Financing preferences: evidence from the Korean market

We investigate the financing decisions of Korean firms during the period of 1996–2015. Korean firms follow a matching strategy for funding their cash needs. Cash inflows from investing activities are the primary source of funding for capital expenditures, and cash inflows from financing activities are the major means of covering cash outflows from financing activities. We also find that Korean firms’ financing practice of handling cash deficits can be described by the pecking order model modified and augmented by cash flow variables. Cash inflows from investing activities account for the major portion of financing to make up for cash deficits, followed by short- and long-term debt, and then equity financing.     

Fashion retailing and the bottom line: The effects of generational cohorts,gender, fashion fanship,attitudes and impulse buying on fashion expenditure

This study examines the influence of demographic (e.g. gender and generational cohort) and psychographic (e.g. fashion fanship, attitudes and impulse buying) drivers on frequency and levels of expenditure on fashion purchases. Using regression analysis, the results suggest that for weekly and monthly expenditure, gender and fashion fanship were significant influences, while for yearly expenditure, gender and impulse buying were significant. Attitudes towards fashion had no significant influence on expenditure. Females purchase more often and were significantly different from males on yearly expenditure, fashion fanship, attitudes and impulse buying. Generation Y is higher on purchase frequency, fashion fanship, attitudes and impulse buying compared with other cohorts under investigation.     

Institutionalism,Critical Theory,and the Administered Society

Paul Krugman recently suggested that John Maynard Keynes helped economists study and resolve mass unemployment at a time when few of them could understand the problem and institutionalists seemed unable to articulate a clear policy strategy. This article responds by outlining John R. Commons' case for full employment with liberty and his three-part strategy (addressing money, people and politics) for curing joblessness while saving capitalism. Commons' argument and recommendations offer insights that extend beyond Keynesian economics in important ways, and his contributions have special relevance today in light of the recent global financial crisis and still ongoing Great Recession.     

Asymptotics for LS,GLS, and feasible GLS statistics in an AR(1) model with conditional heteroskedasticity

We consider a first-order autoregressive model with conditionally heteroskedastic innovations. The asymptotic distributions of least squares (LS), infeasible generalized least squares (GLS), and feasible GLS estimators and $t$ statistics are determined. The GLS procedures allow for misspecification of the form of the conditional heteroskedasticity and, hence, are referred to as quasi-GLS procedures. The asymptotic results are established for drifting sequences of the autoregressive parameter ${\rho }_n$ and the distribution of the time series of innovations. In particular, we consider the full range of cases in which ${\rho }_n$ satisfies $n(1?{\rho }_n)\to \infty$ and $n(1?{\rho }_n)\to h_1\in [0,\infty )$ as $n\to \infty$, where $n$ is the sample size. Results of this type are needed to establish the uniform asymptotic properties of the LS and quasi-GLS statistics.     

Nonparametric inference based on conditional moment inequalities

This paper develops methods of inference for nonparametric and semiparametric parameters defined by conditional moment inequalities and/or equalities. The parameters need not be identified. Confidence sets and tests are introduced. The correct uniform asymptotic size of these procedures is established. The false coverage probabilities and power of the CS’s and tests are established for fixed alternatives and some local alternatives. Finite-sample simulation results are given for a nonparametric conditional quantile model with censoring and a nonparametric conditional treatment effect model. The recommended CS/test uses a Cramér–von-Mises-type test statistic and employs a generalized moment selection critical value.     

Influences On Knowledge processes In Organizational Learning: The Psychosocial Filter

This paper reports a segment of broader theory-building case study research exploring organizational learning and knowledge processes in a bio-medical consortium. Its focus is the individual-level factors that influence knowledge processes associated with organizational learning. As we explored how rganizational learning occurred, the underlying knowledge processes came forward as complex and idiosyncratic. In an unanticipated finding, micro-processes emerged as highly influential, with individual perceptions of approachability, credibility and trustworthiness mediating knowledge importing and knowledge sharing activities. We introduce a model – the psychosocial filter – to describe the cluster of micro-processes that were brought forward in the study. Firstly, scientists filtered knowledge porting by deciding whom they would approach for information and from whom they would accept input. The individual's confidence to initiate information requests (which we termed social confidence) and the perceived credibility of knowledge suppliers both mediated knowledge importing. Secondly, scientists mediated knowledge sharing by actively deciding with whom they would share their own knowledge. Perceived trustworthiness – based on perceptions of what olleagues were likely to do with sensitive information – was the factor that influenced knowledge-sharing decisions. Significantly, the psychosocial filter seemed to constitute a heedful process with high functionality. Its effect was not to block knowledge circulation, but instead to ensure that nowledge-sharing decisions were made in a thoughtful and deliberate way. The psychosocial filter suggests an initial framework for conceptualizing the role that individual-level processes play in organizational knowledge sharing. Building on this, the model provides a platform for more focused exploration of knowledge processes and social relationships in organizational learning.