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1.
1999 saw the return of large scale mortgage equity - ie mortgage borrowing to finance consumption rather than house purchase - for the first time for a decade. Recent developments of the OEF macroeconometric model of the UK economy have focused on the determination of mortgage lending, looking in particular at the impact of downpayment constraints - ie the deposit borrowers have to put down when they buy a house. In this article, Geoffrey Meen uses this model to analyse the effects of mortgages on: (i) the cycle in the UK housing market at a national level; (ii) regional house price differentials; and (iii) aggregate savings and consumer behaviour.  相似文献   

2.
When academic researchers, business commentators, and boards of directors have debated the merits of hiring new CEOs from outside the firm, the implicit or explicit assumption typically made is that outsider CEOs will provide an advantage in achieving strategic change. In this study, we challenge this assumption by employing a duality perspective on stability/change, and we provide an original conceptual framework to posit that it is the presence of corporate stability (ordinary succession, a long‐tenured predecessor CEO, and good firm performance) that allows outsider CEOs to generate a greater degree of post‐succession strategic change. We use extensive longitudinal data from US airline and chemical industries between 1972 and 2010 to test our hypotheses, and we discuss how our supportive findings challenge long‐standing assumptions regarding the outsider succession–strategic change relationship, and we advocate embracing the non‐intiutive notion that stable (unstable) conditions can be enablers (barriers) of strategic change for outsider CEOs.  相似文献   

3.
To address the complex effect of perceived reward for creativity on creative performance, we examined the role of cognitive appraisal as an individual difference variable. An individual's appraisal of reward for creativity, including challenge appraisal (perceived potential for recognition, growth, or mastery) and threat appraisal (perceived potential for revealing incompetence and damaging self‐respect), is hypothesized to shape the effects of perceived reward for creativity. We further expect creativity‐related intrinsic motivation to play a mediating role in the perceived reward‐creativity relationship. The results of a three‐wave field study showed that when challenge appraisal was high, perceived reward was positively related to creative performance through creativity‐related intrinsic motivation, whereas when threat appraisal was high, perceived reward was negatively related to creative performance through creativity‐related intrinsic motivation. A similar analysis showed that intrinsic task motivation was not able to channel the moderating effect of perceived reward and individual appraisal on creative performance. © 2016 Wiley Periodicals, Inc.  相似文献   

4.
This paper draws on a 1995 survey of 141 Canadian firms to address the extent to which the rationales and processes associated with workplace reform programmes matter to their success. Specifically, I explore the extent to which implementation rationales predict implementation processes, whether and how both appear to be associated with managerial evaluations of the effectiveness of workplace reforms, whether these associations are contingent on the intensity with which these reforms are adopted or on establishment size, and whether results are sensitive to the measure of effectiveness employed. Overall, I find that, although implementation rationales and processes may 'matter', the extent to which this is the case is limited and varies depending on intensity of adoption, on establishment size, and on the definition of effectiveness employed. I also find that, while adherence to a 'processually rational' model bears some association with effectiveness, this association tends to be uneven. I conclude that, although implementation rationales and processes may help to account for the uneven diffusion and success of reforms, much may also depend on the context and the actors involved  相似文献   

5.
Employer‐sponsored voice practices (ESVPs) are a tool used by human resource management to increase voice behavior and fulfill legal requirements for employee participation and consultation. Conceptual papers question the usefulness of ESVPs, arguing that they may promote selective expression at work in the way that employees who use ESVPs suggest work‐related process improvements (i.e., promotive voice) but still remain silent about issues that disturb smooth cooperation (i.e., cooperative silence). Prior research that treated voice and silence as being mutually exclusive cannot clarify how using ESVPs relates to voice and silence and under which conditions these links are particularly strong. Drawing from an employee survey in a UK branch of a multinational technology company, we apply a differentiated approach that treats voice and silence as separate behaviors and considers their specific motivators. Results from structural equation modeling show that even though employees use ESVPs and engage in voice, silence may still linger as a potential threat to performance and well‐being. Moreover, moderator analyses revealed that affective attachment to the organization increased and job engagement decreased the occurrence of this potentially dangerous coincidence. Our findings provide evidence for the usefulness of more differentiated approaches to employee voice and silence and indicate that factors that facilitate voice, be they formal procedures or pro‐organizational attitudes, might not suffice to overcome silence at work. We close with a discussion on ways to facilitate voice while reducing silence at the same time. © 2015 Wiley Periodicals, Inc.  相似文献   

