Institutional Endowments and the Lithuanian Holding as Innovative Network: A Problem of Institutional Compatibility in the Baltic Sea Area

Post-socialist Lithuania had an undeveloped banking, a weak network commitment, and a resilient nomenklatura. An evolutionary Crossroads game shows that this made the nomenklatura bank convention stronger than the capitalist bank convention. In the nomenklatura bank convention, rent-seeking behavior decreases network commitment and thereby the effect of network complexity, thus making learning-by-financing weaker. This created a problem of institutional compatibility of bank-industry networks in the Baltic Sea Area during Lithuania's first voucher stage of privatization that might be overcome by foreign direct investment initiated in her second hard currency stage.     

Reconciling economic and biological modeling of migratory fish stocks: Optimal management of the Atlantic salmon fishery in the Baltic Sea

The paper puts forward a model of the Atlantic salmon fishery in the Baltic Sea that integrates the salient biological and economic characteristics of migratory fish stocks. Designed to be compatible with the framework used for actual stock assessments, the model accounts for age-structured population dynamics, the seasonal harvest and competing harvesting by commercial and recreational fishermen. It is parameterized for the Simojoki River stock. The socially optimal policy for maximizing discounted net benefits from the fishery within an uncertain environment is determined using a dynamic programming approach and numerical solution method. Our results indicate that substantial economic benefits could be realized under optimal management without compromising stock sustainability.     

资金时间价值理论在企业财务管理中的应用研究

资金具有价值累积的时间效应,是现代企业财务管理活动中应重点研究的对象。在此背景下介绍了资金时间价值理论的内涵,并从筹资和资金周转的角度研究了货币时间价值理论的应用情况,对于解决财务管理问题和企业发展问题具有重要的指导作用。     

Emergy evaluation of the artificial forest ecosystems in the watershed of Miyun Reservoir：a case study for ecosystems valuation and environmental management

To build the artificial forest ecosystem is the major eco-economic development model in the watershed of Miyun Reservoir. It is very important to evaluate the benefits of those ecosystems. Emergy theories are very helpful for us to establish a science-based assessment framework. Emergy evaluation of the artificial forest ecosystems in the watershed of Miyun Reservoir is used to asses the relative values of several ecological functions （sometimes called ecosystem services） and main ecosystem storages （sometimes called natural capital）. The main driving energies, internal processes and storages are evaluated. The main functions, including transpiration, GPP and infiltration, are evaluated, which are 609em$/ha/yr, 6,245em$/ha/yr and 340em$/ha/yr respectively. The total values of major environmental services are 4,683em$/ha/yr in the artificial forest ecosystem. The main storages of natural capital including live biomass, soil moisture, organic matter, underground water and landform are estimated, which are 112,028em$/ha, 9em$/ha, 40,718em$/ha, 34em$/ha and 6,400,514em$/ha respectively. The largest value is landform, which accounts for 97.7% of these calculated total emdollar values. The concept of replacement value is explored using the emergy values of both ecosystem services and natural capital. The total calculated replacement values are 302,160em$/ha.     

How market access shapes human capital accumulation in a peripheral country: the case of Spain

Human capital endowment is one of the main factors influencing the level of development of a region. This article analyses whether remoteness from economic activity has a negative effect on human capital accumulation and, consequently, on economic development. Making use of microdata, this research proves that remoteness from economic activity can explain the differences in the level of education observed across Spanish provinces over the last 50 years. The effect is significant even when controlling for the improvement of education supply. Nonetheless, the accessibility effect has been petering out since the 1960s due to decreasing barriers to mobility.     

Dynamics of social trust and human capital in the learning process: The case of the Japan garment cluster in the period 1968–2005

This paper examined the ways and the extent to which human capital and social trust are associated with the learning process of a manager in making operations decisions through experience. To this end, using a data set originally and purposively constructed by the author, I investigated the development and transformation of the garment industry cluster region of Kojima, Japan. The major findings through statistical estimations are as follows. (1) In the cluster development stage, the social trust of an enterprise and its manager's experiences in firm operations could be regarded as forming a complementary association. (2) In the stage following cluster development, however, a manager's human capital as accumulated through schooling and personal experience, instead of social trust, become complementary.     

The knowledge management strategy and the formation of innovative networks in emerging industries

This paper presents an agent-based simulation model with local network externality to analyze strategic interactions over investment on new economic knowledge. R&D knowledge flows and spillovers are the results of non-cooperative games played between neighboring agents in the model. The model demonstrates a situation where no agents have incentives to hide their economic knowledge, a situation that is observed in open source software development projects. The likelihood of obtaining a stable situation where new economic knowledge is openly shared is increased when heterogeneity of agents is introduced.      

