历史的教训：逆向思维者胜

经济动荡期的管理是一种至关重要的商业能力。在经济低迷期，良好的企业管理不仅能够使企业的经营业绩优异于竞争对手，而且，在经济低迷期建立起来的竞争优势更具有可持续性。     

HR in the small business enterprise: Assessing the impact of PEO utilization

Within small businesses, organizational leaders are themselves often responsible for the HR function, an area where they typically have limited training and experience. Not surprisingly, small business leaders have raised concerns about the quality of HR programs in their firms and the fact that HR consumes scarce managerial time. While professional employer organizations (PEOs) emerged in response to such concerns, much controversy exists as to whether and how small businesses benefit from PEO utilization. Using a survey of more than 740 small businesses, we examine the relationship between PEO utilization and two key small business outcomes: managerial time required by HR activities and satisfaction with HR outcomes. Our results indicate that firms not using a PEO reported significantly lower levels of satisfaction with HR outcomes than firms that used a PEO for a limited set of transactional services and firms that used a PEO for both transactional and strategic HR services. Among firms using a PEO, satisfaction with HR outcomes was significantly higher among firms that obtained a broader set of transactional and strategic HR services. Firms that used a PEO also reported that HR consumed significantly less managerial time relative to leaders in firms that made no use of a PEO. However, there was no significant difference in the time demanded by HR between firms that used a limited set of transactional services and those that used a broader range of transactional and strategic services. Implications for the role of PEOs and their use within small businesses are discussed. © 2005 Wiley Periodicals, Inc.     

Obstacles to Developing Indigenous Small and Medium Enterprises: An Empirical Assessment

The article reports the results of field surveys conducted inSri Lanka's leather industry and Tanzania's furniture industry.It outlines an approach to learning how small and medium enterprises(SMES) perceive the impact of financial, regulatory, technical,marketing, and other input constraints, and to evaluating theresults in relation to other empirical indicators. Lack of accessto finance emerges as the binding constraint for smaller, lessestablished firms in Sri Lanka and for all of Tanzania's SMES—notonly is informal financing limited for Tanzania's firms, evenfirms of adequate size and experience have difficulty borrowingfrom banks, and, if they do borrow, have difficult relationswith their lenders. In Tanzania, regulatory and tax constraintsappear largest for the smallest firms, declining somewhat asfirms grow: because enforcement is comprehensive, the bureaucraticburden of negotiating with government officials is greatestfor small firms. By contrast, in Sri Lanka the regulatory burdenrises with firm size, because enforcement is more stringentfor the larger and more visible firms. Constraints on physicalinputs continue to inhibit Sri Lankan SMES—a legacy ofexcessive vertical integration by parastatals. Technical constraintsare appraised as most significant by relatively educated entrepreneurswith some involvement in high-quality market niches.     

Getting comfortable with the numbers: Auditing and the micro-production of macro-order

Field observations of two audit engagements are used to interpret auditing as a ritual which transforms the financial statements of corporate management from an inherently untrustworthy state into a form that the auditors and the public can be comfortable with. The analysis draws on Collins' theory of interaction ritual chains (American Journal of Sociology, 1981, pp. 984–1014) to create an interpretative theory of auditing which offers insights into both the micro-level interactions within the audit team and the macro-level role of auditing in the economic order.     

Capital Structures in Developing Countries

This study uses a new data set to assess whether capital structure theory is portable across countries with different institutional structures. We analyze capital structure choices of firms in 10 developing countries, and provide evidence that these decisions are affected by the same variables as in developed countries. However, there are persistent differences across countries, indicating that specific country factors are at work. Our findings suggest that although some of the insights from modern finance theory are portable across countries, much remains to be done to understand the impact of different institutional features on capital structure choices.     

THE CHANGING ROLE OF NON-FARM ACTIVITIES IN AGRICULTURAL HOUSEHOLDS IN INDONESIA: SOME INSIGHTS FROM THE AGRICULTURAL CENSUSES

The literature on off-farm sources of income in rural areas of developing countries continues to grow. This paper uses data from the household income surveys carried out as part of the 1983 and 1993 agricultural censuses to explore aspects of the changing role of off-farm income sources for agricultural households in different parts of Indonesia. The paper examines variations in the ratio of off-farm to total agricultural household income by holding size, by total household income class and by province. It also examines the linkages between on-farm and off-farm income growth. Comparisons are made with findings from other parts of Asia and elsewhere in the developing world.     

Service Sector Protection: Considerations for Developing Countries

The inclusion of services in the Uruguay Round of multilateraltrade negotiations has focused attention on the protection ofdomestic service suppliers against competition from foreignsuppliers. Issues arising from these negotiations, however,may obscure another and more important issue: the case for unilateralliberalization. This article first surveys methods of protectionin the service sector, and then examines the likely cost ofprotection. Particular attention is given to developing countries.What evidence there is suggests that the costs of protectionmay be high. The article also discusses economic principlesthat could guide a review of policy toward international transactionsin the service sector. Quantitative restrictions or bans onforeign service suppliers—whether they wish to supplythrough trade or establishment—cannot easily be defendedin economic terms, and provide an obvious first target.