6.
Literature on organizations and the natural environment has focused on the importance of individual managers and leaders. However, this literature has scarcely ever focused on individuals in the team context, even when teams have been considered to be key for a firms’ environmental progress. Although teams’ environmental decisions can be enriched by the different contributions of team members, it is necessary that team members actually participate and contribute their preferences during the decision‐making process. We used an adaptation of the legislative dilemma task with 84 students to contribute to environmental management literature by analyzing members’ participation during the team decision‐making process. The results of this paper show how those members with environmentally proactive preferences have a higher participation during the decision‐making process, and as a consequence they have a greater influence on the team decision. Copyright © 2013 John Wiley & Sons, Ltd and ERP Environment.  相似文献   

7.
This paper uses a real options perspective to augment a standard research and development (R&D) investment model and implement a firm‐level empirical analysis to assess the practical significance of market uncertainty and its interactions with strategic rivalry and firm size. We use a measure of firm‐relevant market uncertainty along with panel data and find that firms invest less in current R&D as uncertainty about market returns increases. The effect of firm‐specific uncertainty on R&D investment is smaller in markets where strategic rivalry is likely to be more intense. Furthermore, holding access to financing constant, the effect of uncertainty on R&D investment is attenuated for large firms. Copyright © 2012 John Wiley & Sons, Ltd.  相似文献   

8.
Corporate governance practices are arguably diffusing across the world. This paper examines the adoption of the committee‐based governance system (i.e. audit, nomination, and remuneration) in Japanese firms, a practice common in Anglo‐American capitalism but potentially contestable in Japan. The study finds that firms that are internationally exposed through cross listing are more likely to adopt the committee system. Moreover, more experienced and highly cross‐held firms, with larger proportions of foreign ownership, are more likely to adopt the committee system. On the other hand our study finds partial support for the hypothesis that larger proportions of bank ownership are negatively associated with the adoption of the committee system, suggesting a gradual withdrawal by banks from the traditional monitoring of firms. This paper adds to the longstanding debate on the convergence on or persistent divergence from the Anglo‐American corporate governance system. The study thus provides insights into corporate governance changes in non‐Anglo/American countries that face a struggle between global capital market forces for change and deep‐seated institutional practices of continuity.  相似文献   

9.
Errors in the history of economic analysis often remain uncorrected for long periods due to positive epistemic costs (PEC) involved in allocating time to going back over what older generations wrote. In order to demonstrate this in a case study, economists' practice of the “Coase Theorem” is reconsidered from a PEC point of view.  相似文献   

10.
The purpose of this paper is to demonstrate a causal approach to interdependent systems based on two empirical investigations. These examples demonstrate (1) the study of two highly interdependent processes: entry into first marriage as the dependent process and the process of first birth/first pregnancy as the explaining one; (2) an interdependence occurring mainly in a very specific phase of individuals' lives (i.e. during the period of first family formation); (3) the involvement of time lags between cause and its effect (e.g. time until detection of conception); and (4) the highly dynamic character of an unfolding effect over time (i.e. the effect of first pregnancy/first birth on first marriage strongly depends on the progress of pregnancy and the time since the birth has taken place).  相似文献   

11.
Cross‐province growth regressions for China are estimated for the reform period. Two research questions are asked. Can the regressions help us to understand why China as a whole has grown so fast? What types of investment matter for China's growth? We address the problem of model uncertainty by adopting two approaches to model selection to consider a wide range of candidate predictors of growth. Starting from the baseline equation, the growth impact of physical and human capital is examined using panel data techniques. Both forms of capital promote economic growth. ‘Investment in innovation’ and private investment are found to be particularly important. Secondary school enrolment contributes to growth, and higher education enrolment even more so.  相似文献   