Conceptual niche management of grassroots innovation for sustainability: The case of body disposal practices in the UK

The grassroots has recently been identified as an alternative site for the development of innovations that may contribute to shifts towards more sustainable systems of consumption and production. While the characteristics of these innovations have been elaborated, it remains unclear how these alternative ideas and practices can be purposively supported to populate incumbent systems. This is especially so in light of the difficulty the grassroots face in connecting forcefully with the mainstream.This article will address this issue by outlining an adaptation of conceptual niche management - an approach that focuses on the embedding of guiding principles used to fulfill basic societal needs - that is sensitive to grassroots innovation. The framework will be applied to the current UK body disposal system to illustrate how such transformative sustainability ideas may be capitalised on.     

Management of an annual fishery in the presence of ecological stress: The case of shrimp and hypoxia

The emergence of ecosystem-based management suggests that traditional fisheries management and protection of environmental quality are increasingly interrelated. Fishery managers, however, have limited control over most sources of marine and estuarine pollution and at best can only adapt to environmental conditions. We develop a bioeconomic model of optimal harvest of an annual species that is subject to an environmental disturbance. We parameterize the model to analyze the effect of hypoxia (low dissolved oxygen) on the optimal harvest path of brown shrimp, a commercially important species that is fished in hypoxic waters in the Gulf of Mexico and in estuaries in the southeastern United States. We find that hypoxia alters the qualitative pattern of optimal harvest and shifts the season opening earlier in the year; more severe hypoxia leads to even earlier season openings. Failure to adapt to hypoxia leads to greater losses when the effects of hypoxia are more severe. However, rent gains from adapting fishery management to hypoxia are relatively small compared to rent losses from the hypoxia effect itself. This suggests that it is critical for other regulatory agencies to control estuarine pollution, and fishery managers need to generate value from the fishery resources through other means such as rationalization.     

Community participation in the management of wetland nature reserve：a case study of Nanjishan Nature Reserve, Jiangxi, China

In recent years, more and more conflicts have emerged in the management of nature reserves, of which themain problem is that how to carry out the campaign of conservation along with the promotion of development of localeconomics. To resolve the actual problem in Nanjishan National Wetland Nature Reserve and explore the idiographicmethod of the management of the wetland reserve, some studying methods including face-to-face interviews, informaldiscussion with local leaders and officials, group discussion with local fishers, questionnaire, and job of the conversationstation have been carried out. The results show that the education level of the local people is low; only 5% of the localpeople have an opportunity to the junior college; the main income of the local people is fishing, which accounts for 70%more or less; and the income is coming down year by year because of the unreasonable way of fishing. To cope with theproblems, some reformative way of management and the development of the reserve are introduced, such as establishingan NOG that constitutes of local fishermen to achieve the goal of community co-management, developing Bed andBreakfast and so on. Through practice of the management of the participation of the local people, we draw the conclusionthat the local people have a great desire to improve their life level, and to make the co-management of the reserve easy,it is important for the managers to play the role of pilot including engrafting the new ideas, giving some subsidy toencourage the local people to take part in the management. In addition, making local people perceive value of the reserveand the close relation between reserve conservation and the promotion of level of their life. On this basis, they incline totake part in the management of the reserve.     

The failure of foresight in crisis management: A secondary analysis of the Mari disaster

Foresight the ability to plan and think systematically about future scenarios in order to inform decision-making in the present has been applied extensively by corporations and governments alike in crisis management. Foresight can be complicated because dispersed groups have diverse, non-overlapping pieces of information that affects an organization's ability to detect, mitigate, and recover from failures. This paper explores the failure of foresight in crisis management by drawing on data on events that preceded and followed the Mari disaster in a naval base in Cyprus in July 2011, where a large explosion killed 13 people and injured 62 others, while completely destroying the major power plant of the island. The paper examines how foresight into crisis management decisions was compromised because of a conscious effort by high ranking decision-makers to minimize emergent danger and avoid responsibility for the crisis, in joint with red tape, bureaucracy, and poor coordination and information flows. The paper explores the notion of operational and political responsibility of individual decision-makers and discusses an alternative approach to foresight in crisis management, one that is built on multiple layers of decision-making.     

The role of top management team diversity in shaping the performance of business model innovation: a threshold effect

Business model innovation is one of the firm’s most important strategic decisions. Top management team (TMT), as the critical decision-makers, has essential influence upon such decisions. However, the role of TMT diversity in shaping the performance of business model innovation is less explored in the literature. Based on a sample dataset of 906 observations of small and medium enterprises from China Startups Stock Market during the period of 2009–2011, we find that TMT diversity exhibits a significant threshold effect on the relationship between business model innovation (in terms of novelty-centred and efficiency-centred business model) and firm performance. More specifically, when TMT functional diversity arrives at a certain level, the positive relationship between novelty-centred business model and firm performance becomes more pronounced. On the other hand, the positive relationship between efficiency-centred business model innovation and firm performance will be more significant when TMT tenure diversity increases to a certain level.