a combination of a ‘conformity bias’ and ‘good news bias’ in governmental decision making in an open economy, which results in inefficient outcomes which increases rather than decreases the threat of devaluation. While institutions that encourage greater transparency and the public revelation of information, may often mitigate this inefficiency, on some occasions increased transparency may even exacerbate the inefficiency.  相似文献   

9.
This article investigates the role of expatriate managers in multinational companies. We discuss three key organizational functions of expatriation: position filling, management development, and organization development. In the last function, organization development, international transfers are used as an informal coordination and control strategy through socialization and the building of informal communication networks. The article explores this role of international transfers in greater detail, but also discusses a more formal way in which expatriates can control subsidiaries. The following metaphors for these different control functions of expatriation are introduced: “bear” (formal direct control), “bumble-bee” (socialization), and “spider” (informal communication). A large-scale mail survey offers empirical evidence for the bear, bumble-bee and spider roles and shows under which circumstances they are most effective. Being aware of the different control functions of expatriation and the circumstances under which they are most effective can help managers to use expatriate assignments as a more strategic tool.  相似文献   

10.
New venture strategy and profitability: A venture capitalist's assessment   总被引:2,自引:0,他引:2  
This study uses theoretically justified criteria from the industrial organization (IO) strategy literature and applies it to a new domain, namely, venture capitalists' decision making. Specifically, the study investigates the types of information venture capitalists utilize when evaluating new ventures and how venture capitalists use this information to assess likely new venture profitability. In the interest of advancing our understanding of the decision making policies of venture capitalists, this study addresses many of the limitations of previous research.A review of IO research suggests important relationships between a number of strategy variables and new venture profitability. Some of the relationships proposed by IO strategy research are contingent in nature. The strategy variables and their relationships with profitability are investigated in the domain of venture capitalists' decision making. Individual and aggregate decision making analyses identified those strategy variables (criteria) venture capitalists utilize in assessing likely new venture profitability, namely, timing, key success factor stability, lead time, competitive rivalry, educational capability, industry-related competence, timing × key success factor stability interaction, timing × lead time interaction, and timing × educational capability interaction.On average, the most important criterion for venture capitalists in their assessment of profitability is industry-related competence. The second tier of importance is competitive rivalry, timing, and educational capability. The third tier of importance is lead time, key success factor stability, and timing × lead time interaction. Other interactions are less important. Therefore, while venture capitalists use contingent decision policies, main effects dominate. If venture capitalists use a reported 8 to 12 minutes on average to evaluate a business plan (Sandberg 1986), then this study's findings may help the inexperienced venture capitalist allocate time towards assessing those attributes of primary importance. Although more complex relationships exist between the attributes, the inexperienced venture capitalist can take comfort from this study's findings that main effects dominant amongst senior venture capitalists. Senior venture capitalists may take less comfort from their importance placed on main effects in light of research from IO, which suggests the importance of contingent relationships. The results may also have practical application towards training.How should venture capital firms train their new employees? Should venture capital firms rely solely on experienced venture capitalists lecturing the inexperienced on the criteria they use in assessing a new venture proposal? Like most decision makers, venture capitalists have limited insight into their assessments and venture capital firms need to be aware of the gap between “espoused” policies and policies “in use.” The information being taught needs to be supplemented with venture capitalists' decision-making research that investigates decision policies “in use”, such as this study. Venture capitalist training could also involve experiential learning, in conjunction with cognitive feedback about the decision policies used, to accelerate the learning process. Experiential learning using cognitive feedback maximizes industry related learning while minimizing the cost of inexperienced decisions. For the entrepreneur seeking capital, this increased understanding of venture capitalists' decision making may help them better target their business plans and presentations at those criteria venture capitalists' find most critical to the profitability of a new venture.  相似文献   

11.
Work experience abroad can be valuable for developing global competencies that promote organizational effectiveness and individual career success. However, the literature has taken a mostly organizational perspective, with little attention about what individuals can self-initiate to advance their international career and competencies development. Especially lacking is research on preparatory activities and career strategies that individuals may select leading to significant foreign work experience. Based on interviews with 48 American expatriates in five major cities in East Asia, this study presents a illuminating taxonomy of “pre-international” self-initiating career path strategies and activities for gaining valuable international business experience for building global competencies.  相似文献   