12.
Hugh Willmott's classic 1993 JMS article, ‘Strength is Ignorance; Freedom is Slavery’, has greatly influenced how we understand culture management. It draws parallel's with George Orwell's Nineteen Eighty‐Four to reveal the totalitarian aspirations of ‘corporate culturalism’. While it is sometimes said that employee resistance is missing in Willmott's account, I argue that it is implicitly pervasive, prefiguring subsequent investigations of ‘micro‐emancipation’ in management studies. The recent waning of scholarly interest in this type of resistance, however, also points to the contemporary relevance of Willmott's analysis. Emergent forms of corporate regulation utilize ‘biopower’ rather than just cultural conformity, rendering micro‐emancipation inadequate, but inspiring other types of dissent.  相似文献   

13.
The Negotiable Certificate of Deposit (NCD) is a major financial instrument in China; the value of outstanding Chinese NCDs was approximately RMB8 trillion (equivalent to USD1.2 trillion) in mid‐2017. This article reviews the most recent developments in the Chinese NCD, including its effect on interest rate pass‐through and money creation. Empirical results show that the introduction of the NCD in 2014 influenced the relationship between the policy rate and the lending rate of Chinese commercial banks, and the interest rate pass‐through from the policy rate to the lending rate of commercial banks improved subsequently. However, this process has also been accompanied by maturity mismatch, increasing leverage, and decreasing credit ratings for the assets of banks and other financial institutions. Consequently, systemic risk in the Chinese banking system has increased.  相似文献   

14.
Privatisation has been less successful in water than in the other privatised utilities. The highly regulated regime is closer to the old nationalised industries than in gas, electricity and telecommunications. Moreover, the industry seems to be heading towards yet more regulation. What is required is more competition. There may be practical difficulties in introducing it, but a determined effort to overcome these problems would be a better use of resources than tighter regulation.  相似文献   

15.
This paper looks at the impact of trade liberalization on micro enterprises with differential access to banks. I use Indian data on rural micro enterprises employing less than ten workers in the manufacturing sector to find that trade liberalization, measured by a fall in the tariff, is associated with a larger increase or a smaller decrease in output, capital–labour ratio and labour productivity in districts with a larger number of bank branches per capita. Evidence is consistent with strong complementarities between trade liberalization effects, and the economic dynamism and access to financial intermediation associated with greater bank presence in the enterprise's location. The study underscores that trade liberalization can be beneficial to micro entrepreneurs under certain conditions and emphasizes reallocation resulting from trade liberalization. The study hence highlights the role for development policy in exploiting gains from trade.  相似文献   

16.
The nature of data is rapidly changing. Data sets are becoming increasingly large and complex. Modern methodology for analyzing these new types of data are emerging from the fields of Data Base Managment, Artificial Intelligence, Machine Learning, Pattern Recognition, and Data Visualization. So far Statistics as a field has played a minor role. This paper explores some of the reasons for this, and why statisticians should have an interest in participating in the development of new methods for large and complex data sets.  相似文献   

17.
Despite the increasing attention to corporate social responsibility (CSR) in the management literature, little is known about the mechanisms and boundary conditions explaining employees’ responses to CSR. Drawing on social identity and cue consistency theory, we develop a mediated moderation model that explains how and under which conditions perceived CSR affects employees’ organizational identification. We test the model by carrying out a three‐wave longitudinal study on employees of an international utility company. The findings indicate that perceived CSR interacts with overall justice to predict organizational identification through the successive mediation of perceived external prestige and organizational pride. The study clarifies and advances some of the theoretical foundations surrounding the micro‐level approach of CSR and has key implications for management research and practice.  相似文献   

18.
19.
We exploit the strict class size rule in Norway and matched individual and school register information for 1982–2011 to estimate long‐run causal effects on income and educational attainment. Contrary to recent evidence from the US and Sweden, we do not find any significant average effect on long‐run outcomes of reduced class size. We further use the large register data set and quasi‐experimental strategy to estimate whether the class size effect depends on external conditions facing students and schools, such as teacher quality, extent of upper secondary school choice, school district size, local fiscal constraints and labour market conditions. Overall, we find that the class size effect does not depend on these factors measured at the school district level. The absence of class size effects on long‐run outcomes in Norway is consistent with earlier findings for short‐run outcomes, using comparable data and empirical strategies.  相似文献   

20.
How do employees seek representation and how is workplace conflict resolved in the absence of trade unions? This article contributes to this debate by suggesting that employees are seeking advice and representation outside the traditional labour movement and from voluntary organisations such as the Cititzens’ Advice Bureaux (CABx).  相似文献   

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