Strategic Responses: A Survey Experiment on Opposition to Pension Reforms*

The responses given in opinion polls on future policy reforms reflect both subjective expectations and preferences. We disentangle these factors using data from a controlled survey experiment conducted in Germany. At the time of the experiment, an increased retirement age had been proposed as part of a pension reform. Thus, the survey respondents faced an incentive to give biased responses. By understating their expected work ability at the age of retirement, they could make the increase of the retirement age a less attractive policy option. We find evidence for such strategic response behavior, and this strategic bias appears to be stronger in former communist East Germany.     

Age differences in career activities among higher‐level employees in the Netherlands: a comparison between profit sector and non‐profit sector staff

The present study describes age differences in the occurrence of career activities among profit sector and non‐profit sector employees in the Netherlands. Three different types of variables have been studied, i.e. individual, job‐related and organizational variables. Hypotheses have been tested with original survey data from 423 profit sector employees and 136 non‐profit sector employees. The employees are all working in higher‐level jobs in large organizations. Overall, we may conclude from this study that the differences between profit sector and non‐profit sector workers are not consistent at all. For some factors the situation is more advantageous for profit sector employees, whereas for other factors the outcomes point in the opposite direction. Regarding age effects, we have found that, in general, for profit sector employees the differences between starters (20–34 years) and middle‐aged workers (35–49 years) are not univocal, whereas the differences between middle‐aged workers and seniors (over‐fifties) imply that the amount of individual initiatives and organizational activities is less for the latter group of employees. When the three age groups are compared for the non‐profit sector employees, most factors do not vary significantly. For the factors where the F‐test is found to be significant, by and large, the situation regarding the possibilities for a further career development is worst for the seniors.     

Risk,Uncertainty and Exchange Rate Behavior in South Africa

This study investigates the role of market sentiment and foreign policy uncertainty in explaining rand price fluctuations using monthly data from 1995M2 to 2017M8. Empirical results from the pair copula analysis indicate no dependence between foreign policy uncertainties and rand returns when market sentiment is controlled for. Furthermore, change in market sentiment seems to drive fluctuations in rand exchange rate suggesting that exchange rate behavior is indeed unpredictable as market sentiment captures both risk and uncertainty. These results are robust across pre- and post-recent financial crisis periods; hence confirming the ability of pair copula to model extreme events.     

Organisational influences upon the development of occupational expertise throughout the career

The present study describes the relationship between four organisational predictor variables and the degree of occupational expertise of higher‐level employees in three different career stages. The factors in question are: social support from immediate supervisor, social support from near colleagues, organisational facilities and attention from immediate supervisor for a further career development. Hypotheses have been tested with original survey data from 420 higher‐level employees and 224 direct supervisors working in large organisations both in the profit and in the non‐profit sector. The results indicate that the focus of attention is, in general, restricted to the employee's present contribution and to the familiar job domain. Activities aimed at enlarging the outlook are virtually non‐existent. That is to say, management has a preoccupation with instrumental leadership, i.e. aimed at the here‐and‐now and less future‐oriented, instead of appropriate people management.     

Did sunspot forces cause the Great Depression?

We apply a dynamic general equilibrium model to the period of the U.S. Great Depression. In particular, we examine a modification of the real business cycle model in which the possibility of indeterminacy of equilibria arises. In other words, agents’ self-fulfilling expectations can serve as a primary impulse behind fluctuations. We find that the model, driven only by these measured sunspot shocks, can explain well the entire Depression era. That is, the decline from 1929 to 1932, the subsequent slow recovery, and the recession that occurred in 1937-1938.     

Employability and innovative work behaviour in small and medium-sized enterprises

Abstract

The purpose of this study is to cross-validate HRM measurement instruments for employability (individual competence-based approach) and innovative work behaviour within the context of small and medium-sized enterprises (SMEs) further. The sample consisted of 487 pairs of employees and their immediate supervisors who work in 151 SMEs. A multitrait-multimethod analysis was performed, and the results suggest that for both instruments, requirements regarding convergent and divergent validity have been met satisfactorily. Structural Equation Modeling was performed in order to confirm the factor structure of the instruments. Paired-samples comparisons showed that all of the inter-method correlations for the two-source (employee and immediate supervisor) ratings and for both instruments were significantly positive. As for the final part of the cross-validation, multiple regression analyses were performed to demonstrate predictive validity. Depending on the stage of innovative work behaviour, different dimensions of employability appeared to play a significant role, although the effect did not always veer towards the direction expected. Investing in employability enhancement appeared to contribute to innovative work behaviour. The measurement instruments of employability and innovative work behaviour can provide SME managers with effective instruments to be used for performance appraisals, assessments, and employee development tools.     

Price policy and food consumption in urban Mali

This study investigates the food consumption patterns of different income classes in urban areas of Mali in order to assess the probable effects on dietary adequacy of the expected increase in the consumer price of rice brought about by food policy reform, initiated in 1981. The results are to a degree counterintuitive, demonstrating that understanding consumption patterns and their determinants is critical to informed policy making.     

Integrated ownership and managerial incentives with endogenous project risk

Review of Accounting Studies - Integrated ownership is often seen as a way to foster specific investments. However, even in integrated firms, managers invest to maximize their compensation, which...     

Inflation and Output Growth Dynamics in South Africa: Evidence from the Markov Switching Vector Autoregressive Model

This paper introduces the possibility of asymmetry in the reaction of output growth to inflation shocks in South Africa by making use of the Markov-switching vector autoregressive model. Using quarterly data from 1969Q1 to 2013Q4, the empirical finding suggests that the reaction of output growth to inflation shocks is not only regime dependent but is also contingent on how the monetary authority reacts to such shocks. Two important regimes are identified; the high and low inflation volatility regimes. Consistent with the signal extraction theory, the output effect of inflation shocks is found to be significantly lower in the high inflation volatility regime compared to the low inflation regime.