12.
A steady supply of entrepreneurs who will build the growth firms of the future has always been seen as fundamental to the economic health of a country. However, as companies have grown to the point where many have balance sheets larger than many countries, the role of the Top Management Team in managing these corporate giants has also received more prominence. Unfortunately, research into the two groups of current entreprenurs and large corporation managers has been both sparse, and has followed different, though parallel, paths. This research examines their backgrounds and asks the question whether the basic assumption that they are, in fact, different is correct—who are the high flying entrepreneurs, and are they any different from successful corporate leaders?Data was drawn from three sources. A questionnaire was sent to the 167 founders listed in the July 1984 edition of Venture Magazine as the “Venture 100”—“the nation's top entrepreneurs who run the companies they founded in the past ten years”. Sixty-seven useable replies were received from 40% of the founders and 52% of the companies. Comparative data was extracted from the “Korn Ferry's International Executive Profile: A Survey of Corporate Leaders” which surveyed five senior executives from each of the Fortune 500 companies. A response rate of 47% was received from a survey of 3640 executives. Further comparative analysis was extracted from the characteristics of senior executives of all firms in five selected industries (Dairy, Mobile Homes, Tires, Footwear, and Machine Tools) as listed in Duns Reference Book of Corporate Management 1983/1984. Data was collected on personal characteristics (age, family background, and education), previous employment experience, managerial style, and work patterns.The null hypothesis of there being no significant difference between high flying entreprenurs and their counterparts in the largest U.S. corporations was not sustained. Whereas certain characteristics showed similar patterning—previous employment experience, managerial success traits—the remaining variables demonstrated significant differences. The entrepreneurs were younger, better educated, had more international experience, and worked harder than their corporate colleagues. If replicated elsewhere, the results of this study have particuloar implications for the type of educational and employment experience necessary to affect the supply of the entrepreneurs of the future.  相似文献   

13.
The classic Sargent–Wallace–Lucas (SWL) rational expectations-flexible price model is usually interpreted as implying “policy ineffectiveness”: systematic monetary rules cannot affect the distribution of real output. A contrary but not widely-appreciated result of Dotsey and King suggests that there exist “prospective feedback” rules (future money depending systematically on current but as yet unobserved information) which improve output distribution by means of improving agents’ ability to perceive relative prices.We show the Dotsey–King proposition in fact to be a colossal understatement: prospective feedback rules applied vigorously enough (and even “contemporaneous feedback” rules based on current interest rates, provided at least one prospective feedback is active) can in the limit drive price-perception errors to zero. This is not to say such a policy would be desirable. Feedback parameter combinations that reduce current price level misperception tend to produce high forecast error variances with respect to future prices, with attendant loss in capital market efficiency. Whatever the desirable frontier among these different social cost-producing variables, feedback parameters will in general be needed in order to get on the frontier as well as to move along it. Monetary policy clearly produces social gain even in a version of this model which contains no elements of price “friction,” inefficient use of available information, or asymmetry in information as between the government and the public.  相似文献   

14.
As a budding baseball fan in the 1950s, I hated the Yankees. I hated them because they always won. They always got the big hit, the double play, the “career year” from a critical player, that enabled them to put to rout those who presumed to challenge them. It seemed if their dynasty would roll on forever. I could no more imagine their downfall than I could later have foreseen the breakup of the USSR or the hard times of U.S. Steel, General Motors, and IBM.This past summer, reading my personally obligatory annual baseball book, I discovered in Halberstam 's October 1964 that the Yankees themselves—at least their front office—apparently could not imagine themselves as other than successful. They were securely atop the major league, ergo, they were doing everything right—or so they thought. Halberstam's account makes clear that the Yankees allowed their success to mask some things they were not doing well at all. They were not bringing talented African-American ball players into their farm system and developing them. Their scouting reports woefully understated the quality of their potential opponents in the World Series. They had wedded themselves to the long ball and soon would not be ready to compete against speed on the base paths. One year later, they would be in the second division of the American League, and would not be a credible power in the majors for another decade.The Yankees should have argued with success.  相似文献   

