Attitudes of Future Managers Towards Business Ethics: A Comparison of Finnish and American Business Students

The cross-cultural survey presented here examines the attitudes towards business ethics of Finnish and American business students from the Southern states. The findings indicate that the differences between the attitudes of these groups are small and essentially linked to the strength of their position. Both see deliberation on moral issues as part of a business manager's job and believe that managers should participate in the solving of social problems. Both Finns and Americans make a distinction between acting legally and ethically, and both endorse cultural relativism.     

Zur optimalitÄt der Uzawa-Pfade

Summary On the Optimal Growth of Uzawa Paths. — In a number of recent works optimal growth paths are stated by the classical calculus of variations. In this paper we want to discuss the problems which occur in finding optimal growth paths by the help of the classical calculus of variations. You will find two critical aspects for the well-known growth model of Uzawa. First, by the calculus of variations not all possible economic restrictions are fully covered, so that the possibilities of economic interpretation of the results are not guaranteed uniquely. The results may be, for instance, negative. Secondly, the result found by Uzawa is — respecting the given aims — in no case optimal. The same may be stated to the model of K?nig. Therefore the calculus of variations is characterized as a problematical method of finding optimal economic growth paths. On the contrary the maximum principle promises by its mere formulation a higher efficiency.

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Résumé L’optimalité des voies Uzawa. — Dans un nombre de travaux récents on arrive à des voies optimales d’accroissement économique au moyen du calcul classique des variations. Le présent article discute les problèmes qui se présentent à qui cherche les voies optimales d’accroissement par ce calcul classique. Deux aspects critiques se présentent pour le modèle d’accroissement bien connu d’Uzawa. Premièrement, le calcul des variations ne couvre pas vraiment toutes les restrictions économiques possibles, de sorte que l’interprétation économique des résultats n’est pas garantie. Les résultats peuvent, par exemple, être négatifs. Deuxièmement, le résultat trouvé par Uzawa n’est en aucun cas optimal par rapport aux fins visées. Il en est de même pour le modèle de K?nig. Par conséquent, le calcul des variations parait être une méthode fort problématique de trouver des voies optimales d’accroissement économique. Par contre, le principe du maximum promet, par sa seule formulation, une plus grande efficacité.

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Resumen Acerca de la optimalidad del crecimiento de Uzawa. — En una serie de trabajos recientes se derivan, mediante la aritmética clásica de variaciones, módulos de crecimiento Optimo. En el présente artículo se ha intentado discutir los problemas que surgen cuando se détermina el crecimiento óptimo mediante la formación de variaciones. Referente al conocido modelo de crecimiento de Uzawa han aparecido dos aspectos críticos. En primer lugar, el cálculo de variaciones no se presta a la inclusión de todas las restricciones económicas, por lo que no está asegurado que se puedan interpretar económicamente las soluciones obtenidas; éstas, por ejemplo, pueden ser negativas. En segundo lugar, la solución que presenta Uzawa de ninguna manera es óptima en el sentido del fin perseguido. Lo mismo cabe decir del modelo de K?nig. De ahí que la aritmética de variaciones es un método muy problemático para determinar m?dulos de crecimiento económico. El ?principio máximo?, en cambio, promete mayor eficacia.

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Riassunto L’ottimalità del cammino di Uzawa. ā In una série di lavori recenti, ottimali cammini di crescita sono derivati con il classico calcolo di variazione. In questa ricerca fu tentato di discutere i problemi che risultano nel determinare ottimali cammini di sviluppo con il classico calcolo di variazione. Per il noto modello di Uzawa risultarono due aspetti critici. In primo luogo, non tutte le restrizioni economiche si lasciano afferrare con la calcolazione del calcolo di variazione, cosí che non è affatto assicurata la interpretabilità economica delle soluzioni. Le soluzioni possono essere per es. negative. In secondo luogo la soluzione derivata da Uzawa non è in nessun caso ottimale nel senso dell’obiettivo proposto. Lo stesso vale per il modello di K?nig. Con ciò, il calcolo di variazione si dimostra un mezzo assai problematico per la determinazione di ottimali cammini di sviluppo.

     

Zwei Konzepte der Wachstumstheorie und das Wirtschaftswachstum der 50er Jahre

Ohne Zusammenfassung     

Choice and success of job search methods

Job seekers influence the arrival rate of job offers by the choice of search effort and the search methods they use. In this paper we empirically investigate the effect of different search methods on search outcomes. We use unique data on the search behavior of job seekers in Austria, which matches survey information with administrative records. We analyze the quality of job matches in terms of wages and job durations for employed and unemployed workers. We find that the public employment office specializes in the support of low quality workers. For them it is equally efficient as other search channels.     

Corporate cash holdings: Evidence from Switzerland

This paper investigates the determinants of cash holdings for a comprehensive sample of Swiss non-financial firms between 1995 and 2004. The median Swiss firm holds almost twice as much cash and cash equivalents as the median US or UK firm. Our results indicate that asset tangibility and firm size are both negatively related to corporate cash holdings, and that there is a non-linear relationship between the leverage ratio and liquidity. Dividend payments and operating cash flows are positively related to cash reserves, but we cannot detect a significant relationship between growth opportunities and cash holdings. Most of these empirical findings, but not all of them, can be explained by the transaction costs motive and/or the precautionary motive. Analyzing the corporate governance structures of Swiss firms, we document a non-linear relationship between managerial ownership and cash holdings, indicating an incentive alignment effect and an opposing effect related to increasing risk aversion. Finally, our results suggest that firms in which the CEO simultaneously serves as the COB hold significantly more cash.

The Great COVID-19 Divergence: Managing a Sustainable and Equitable Recovery in the EU

Intereconomics - The COVID-19 pandemic has led to the biggest global recession since the Second World War. Forecasts show the European Union underperforming economically relative to the United...     

Testing the value of directional forecasts in the presence of serial correlation

Common approaches to testing the economic value of directional forecasts are based on the classical χ²${\chi }^2$-test for independence, Fisher’s exact test or the Pesaran and Timmermann test for market timing. These tests are asymptotically valid for serially independent observations, but in the presence of serial correlation they are markedly oversized, as has been confirmed in a simulation study. We therefore summarize robust test procedures for serial correlation and propose a bootstrap approach, the relative merits of which we illustrate by means of a Monte Carlo study. Our evaluations of directional predictions of stock returns and changes in Euribor rates demonstrate the importance of accounting for serial correlation in economic time series when making such predictions.     

Reforming public services: does service logic have anything to offer?

ABSTRACT

This article discusses what service management and the logic of service (SL) can offer to public service management. There are no real inbuilt differences between public and private service organizations and no reasons why public service organizations (PSOs) would be less efficient and less service-focussed and oriented towards service users than private service organizations. Good service management rather than privatization is required to make a PSO more efficient and effectively outward-oriented. Service-focussed value creation management and how service logic can be applied by PSOs to enable them to transform to outward-focussed service organizations are discussed. A change framework is presented.