15.
This article discusses five propositions about managerial moral tractability -- that is, a morality that is amenable to the complexity of managers’ continual pressure to decide and act -- in their customer relations. The propositions come from the comparison of three case studies of different types of managers. To analyze the morality of managers, discursive practices of managers are studied. At the end of the article also some consideration is given to “information strategies” of managers, in relation to their tractable morality.Gjalt de Graaf received his Ph.D. at the Rotterdam School of Management of the Erasmus University Rotterdam. He worked for two years as an assistant professor ‘‘strategic management” at the Faculty of Economics and Business Studies of the Vrije Universiteit Amsterdam. Currently he works as a post-doc “Integrity of Governance” at the Faculty of Social Sciences of the Vrije Universiteit Amsterdam.  相似文献   

16.
Much of our knowledge of expatriation and the processes of managing expatriates comes from North American researchers analysing the policies and practices of North American multinational corporations. This article uses that base of understanding, but argues that there has been an increasing stream of research into IHRM in Europe, which remains largely “invisible” to the North American specialists. Given the paucity of research in the area in general and the need for a more international understanding which can arise from examining different contexts, the article suggests that commentators outside Europe may find useful insights in the European analyses.  相似文献   

17.
Operating multiple channels, in store as well as non-store, allows a retailer to cater to the different shopping motives of its customers. This research into the buying behavior of 525 customers of a multi-channel retailer that operates five channels in Germany shows that most customers use only one channel within a buying process, selecting the channel that best satisfies their shopping motives in each situation. Based on exploratory qualitative and quantitative research, this study identifies five shopping motives: “recreational orientation”, “convenience orientation”, “independence orientation”, “delivery-related risk aversion” and “product- and payment-related risk aversion”. In the majority of the store channels examined in this study (chain stores and bakeries), single-channel users primarily look to satisfy emotional and social needs. Single-channel users of non-store channels (catalogue and online-shop) look for convenience and strive for independence. Multi-channel users, who obtain their information from the online-shop and then make their purchase in the chain store, are combining the independence of online-shop information with the reduction of risks associated with buying products in the chain store. These findings can be used to develop recommendations for managing the individual channels.  相似文献   

18.
Market share as a source of market power: Implications and some evidence   总被引:3,自引:0,他引:3  
This paper investigates the proposition that firms with a high market share enjoy a unique form of market power—“inherent product differentiation.” The analysis is based on a sample of 6492 banks, during the 1970s. Tests tend to control for market concentration, scale economies, and explicit product differentiation as factors influencing rates of return. Test results indicate that market share per se is a source of high profits, regardless of the level of concentration and after controlling for firm size. These findings question the Demsetz (1973) view that high profits of market leaders are due to efficiency rather than to some form of market power.These findings suggest that traditional market models that account only for a single price may be incomplete. The paper suggests a kind of simple model that would account for the existence of multiple prices in a market.  相似文献   

19.
Building trust in international alliances   总被引:3,自引:0,他引:3  
Two facts stand out unambiguously in today's global business. One, international alliances are proliferating, underscoring the strategic importance managers increasingly attach to “competition through cooperation.” Two, trust is key to successful international alliances. Together, these two facts point to the need to better understand trust, a task that was attempted in an earlier article (Parkhe, 1998). Yet such understanding, while necessary, is not sufficient. This article, the second of a two-part series, shows how partners can proactively manage an alliance relationship in order to develop trust. Toward this goal, the discussion includes trust generation through process-based, characteristic-based, and institutional-based mechanisms, which are to a significant degree within alliance managers' control. Managers must also be mindful of several critical features of alliance dynamics. These are described in some detail, as is the need to appropriately “calibrate” trust level in an alliance to the lifecycle stage of the alliance. With proper management attention, too much and too little trust can be avoided.  相似文献   

20.
This article uses the international entrepreneurship framework developed by Jones, M. V., & Coviello, N. E. (2005). Internationalization: Conceptualizing an entrepreneurial process of behavior in time. Journal of International Business Studies, 36(3): 284–303, to explore the internationalization of high technology firms created through the commercialization of academic research. In particular, the effect of networks and entrepreneurial orientation is explored. Theoretical sampling resulted in four cases being studied. The data suggests that the “fundamental” networks of the academics involved in the firms assisted in the identification and exploitation of initial opportunities to internationalize. The research also suggests that only certain dimensions of entrepreneurial orientation impacted the internationalization of firms. Specifically, risk taking, technological innovativeness, and autonomy in certain parts of the organization assist in the entrepreneurial stages, while proactiveness and product–market innovativeness assist the success of firms internationally.  相似文献   

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